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October 08, 2024 Scottsdale, Arizona  — A new report reveals the increasing prevalence of bonus programs in organizations, with nearly all surveyed companies utilizing at least one type of bonus to enhance employee retention and recruitment efforts.

There are many types of profit-sharing plans, such as: ;Pro-rata plans (benefiting employees equally based on predetermined factors).; ;Age-weighted plans (awarding more significant portions of the profit sharing to workers closer to retirement).; ;Deferred profit sharing (contributing the profit sharing to a retirement account, such as a 401[k]).; ;Cash plan (making direct cash payments to employees).; The employer will need to determine what type of plan is best for the organization.

Here, while 53% always or sometimes publish salary ranges, only 29% include information on specific salaries in job advertisements (see Tables 1 and 2).

Not all nonprofit, mission-based organizations persist for more than 60 years.

These findings support other recent research: Aon’s 2024 North American Pay Transparency Readiness Survey found that 63% of organizations do not communicate salary ranges to employees, while Pearl Meyer’s latest pay transparency quick poll found that 60% of employers have concerns with managers’ preparedness to handle questions about pay.

Other key findings from the preview report include: ;60% of surveyed organizations are either fairly confident or very confident that their pay increases are competitive for retaining and engaging talent.

Emergency savings have slipped, with fewer than 60% of workers and 70% of retirees having adequate emergency funds.; ;Heavy debt burdens.

“But, more recently, we’re hearing that employers are looking at amounts closer to the 30% maximum amount permitted under HIPAA, with several implementing or considering $150 to $200 per month surcharges.”

Or it could mean making a program on Social Security benefits-claiming strategy available to workers in their early 60s.

Once reviewed, applicable taxes will be refunded to the original payment method within 30 days.