C-Suite

Since the new rule was proposed earlier this month, several business groups have sent letters urging the agency to offer an extension, saying the DOL underestimated the time companies need to review the rule and estimate its financial impact on their businesses.

The Census Bureau cites 5.6 million people not working because of COVID-19, whether they are ill themselves, caring for someone who's sick, or they're concerned about getting or spreading the coronavirus.

In today's tight labor market, the focus on employee health and wellbeing is a critical success factor for businesses, helping improve productivity, engagement and, ultimately, recruitment and retain.

Since 60% of employees struggle to use all their paid time off, companies can repurpose it into other benefits employees want (HSAs or student loan payments), create employee emergency funds, or provide early wage access.

Some 36% of employees with decreasing engagement say they want to leave their company because they're disappointed with it.

The worst-hit region is likely to be Europe, where real salaries — nominal wage growth minus the rate of inflation — are seen being driven down an average 1.5%, according to workforce consultancy ECA International.