New Year, New Paycheck

Now’s a great time to consider that since it’s a new year, there’s a new paycheck.  That means this may be the best time to encourage staff to look at their pay statements to ensure deductions are what they expect.

Many companies have benefits change with the new year, so it’s great to remind your staff to see that they’re being charged what they thought they signed up for, and it’s also a good time to check the alphabet soup of savings deductions: FSA’s, HSA’s, 401k, ESA’s and so on.

There have been multiple times over the years where I’ve had employees come to me months after new benefits took effect, saying they just found out they didn’t have the insurance they thought they’d signed up for.  If they’d come to me the first few weeks of the plan, I may have been able to help—months after the fact means there’s typically nothing that can be done.

And if employees can increase their savings in any way at the beginning of the year, they get the full year advantage of any related tax repercussions and associated savings.  Checking in January allows them to take advantage of the year before time slips away.

When it comes to taxes, if employees have had a change in pay or deductions (marriage, divorce, childbirth/adoption etc.), now is a good time to make any associated tax changes, also.

January is a great time to remind employees to look at their pay statements and make sure they’re utilizing their money in the most advantageous way.  It’s helps to get your staff started off well for the year, setting a positive note for the future!

#positivity #paychecks #planning #management #hrconsultant

Encourage employees to look at their paychecks to ensure money is going where they expect!