The idea of retirement planning can seem daunting and something that may not require your immediate attention. In fact, the opposite is true. A bit of planning can help you start chipping away at the necessary steps to begin planning your financial future.
Retirement is one of the most common goals people have in their lives. Therefore, it makes sense that planning to be financially secure in this time of your life deserves more than the check of a box each open enrollment period.
Make the most of your investment time and strategy by changing your mindset to be a long-term investor. Contact Vensure Employer Services to get a head start in investing to secure your future retirement.
It’s no secret that potential new hire candidates care deeply about the employee benefits they will be offered upon accepting their new role. Unfortunately, not all candidates or employees fully understand the benefits being offered to them either at onboarding or open enrollment.
While half the battle seems to be on the benefits arm of an organization’s HR team, the other half of the battle is properly communicating the benefits in a manner that allows employees to really understand what is being offered to them.
Bridge your organizational benefits communication gap by first informing employees of all their options. It also helps to break these options into categories. For example, primary insurance categories could include medical, dental, life insurance, flexible spending, retirement, and leave. Secondary or voluntary benefit categories could include pet insurance, hospital indemnity, critical illness, identity theft, or student loan consolidation, among others.
To help employees better understand the benefit options being provided, consider taking one or more of these steps prior to and during open enrollment.
Survey Employees to Gauge Level of Interest and Understanding Employee understanding of benefit options may be better or worse than your teams initially assumes. To properly gather a consensus, start by initiating an employee survey. The survey results will give a better picture of what employees like or dislike, and what they currently understand about the benefit options. For example, not all employees may be familiar with the terms FSA or HSA and how to use them if they are elected.
Early and Regular Communication Before open enrollment begins, preempt the enrollment period by communicating the plan options early. Find a way to quickly and easily convey plan changes or any new plan options that have been added. By taking the time to communicate with employees early, the business is showing their commitment to a successful open enrollment period and commitment to ensuring employees have all the necessary information upfront.
Drive Engagement Preparing for open enrollment is just as stressful on the employees as it is for the HR and benefits teams who coordinate the plans. “Key drivers of engagement include consistent communication, including intranet and newsletters events and meetings…” Bringing employees together in an event or meeting to better understand the benefit program options. Digital tools are available, also, to aid in employees accessing the benefit plan options early, in addition to details and simplified realistic explanations.
Aside from offering quality benefits in which employees and candidates are interested in enrolling, ensuring employees are able to understand benefit options is crucial to open enrollment success. Contact Vensure to get assistance with open enrollment and in ensuring employees are informed prior to your open enrollment period.
Educational assistance programs, or tuition assistance, can come in many forms: Student loans, grants, scholarships, or tuition reimbursement via employer-sponsored education. For students or prospective students, oftentimes one of the main deciding factors on whether to return or continue with school, outside of time commitments, comes down to finances. Some people are lucky enough to work for an organization who supports continuing education and has added an educational assistance program into their employee benefits offerings.
This employee benefit is one where the employer pays for all or a portion of an employee’s educational expenses as they relate to tuition. While the benefits should be made available to all employees (or at least those with full-time status), traditionally the employer will impart certain requirements the student must satisfy to receive reimbursement for their educational expenses. For example, the employee may be required to hold a certain GPA, finish each class with a specific letter grade or higher, or that the courses and program directly relate to the employee’s current job.
Educational assistance programs are a great tool to market to top candidates and for encouraging existing employee retention. Retaining an existing employee is always a more cost-effective solution rather than recruiting, hiring, and training a new employee.
Companies are always looking for ways to lower costs while improving employee happiness and health at the same time. This becomes increasingly difficult as new technologies are introduced and the number of millennials in the workforce continues to increase. Both of these elements have a direct impact on the ways employers aim to communicate with and educate employees when it comes to employer-sponsored benefits. The influx of millennials will push employers to stay competitive in role-specific technologies, which may only be available at premium prices.
Employees are looking for more direct and rapid communication when it comes to their benefits. For example, younger employees, those that fall into the millennial bucket, primarily prefer a text message or email notifications for benefit changes or enrollment information. Some health care providers now offer the option of receiving a text or email updates or appointment reminders.
Flexible Hours or Work from Home Option
More people consider a flexible work schedule or work from home option more valuable than other employer-sponsored benefits, healthcare aside.Technology has allowed this benefit to become a reality for businesses of any size, simply by implementing a cloud-based server structure or VPN. Employees, also, are more productive in addition to hosting and attending effective meetings while being an active, focused participant,
People are more likely to book appointments online than calling a phone number, simply out of convenience. Telehealth allows employees to access healthcare services easily, including receiving care from medical specialists, digital communication with doctors and nurses, or having prescriptions refilled. Telehealth also alleviates stress for employees who typically need to take time off work to attend doctor visits. Employees who are able to access medical care remotely are more productive at work as the speed at which they are able to receive medical attention is increased through telehealth.
Learning and Development
“Technology is driving a new mandate for training.” As artificial intelligence (AI) and other revolutionary technologies continue to seep into our professional lives, employers will work to train their existing workforce to help them better adapt to new technologies that will only make our jobs easier. Job-focused or role-based online training sessions will prepare employees for the new applications and tools they will be required to use.
From Apple Watches to the Fitbit, wearable health and wellness technology has infiltrated the lives of your employees. Wellness programs are offered in addition to many general health plans. For most, as a policyholder, you simply need to complete an online profile. The system is often loaded with healthy behavior recommendations, weekly tips and tricks, and healthy recipes.
As the job market continues to stay competitive, the benefits your organization offers may make or break a prospective offer for a quality new hire candidate. Technology-based benefits, in addition to supplementary benefits, are on the rise. Before your organization starts taking a hard look at your benefit offerings, consider recent feedback regarding what is or is not working, on trend, or considered competitive in the market. Let Vensure customize an appropriate benefits package for your employees, your industry, and your business. You want to stay competitive and we can show you how.
Companies from large to small experience a cinched budget from time to time. And while all companies strive to achieve maximum productivity and output while maintaining the minimum required number of employees, there is always room for improvement. It’s these times when the thought of adding an intern to the mix may have crossed your mind.
Internship programs offer a number of benefits to an organization, whether they are a startup or in the midst of a growth spurt. Programs range from traditional, unpaid internships, to paid programs. Regardless of the style of program that is right for your business, here are some of the benefits you will experience by adding an internship program to your framework.
Trial Period with New Talent An internship is a relatively risk-free way of testing the potential of a new candidate. Evaluate their skills in action, experience their work ethic and views on company culture, and review their productivity on projects in real-time. If everything pans out, an intern could be a great addition to the team. At the same time, if they are not a good fit, use this opportunity to redefine the role and adjust the job description and hiring criteria before pursuing a new candidate.
Diverse Perspective Bringing in a fresh face, someone new to the industry or market, and someone who has not experienced day-to-day operations at your organization could have an enlightening effect. Interns typically don’t come to the new position with a ton of on-the-job experience. This allows for fresh and diverse perspectives on your business, policies, procedures, operations, strategies, and plans. While the feedback is unsolicited, it will behoove you to take advantage of the ideas. Encourage your interns to share their thoughts, engage in brainstorming sessions, and help improve your organization.
Community Involvement Opening your doors to students and recent graduates help to root your business in the neighboring community. Internships are a great way to show your community dedication to both the people and the local economy.
Strengthen Your Brand Offering an internship through a local university or internship program touting one-on-one, real-world training and experience, mentoring, and opportunities to explore lesser-known industries can improve your brand awareness with interns and potential hires, alike.
If done properly, internship programs are a huge benefit to both the intern candidates and the business. From building strong relationships and evaluating potential talent, to taking a fresh look at your organizational framework and reinforcing your brand in the community. If you’re ready to change the way you retain talent, accomplish business goals, and improve company culture, Vensure is ready to be your partner. Contact us to learn more.
Telehealth, or telemedicine, “is the use of digital information and communication technologies, such as computers and mobile devices, to access healthcare services remotely and manage your healthcare.”
Telehealth offers a number of benefits for both doctors and patients including making healthcare services more readily available for people with limited mobility or transportation, easier access to medical specialists, digital communication with doctors or nurses, prescription refill requests, and more.
Here are the top reasons why clients are providing telehealth as a supplementary product:
Millennials As the largest growing percentage of today’s workforce, Millennials are more likely to adopt new technology than other generations in the workplace. Telehealth options are great for Millennials and for employers who are looking for other ways to show employee appreciation.
Fewer PTO Requests Telehealth alleviates the concern for employees who stress about having to take time off work to physically attend doctor visits. Employees will no longer feel like they have to miss appointments or cancel preventive care appointments. Rather, telehealth allows the employee to connect with a doctor from their home, on the road, on their lunch break…wherever!
No Training Required Unlike some other supplementary products, telehealth doesn’t require any additional training to participate. The employee should be able to access the virtual doctor/health visit through their PC, smartphone, or tablet. For those less tech-savvy individuals, most telehealth providers offer phone visits, as well.
Telehealth has given hospitals, clinics, and other health facilities the ability to provide care to patients anywhere they require access to services via phone, mobile app, or web. If you’re considering telehealth for your employees, contact Vensure to learn more about combining technology with employee health.
In 2018 the Bureau of Labor Statistics reported: “approximately 2.8 million nonfatal workplace injuries and illnesses” were submitted by employers in the year prior. For this reason, creating and maintaining a return to work program is crucial to not only saving the company money but also flexes the company’s commitment to an employee’s early return to work.
The below elements can serve as the foundation for your company’s return to work program.
Return to Work Team Dedicating a group of qualified individuals to a return to work team is crucial to the success of a return to work program. The team can provide leadership, define and manage expectations as it relates to injured employees, and serve as an intermediary communication point between involved parties. Having a team focused on the program ensures proper administration of all program-related elements and management of concerns or issues.
Be Transparent. Outline the Process. Create a flowchart to maximize employee involvement and knowledge, while eliminating confusion about the program. The flowchart should contain vital information about the process and administration steps, and proper actions to take. Once completed, the flowchart can serve as your organization’s action plan.
Data Collection The best way to measure the success of any program is to collect accurate pieces of data that help build a complete picture, from start to finish, of the program, its successes, and areas that could be improved. Start with tracking the dollars saved per individual for each injured employee. From here, stakeholders can help determine other data points to collect in order to build out the program reporting.
Put the Plan in Action Once all of the program’s details are ironed out, the program can be launched. Make sure to include employees, supervisors, union officials (where necessary), workers’ compensation professionals, and medical providers (where necessary). It is important to have full support from all involved parties to ensure the continued success of the program. From providing written descriptions or program-specific definitions to reviewing the program with new hires or periodically with seasoned employees throughout the year, the program’s ultimate success revolves around good communication and continued education.
While the time away from work for most employees is only temporary, having a proper back to work program in place minimizes the consequences of what could easily turn into a major disruption for the organization. Contact Vensure to learn how we can help injured employees make a full and timely recovery so they can get back to work through careful claim monitoring and processing.
Employee happiness. While a seemingly simple theory, employee happiness is one of the primary components of running a successful business. Employees work for incentives, both monetary and those that come in your annual benefits package.
Offering added benefits for employees, outside of the basic benefits, shows renewed investment in employees, value in their productivity, and a desire to ensure their happiness and morale is high.
We developed this list to help employers understand why employee benefits are so important.
Recruiting Your recruiting team will probably receive multiple questions from candidates regarding benefits. Try creating a snapshot of the benefits package for a mid-level employee. This will provide the best view of the company’s offerings and is a great way to highlight the company’s continuous investment in their employees. Added benefits that have a lesser impact to the company’s bottom line include scheduling a food truck or coffee cart to visit regularly, adding a foosball or pool table in the break room, on-site haircuts, or dry cleaning services.
Reduce Turnover If your organization’s employees see your business as a revolving door rather than a place to plant roots and grow, the talent pool will reflect this, also. Investing in your employees shows that management values their interests and performance. Keeping employees for a long period can help build a strong team, which will eventually cause a ripple effect across the organization.
Restore Loyalty Employees who are satisfied with their company’s benefits package are 71% more loyal to their employers vs. employees who are not satisfied with the benefits package. Basic benefits (e.g. medical, dental, vision) are expected these days. Organizations that go above and beyond may offer unlimited PTO, flexible workdays, pet insurance, or tuition reimbursement.
FMLA provides eligible employees with unpaid, job-protected leave for specific family and medical reasons. Vensure Employer Services is well versed in FMLA for your employees and the impact on your business. Partnering with a PEO takes the stress of understanding all of the federal regulations off of you and your staff. Know your options. Let Vensure help get you there.
Chris Wrba of Venefits LLC discusses what you can expect from 2018 health insurance plans.
Affordable health plans with low premiums and high deductibles are expected to plateau in 2018. Employers have typically relied upon these plans as a cost-controlling strategy. In an increasingly competitive market, employers will find it difficult to offer such plans, which have scaled-back benefits.
The upside is with over the counter drugs. Several patents for branded drugs have expired, bringing down the overall revenue from pharmaceutical sales in the U.S. For employers, this means that in 2018 there will be fewer opportunities to purchase less expensive generic drugs.
There is increasing pressure on Big Pharma to moderate drug prices. This scrutiny is expected to limit increases in price and bring less expensive alternatives to the market in 2018. The focus is on providing value and minimizing waste. Employers will have access to new treatments and technologies and will benefit from strategies such as limited prescription quantities.
Increased cost sharing with the consumer and lower utilization as a method of reducing medical costs will no longer be an effective strategy. Employers will have to develop new strategies to curb employee medical costs.
It is interesting that in the five years from 2011 to 2016, the insurance premium for employer-provided family coverage increased by 20 percent. With health spending continuing to outpace economic growth, the increased cost of health insurance is eroding into the ability of the consumer to pay for necessities such as food, housing, and transport. It is projected that in 2018, medical costs will continue to grow faster than the GDP and take up an even bigger share of the economy. This will lead to increasing dissatisfaction with low-premium health plans that entail a high deductible and force consumers to forgo services such as preventive healthcare. In 2018, therefore, businesses will need to tackle medical costs in the new health industry landscape with a focus on both the price of services as well as utilization rate. In 2018, employers are looking at cost strategies like raising deductibles and adding a gap plan to cover the out of pocket medical expenses associated with hospitalization and diagnostic testing for the employees.
For assistance on your benefit needs, or to see how Vensure can help solve your benefit concerns with these ever-changing issues, contact firstname.lastname@example.org or visit: