Employco Blog

Many benefit plan limits have changed for the new calendar year. Here are some limits to review for 2023:

401(k) Limits

• Pre-tax contributions: $22,500 (up $2,000 from 2022)
• Catch-up contributions: $7,500 (up $1,000 from 2022)

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Many organizations rely on seasonal workers to supplement their regular workforce during peak times. This often occurs during busy seasons or holidays, as there’s an influx of business activity. While similarities exist, there are important differences between seasonal and regular employment. Due to these differences, hiring and reliance on seasonal workers can present significant and unexpected challenges for employers.

Seasonal employment is temporary employment that occurs during a specific time of the year. Employers often hire seasonal workers when they need extra help. This need may be based on industry demands, financial reasons, or increased consumer traffic, such as during the holiday season. Seasonal employment is more common in certain industries, such as delivery services, ski resorts, and agriculture.

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As employers navigate trends such as “quiet quitting”—a new term within the employment landscape that refers to workers only doing what their job description entails without going above and beyond—new data revealed that many workers have begun “quick quitting.” That is, in certain industries, workers are quitting their jobs at increasingly high rates before the one-year mark. The emergence of this trend demonstrates that workers in the United States are getting more comfortable leaving their jobs.

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Pay transparency is when an employer openly communicates pay-related information through established practices to current or prospective employees. Employers can provide this information through various channels, such as online job sites, job postings, or during an interview. As a result of changing labor markets, more and more employees are demanding pay transparency. Further, some jurisdictions are now requiring employers to share pay information, meaning that this trend is impacting more and more employers.

Pay Transparency Across the Nation – As demands for pay transparency increase, some states have passed legislation requiring organizations to be transparent. In recent years, California, Colorado, Connecticut, Maryland, Nevada, Rhode Island, and Washington have all passed pay transparency laws. Some cities, including New York City, Jersey City, and Cincinnati, have also passed such laws.

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Employment and labor responsibilities continue to be reimagined, and employers should expect changes to continue in the new year. Here are three HR trends to follow in 2023:

1. Increased Wages – There are more open jobs than people to fill them, and high inflation rates are impacting employees’ pay expectations. Numerous reports show that companies are budgeting significant increases in wages in 2023. To compete, organizations are finding ways to offer more competitive compensation to meet employee demands.

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