Vendor management can be a litigious environment where efficiency, transparency and risk mitigation are paramount. With the right advisor in your organization’s corner, you’ll feel more confident navigating vendors and managing their services, ensuring streamlined processes and strategic alignment.   In this blog post, we'll cover the basics: What vendor management in HR entails, why it's important, how it can transform businesses and some scenarios in a few business types. Level up your knowledge and find the right partners to thrive.  Understanding vendor management in HR  Vendor management in HR involves the systematic management of third-party suppliers who provide goods and services essential to HR operations. This includes managing contracts, ensuring compliance with service level agreements and optimizing vendor performance to align with a company's long-term business goals.  A robust vendor management strategy can provide organizations with a structured approach to

Compliance is a crucial aspect of human resources, ensuring an organization’s smooth operation and legal standing. For human resources (HR) managers, plan sponsors and employers, navigating the labyrinth of HR compliance can be daunting. Add retirement planning rules and regulations into the mix, and HR teams have a full plate.  Use this blog post as your guide to essential information on:   HR compliance for retirement plans;  labor laws and compliance implementation strategies;  how to make HR compliance part of your workplace culture; and   the ways TruePlan can assist as an HR guide, providing HR compliance solutions and assistance.  Understanding HR compliance  HR compliance refers to the process of defining policies and procedures to ensure that your employment and work practices demonstrate a thorough understanding of applicable laws and regulations, while also being tailored to the specifics of your organization. It encompasses various aspects, from adhering to labor laws and s

Can investors breathe a sigh of relief?  The third quarter of 2024 has proven to be both eventful and rewarding for investors across various asset classes. While the first half of the year saw a steady rally in equity markets, fixed-income markets were less fortunate, navigating through a maze of volatility. However, relief came in Q3 as bond markets gained momentum alongside equities, helped by the Federal Reserve's decisive move to cut interest rates by 50 basis points.*  Download the full Market Recap to get insights into these major areas:   the equity market’s resilience;  a resurgent fixed-income market;  geopolitical influences and safe havens; and  the Fed’s interest rate cuts.  The road ahead  Looking forward, investors remain cautious yet optimistic. While the prospect of additional rate cuts presents opportunities, geopolitical uncertainties continue to loom large. Download our comprehensive Market Recap for an in-depth analysis and insight s into navigating the evolvin

Heads up healthcare professionals and group health plan administrators!   The U.S. Department of Health and Human Services (HHS) announced significant increases in civil penalties for Summary of Benefits and Coverage (SBC), Medicare Secondary Payer (MSP) and HIPAA violations as of Aug. 8. These adjustments, made to keep up with inflation, underscore the importance of complying with federal requirements.  The stakes have never been higher. Whether you're navigating adjustments in penalties ranging from $1,406 to $71,162, or ensuring your compliance protocols are airtight, this update is critical for anyone managing group health plans.  Dive into the full post to get a comprehensive overview of these changes, understand how they could impact your organization and learn how to safeguard against potential violations. Don’t wait — download the full story now to stay ahead of the curve !  Have questions? Contact us  TruePlan Benefit and Retirement Advisors focuses on employee benefits a

In an era when ROI is the name of the game, HR leaders face the delicate task of maximizing the impact of shrinking budgets. But fear not — where there are challenges, there are also solutions.   Download our full article to take a deep dive into adaptive strategies for aligning HR initiatives with business objectives, ensuring financial resources are effectively used to support company growth.  Discover how to:  craft an agile HR budget that thrives amid funding cuts;  optimize talent acquisition processes to secure top candidates without breaking the bank;  implement continuous learning initiatives to boost employee morale and productivity;  streamline HR administration to save time and reduce errors; and  use key performance indicators to measure success and guide strategic decisions.  Ready to equip your team with the tools needed to turn budget constraints into opportunities for growth? Download the full story now for strategies to combat a shrinking budget.   Need additional inf

The November 2024 edition of our Live Well, Work Well newsletter focuses on:  Topic #1: Mindfulness tips for fall that prioritize your physical, emotional and mental health.  Topic #2: Daylight saving time information and how it impacts your health.  Topic #3:  How to start planning now for a stress-free holiday season.  Bonus: Apple cinnamon bars recipe.  [Download the latest edition today]   Employer note: Preparing for virus season  With the arrival of fall and winter, respiratory viruses are rising. HR professionals are crucial in safeguarding employee health and maintaining a safe workplace. Here are some strategies for navigating the respiratory virus season:  1. Evaluate workplace risks  Although COVID-19 mandates have ended, it's vital to independently assess potential exposure risks in your workplace. Consider implementing controls like personal protective equipment and administrative measures to mitigate hazards.  2. Revise leave policies  Consider expanding your leav

Welcome to the November 2024 edition of Benefits Buzz! This month, we dive into the latest topics related to Affordable Care Act (ACA) reporting for 2024 and updates on the IRS. Stay informed and gain insights that help you navigate new regulations and changes.  This month's highlights  Topic #1: ACA final forms and instructions for 2024 are now available.  Topic #2: IRS releases health FSA limits for 2025.  Download the full story  For an in-depth look at this month's topics, download the PDF below. Don't miss out on valuable insights regarding important 2024 forms and 2025 increases.  [Download the Full Story PDF]   Stay informed, stay empowered and make the most of your benefits with Benefits Buzz! Be sure to follow us on LinkedIn for monthly updates and never miss out on the latest in benefits news.  Have questions?  If you have questions, feel free to contact TruePlan . Our team of advisors can help you with questions within the scope of employee benefits .    Read o