Milena Simic, Sr. HR Specialist, joined the Consultstu team in late November 2023. Milena has over 15 years of Human Resources experience. Her strong areas of HR are employee relations, performance management and HR Systems. Milena has an established history of implementing processes to increase employee satisfaction and meet business goals. Milena provided HR guidance to all levels of employees. She has a bachelor's degree from Florida International University. Outside of work, Milena enjoys traveling, shopping, and spending time at the beach with her family. We are happy to welcome Milena to our team. Meet the Consultstu team.

Retirement Plans. In November, the IRS announced the new retirement plan limits for 2024. Here are a few highlights:

• The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans increases to $23,000, up from $22,500.
• The limit on annual contributions to an individual retirement account (IRA) increases to $7,000, up from $6,500.

Read the entire IRS Notice here.

Pay and Benefits. Employer gifts to employees are generally subject to both income tax and employment taxes. The value of the gift must be reported on the employee's Form W-2 for that year. Cash and gift certificates are always taxable, A holiday gift may be considered de minimis and not taxable if it's worth less than $100, and it's occasional or infrequent. The IRS specifically lists these examples: snacks, coffee, flowers, fruit, books, occasional tickets for entertainment events, and occasional meal money. A holiday bonus that is given based on work performance is not a gift, and it is considered taxable wages.

Performance Management. Weekly check-ins provide the opportunity to meet with your team members and discuss their progress on projects and work. Implementing a weekly meeting at your company may provide improved performance levels for your team members. Learning about some of the most common benefits companies see when implementing these check-ins can help you decide if it's the right opportunity for your business. A weekly check-in is a one-on-one meeting with a member of your team in which you discuss their work in the last week, their planned work for the week ahead, and any questions or concerns you or the employee may have. Read 13 benefits of weekly check-ins.

Work Comp. Businesses in Florida will pay an average of 15.1% less in workers' compensation insurance rates starting Jan. 1, 2024, Florida Insurance Commissioner Michael Yaworsky announced recently. Based on a rate filing by the National Council on Compensation Insurance (NCCI), this is the seventh consecutive year of reduced rates for businesses. NCCI officials state that much of the decrease — 13.6% — is the result of loss experience, trends and benefits paid to injured workers in 2020 and 2021. Read more.