A lot of trends between generations in the workforce have emerged in the past few years: Baby Boomers are returning to the workforce for encore careers while millennials continue to place emphasis on their commitment to values above salary. Gen Z will have higher salary expectations than millennials and Gen X due to the difference in economies they grew up in. Despite all the differences in every generation, there’s one thing they all have in common: they will (one day) retire... and they’ll need some money put away when they do.
But Research from Northwestern Mutual revealed that one in five Americans has no retirement savings at all, and 46% (nearly half) have not taken any steps to prepare for the likelihood that they could outlive their savings. Of the Baby Boomer generation, one in three has between $0-$25,000 in retirement savings.
This is a big issue.
In this summer edition of the HR Roundup, a technology company inspires vacation for employee engagement, the IRS sends out responses to Letter 226-J, the FLSA cracks down on mishandled timekeeping, and a restaurant industry files a lawsuit to end a contentious rule. Keep reading for more HR news in our latest HR Roundup of 2018.
Are you keeping your office FLSA compliant this summer? You may have classified your employees with the right FLSA status, but what about your interns? Do you have to pay them minimum wage, overtime—or any wages at all? The rules for for-profit companies in the private sector have always been tricky waters to navigate. Now, there is a new test the courts will use to determine whether interns are entitled to FLSA coverage or not. Before you hire interns this summer or for the upcoming academic semester, be sure your organization is compliant.