The year may be winding down, but experts are already making their predictions for the hottest employee benefits in 2018. In a recent Employee Benefits News article, industry leaders expect benefits in the category of financial well-being to be the highest in demand.
The United States is experiencing an ever-tightening labor market, where the number of jobs available exceeds the number of qualified candidates. One way employers can recruit and retain top talent is by offering voluntary benefits and educating employees on how to use the voluntary benefits they offer.
According to Gallup, nearly 50 percent of employees report they would leave their employer for a company that offered benefits beyond medical insurance. Offering these benefits isn’t all employers need to do, though. In order for employers and employees to get the most out of these benefits, employees must be made aware that they exist and be educated on how to use them.
Open enrollment is the perfect time to start talking to employees about the voluntary benefits that are offered at your organization.
While simple in theory, life insurance benefits can quickly become complex when beneficiary designations are incomplete, inaccurate, or out of date. As an employee benefit, group life insurance is intended to help employees protect the financial futures of their family members or individuals or organizations they care about. Without careful beneficiary planning, intended recipients may face long delays in receiving benefits—or miss out completely.
Employees can name any person or entity (except their own employer) as a beneficiary, including family members, friends, trusts or charities. But without proper beneficiary designations, an employee’s death benefit can sometimes be left to chance. If there is no beneficiary on file, death benefits are typically paid according to the group policy provisions. In these cases, the beneficiaries may or may not be who the employee had in mind.
The incentives you offer can impact how candidates view your company and its culture. Different programs and benefits will attract different people. Keep this in mind when choosing which initiatives to promote, especially if you want to attract working parents.
The cost of child care in the United States can be the greatest single expense for a household, with at-home care averaging $28,354 annually. Imagine, then, how enticing child care initiatives might be to working parents or those who want to start families.
Moreover, a company’s child care initiatives can make or break an employee’s decision to stay with his or her employer, according to the Harvard Business Review. Offering child care benefits is one of the best ways to recruit talent. Child care services and the support of an employer are consistently cited as top concerns for parents. The following initiatives are just some of the ways to enhance your workplace for employees and their families.
According to a Gallup poll, 1 out of 6 full- and part-time working Americans are also a caregiver for a loved one. Typically, a caregiver is an unpaid individual who assists an elderly or disabled family member, relative or friend. It is estimated by the National Alliance for Caregiving and AARP that 70 percent of working caregivers suffer work-related difficulties due to their dual roles. Moreover, caregivers are forced to miss an average of 6.6 days of work annually because of their caregiving responsibilities. The annual cost of lost productivity due to caregiver absenteeism amounts to more than $25 billion.
As the baby-boomer generation continues to age, it is likely that younger employees will take on caregiver responsibilities. Of the 129 U.S. benefits managers surveyed by the Northeast Business Group on Health (NEBGH) and AARP, 66 percent agree that caregiving will become an important issue to their workers over the next five years. Forty-five percent of these managers say that caregiving benefits are one of their top 10 priorities for health and benefits issues.
Typically, employers rely on generous compensation package to attract and retain key employees. However, the important role employee benefits play is often underestimated. In fact, employee benefits are a powerful part of any employee’s compensation, including highly compensated employees.
Having a high income does not preclude concern about personal financial risk. MetLife’s Annual Employee Benefit Trends study reveals that 42% of highly compensated employees are very concerned about the financial effects of a loss of income in the event of a disability.
It’s no secret that top talent expects to be paid top dollar. Even with a developed recruiting program, a strong, positive culture and a comprehensive benefits package, it will be difficult for your company to attract and retain the best employees without a competitive pay policy.
What is “competitive pay”?
Most HR professionals suggest that being competitive with compensation means paying an average of 5-10 percent more or less than the market average pay for a job or a group of jobs.
What is the market average rate?
The market average rate for a job is the average pay for a position. By ordering or engaging in pay surveys, you can study what market average pay is nationally, regionally and locally for various positions, and determine whether your pay is competitive.
Click here for more information on wage statistics and pay averages.
It costs nearly 20 percent of an employee’s annual salary to replace a current employee. If you are experiencing high turnover, chances are you are experiencing high losses as well. The costs of reviewing applications, processing candidates, conducting interviews, training and purchasing equipment for new hires aren’t only monetary—they also cost time and lost productivity.
Given the high cost of losing an employee, retention should be a top priority for every organization. If you do not already have a retention strategy, now is the time to make one. The first step in curbing turnover is figuring out why employees are leaving.
Ensuring your employees are satisfied and feel appreciated is important in order to reduce turnover. Organizations need to focus on keeping employees happy and motivated in order to stay competitive in their recruiting and retention efforts.
One area that many employers fail to hit the mark on is instilling a sense of trust and confidence in senior leadership amongst its employees. Instilling a sense of trust and confidence in senior leadership is key to protecting your organization’s reputation and bottom line.
Although there are many different ways to build trust and confidence in managers and senior leadership at your organization, one simple way is to be a great listener.
Under the Health Insurance Portability and Accountability Act (HIPAA), a covered entity that experiences a ransomware attack or other cyber-related security incident must take immediate steps to prevent or mitigate any impermissible release of protected health information (PHI).
The Department of Health and Human Services’ Office for Civil Rights (OCR) has issued a checklist to help HIPAA-covered entities determine the specific steps they must take in the event of a data breach.
Entities subject to HIPAA should become familiar with the OCR’s checklist and other guidance for handling cyber security breaches involving PHI. These entities should also ensure they have plans for mitigating the effects of breaches.