The U.S. Bureau of Labor Statistics (BLS) recently released its July Job Openings and Labor Turnover Summary. The month’s reported number of job openings rose to 11.2 million in July, compared with 11 million in June. Openings in July were well above the estimate and still outnumbered unemployed workers by about 5.5 million. Job openings notably increased across many sectors, including the following:

• Transportation, warehousing and utilities
• Arts, entertainment and recreation
• Federal government
• State and local government education

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Beginning in 2018, Illinois implemented its state-sponsored retirement program—the Illinois Secure Choice Retirement Savings Program (Secure Choice). This program offers a Roth Individual Retirement Arrangement (IRA) to employees in Illinois who do not have access to a tax-qualified retirement program through work. While covered employers do not need to pay costs or fees in connection with Secure Choice, they must distribute informational materials about Secure Choice to their employees, facilitate enrollment in the program, set up payroll deductions and remit employee contributions.

On November 1, 2022, companies with 16 to 24 employees that have been operational for at least two years and don’t already offer a qualifying retirement plan (e.g., a 401(k) plan) will be subject to the requirements of the Illinois Secure Choice Savings Program Act. Currently, the threshold is for companies with at least 25 employees.  Starting November 1, 2023, companies with 5 to 15 employees will become subject to the requirement.

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According to the U.S. Department of Labor (DOL), union petition filings have significantly increased since October 2021. During the first nine months of the agency’s fiscal year (October 2021 through June 2022), the National Labor Relations Board received 1,892 petitions, a 58% rise over the same time period the previous fiscal year. The DOL also noted that fiscal year 2022 petitions exceeded the total number of petitions filed in fiscal year 2021.

Furthermore, the number of unfair labor practice charges has also increased, although not as drastically. As such, 12,819 charges were filed during the first three-quarters of fiscal year 2022, up from 11,082 in the same period of fiscal year 2021. This is an increase of 16%.

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UnitedHealthcare (UHC) recently announced it will eliminate out-of-pocket health care costs for insulin and other emergency use drugs for fully insured group health plan members. Pending regulatory approval, members could access certain prescription drugs for free as early as Jan. 1, 2023. In addition to insulin, the following medications will be included in the new offering and also have a $0 cost share:

• Epinephrine for severe allergic reactions
• Glucagon for hypoglycemia
• Naloxone for opioid overdose
• Albuterol for acute asthma attacks

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On August 11th, the Centers for Disease Control and Prevention (CDC) announced relaxed guidance related to COVID-19 exposure. The agency is no longer recommending that people quarantine after close contact with an infected person. The CDC also removed the recommendation that people stay at least 6 feet away from others.

According to the CDC, about 95% of Americans ages 16 and older have developed some level of immunity, either from being vaccinated or infected.

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The U.S. inflation rate has increased by 9.1% year over year, according to the Bureau of Labor Statistics (BLS). The BLS also reported that this is the highest the inflation rate has been since 1981. This has led to significant price increases across many consumer goods, and employers are responding in various ways. As employees face increased financial difficulty during this time, it has become crucial for employers to respond. While every employer may take a different approach to addressing inflation and its impact on their employees, the following are some common strategies that have emerged.

• Reevaluating Employee Benefits – In response to inflation, many employers are altering their benefits offerings to help mitigate the effects employees are facing. For example, employers are offering options such as student loan repayment to help employees with budgeting and expenses at a time when prices are high and employees are looking for ways to cut costs.

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Heading into the latter half of 2022, there are several trends impacting Human Resources (HR) and Benefits. Over the course of the COVID-19 pandemic, employers have faced challenges ranging from the health impacts of COVID-19 on workers to ongoing attraction and retention challenges. Challenges that are both similar and new will likely be present in quarters three and four of 2022. The workplace continues to transform, and while the pandemic has had a significant impact on these changes, various social movements and technological advancements have also played a role.

Today’s labor market is forcing employers to do everything possible to attract and retain workers. Rising inflation and labor shortages are pressuring employers to respond to employee demands.

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Effective for plan years beginning on or after Jan. 1, 2023, group health plans and health insurance issuers must make an internet-based price comparison tool available to participants, beneficiaries and enrollees. This requirement comes from final rules regarding transparency in coverage (TiC Final Rules) that were issued by the Departments of Labor, Health and Human Services and the Treasury (Departments) in November 2020.

According to the Departments, this tool will provide consumers with real-time estimates of their cost-sharing liability from different providers for covered items and services, including prescription drugs, so they can shop and compare prices before receiving care.

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