by admin | Feb 2, 2024 | Employee Benefits
The challenges that influenced the benefits landscape in 2023 persist—perhaps even more so. Rising costs, due to inflation and increasing health care prices, will continue to present challenges this new year. But employers who understand the benefits landscape for 2024 can mold their approach for the upcoming year.
A new year means revisiting your existing benefits strategy and looking at the top benefit trends:
Financial Wellness Benefits
Employees worry and stress about their finances and are searching for financial wellness education and guidance. Nearly 80% of employees say a financial wellness benefit is an important part of a comprehensive benefits package. Some of the popular financial wellness benefits are:
- Retirement Plan Options with Matching Contributions
- Health Savings Accounts
- Flexible Spending Accounts
- Financial Planning Assistance
- Flexible Paydays
- Employee Discount Program
- Financial Reimbursements (Ie. student loan repayment plans, child-care support funds and professional development stipends)
Voluntary Benefits
You can please some of the people some of the time, but you can’t please all the people all the time – unless you embrace voluntary benefits, that is. Voluntary benefits are optional perks that are offered to employees at a discounted group rate which their employer has negotiated with providers. While employees still need to pay to use these benefits, the amount is usually far less than it would be without company subsidies.
Moving forward, we can expect to see more sophisticated customization tools that allow employees to choose the benefits that best align with their individual circumstances and priorities. Whether it’s affordable veterinary insurance for pet owners, subsidized pre-K childcare for parents, or student loan repayment programs, offering these types of policies can directly improve the quality of life for employees who choose to take advantage of them.
Enhanced Family Benefits
Employers are increasingly looking to expand their family-friendly benefits for employees to better support employees in their caregiving roles.
- Paid family leave is not guaranteed by law in the U.S. but it is a highly sought-after perk. A parental leave policy – one that considers both parents and accounts for adoption and fostering in addition to childbirth – can show your employees you care about supporting their home lives.
- Childcare assistance supports working parents facing rising costs of living. While some larger employers may offer on-site childcare, smaller businesses can show their commitment to working parents by helping to subsidize the cost of childcare through employer contributions or pre-tax deductions.
- Fertility assistance supports employees who are going through costly infertility treatments, surrogacy, and IVF.
With four generations represented in the workforce, the support offered by employers can look different to Baby Boomers caring for their parents than a Millennial or Gen Zer caring for their children.
Inclusive and Flexible Care
The diverse workforce of 2024 is prioritizing a better work-life balance. It’s important to develop a benefits package that recognizes a healthy environment for your employees.
- Mental health benefits are in demand since mental health is a crucial part of overall health. Offering an employee assistance program (EAP) is a great way to support workers in tough situations.
- Work flexibility includes not only remote or hybrid work options, but you can also consider flexible start and stop times, a four-day work week or unlimited PTO to attract top talent and increase retention.
Overall, your benefits offerings for 2024 should reflect your organization’s values. Remember, your company depends on being able to keep your employees happy, healthy, and productive. Benefits that show respect for employees and promote a strong, vibrant culture are worth the investment.
by admin | Jan 15, 2024 | Hot Topics
As we begin to settle into 2024, many of us are thinking about New Year’s resolutions. The start of a New Year signals a time for change, reflection and a sense of ‘starting afresh’. This year, you can seize the new year’s spirit of renewal and make mental health your top priority!
A healthy mind will increase your self-esteem, attract positivity, and help you break those persistent bad habits. Don’t make the mistake of only writing ‘improve mental health’ on your New Year’s resolution list. To ensure success, you need to have a plan.
6 Tips to Improve Your Mental Health
Make a clear plan
Rather than attempting to overhaul several areas of your life, focus on one area at a time to maximize your chances of success. Checklists and timelines can help you track everything.
Set achievable health goals by making small, practical changes, like swapping out a meal or ingredient for a healthier option, rather than trying to quit all unhealthy foods at once.
Prioritize Sleep
Sleep is often the first thing to go. Poor sleep, especially over a period of a few weeks, leads to poor functioning: it impacts your immune system, ability to concentrate and your mood – all things that make you even more stressed out. It’s a vicious circle.
Prioritize “Me Time”
Taking some much needed “me time” isn’t selfish; taking care of yourself is one of the best mental wellness gifts you can receive. Do some yoga, take a walk, relax in the bathtub, or simply take some time to catch up on some reading. Your mental health will thank you for it.
Get Some Exercise
Exercise is an excellent way to destress. Focus on simply moving your body. Take the stairs or park your car further away from your destination to get some more steps in!
Enjoy Time with Friends and Family
Nurturing relationships with friends and family is crucial for a fulfilling life. Research shows that interacting with people we’re close to boosts our mood and makes us feel more connected. A strong support systems transforms challenges into manageable tasks and reassures you that you’re not alone.
Start a Gratitude Journal
Write down at least five things you’re grateful for and then reflect on why those things are important to you. It might be difficult at first, but the more you do it the easier it will become. You’ll find yourself feeling happier and more optimistic about life.
In a recent Forbes health survey, 50% of the respondents between the ages of 18 and 25 and 49% of those between 26 and 41 cited mental health as a top priority. Among respondents overall, 45% said improving their mental health was one of their top priorities.
Mental health is centered around the social and psychological aspects of our lives. Human beings are filled with complex thoughts and emotions — we are not preprogrammed to simply perform daily tasks. Our ability to think, feel, and navigate various experiences is tied to our mental state.
Good mental health gives us the resilience to process life’s challenges and helps us make wise decisions about the future. As you step into the new year, it’s essential to give your mental health the attention it deserves to ensure a balanced approach to your well-being.
by admin | Jan 8, 2024 | Employee Benefits
For most organizations, employee benefits communication kicks into high gear during open enrollment season. During this time, there is a surge in emails, educational webinars, fliers throughout the office, and a barrage of forms demanding signatures.
Post open enrollment, however, employees often receive minimal information about their benefits. While sporadic email updates or new laminated signs in the office kitchen may occur, a comprehensive, year-round employee benefits communication plan is often lacking.
This oversight represents a significant missed opportunity. An annual approach is insufficient to ensure that employees genuinely comprehend and effectively utilize their benefits.
When employers use a year-round approach to fully educate their employees on their benefits offerings, employees benefit both in their personal well-being and financial security. Employers also benefit from increased employee engagement, leading to a more creative work environment, reduced stress levels, higher employee retention rates, and potentially higher profitability. Establishing a year-round employee benefits communication plan is crucial.
One way to establish an engaging year-round employee communication plan is through a calendar-based approach. Creating a monthly or quarterly calendar allows for the concentration on a series of topics related to benefits throughout the year. Q4 is the optimal period to highlight open enrollment, while the remaining three quarters provide an opportunity to dive into specific benefit categories such as health, lifestyle, and wealth.
Think about what will be on the top of employee’s minds over the next several months and create a calendar that speaks to those needs. Here is an example of a quarterly calendar:
Q1: In the beginning of the new year, the mantra is “New Year, New You!” What benefits can help employees plan for their future throughout the year – and take the stress out of the decision-making process?
Q2: With the weather beginning to warm up and the beginning of spring, many employees start to be more active and spend more time outdoors. What benefits address overall health and well-being?
Q3: Summertime means vacations for many families. This is a good time to address a healthy work-life balance and to give reminders about time off and childcare benefits.
Q4: When the weather starts to turn cooler, Q4 is in full gear! And that means one thing: Open Enrollment Season. Do your employees have the information to help them pick the right plan for the upcoming year?
Here is an example of some themes to incorporate into a monthly calendar:
Benefits education is communicating information about available benefits in ways that employees can connect to and understand. Communicating benefits information year-round is important because employees’ lives – and their situations – are constantly changing. They get married, divorced, adopt a child or have medical challenges arise. They are thinking about their health and financial security and how to adapt to it. If employees are engaged with their benefits throughout the year, they are more likely to value and use their benefits and will be better informed about their decisions and/or changes they need to make during the next Open Enrollment period!
by admin | Jan 2, 2024 | Human Resources
With the arrival of 2024, Human Resources professionals are contemplating the future. Everyone is looking into that crystal ball to try and understand what the most pressing issues in talent management will be.
HR Exchange Network is no different, so we turned to the experts on Featured to ask what they think will be the biggest trend of the coming year. Discover their predictions:
THE EMERGENCE OF THE “HIDDEN WORKFORCE”
“With so many employers still facing talent shortages, 2024 will be the year of the ‘hidden workforce.’ This refers to the 27 million Americans who are often rejected or underutilized because of unfair hiring practices, like caregivers, retirees, or neurodivergent professionals.
In 2024, you can expect to see more employees taking on technology and recruitment strategies that help them dig into this unexplored segment. Technology makes it easier to tap into the hidden workforce and simultaneously customize workflows so that diverse hires are set up with the right tools for success.”-Robert Kaskel, Chief People Officer, Checkr
PRIORITIZING DATA PRIVACY OF EMPLOYEES
“I believe that in 2024, a significant HR trend will be the heightened prioritization of employee data privacy. With the shift toward remote work and digital operations, the importance of securing employee data escalates. We expect HR departments to introduce advanced data-protection measures and privacy-centric policies.
For instance, companies may adopt end-to-end encryption for internal communications and invest in training staff to recognize and mitigate data risks. This rising priority on data privacy not only safeguards against data breaches but also signals to employees that their personal information is respected and protected, further reinforcing their commitment to the company.”-Nuria Requena, Talent Acquisition Manager, Spacelift
INTEGRATING AI IN HR
“In 2024, I anticipate a significant advancement in integrating artificial intelligence within HR technology. Many HR professionals will learn to leverage AI to their advantage. Notably, in recruitment, AI has shown efficiency through streamlined candidate screening, a reduction in unconscious bias, substantial time and cost savings, and an elevated candidate experience marked by prompt and personalized responses.
An HR trend I hope to increase is remote and hybrid work models. Many roles do not necessitate a physical office presence, and the benefits of remote work are manifold. I encourage all employers to critically evaluate their organizational structure to identify opportunities for implementing and optimizing remote and hybrid work arrangements.”-Antwan Robertson, HR professional
ADAPTING TO NEW WORKFORCE DEMOGRAPHICS
“Adapting HR systems and practices to changing workforce demographics will be one of the leading HR trends going into 2024 and beyond.
As workplace technology evolves, the workforce demographics are growing as well, and many HR teams find themselves having to support and meet the needs of their workforce. Choosing to focus on one or the other is no longer a realistic solution, and HR needs to adapt its practices to serve both its aging and young workforce.”-Max Wesman, Chief Operating Officer, GoodHire
REBRANDING HR AS “PEOPLE & CULTURE”
“In the next year, I foresee more and more HR departments rebranding to “People & Culture.” This signals a systemic shift in how the function operates and views its role within an organization. It is the next step in the function’s evolution, which originated as “Personnel,” to the current state, “Human Resources.”
Today, more and more are rebranding to “People & Culture” to show the value and priority of the two most important aspects of their organization—the people and the culture. When both are thriving, the business will equally thrive. In contrast, if either is suffering, it will be evident in business outcomes. “People & Culture” teams play a critical role in shifting HR from a paper-first, transactional department to a people-first, transformational pillar of the business.”-Lindsey Garito, Director of People and Culture
MORE COMPREHENSIVE DEI INITIATIVES
“One trend we foresee is a growing recognition of the need to encompass various aspects of diversity, including race, gender, sexual orientation, and disability, within DEI initiatives. Organizations are expected to adopt more comprehensive and inclusive approaches. Additionally, there will be a continued focus on promoting mental health, emphasizing the creation of a supportive ethos, and offering resources. As remote work becomes prevalent, organizations will grapple with DEI challenges related to a globally diverse workforce, addressing cultural differences and remote inclusion.
Continuous education and training on DEI topics will therefore persist as a key trend, with a focus on cultivating an inclusive culture and minimizing bias. Also, there may be a greater push for transparency in reporting and accountability to showcase progress in DEI efforts.
To navigate these trends successfully, organizations will need to engage with DEI experts and adapt their strategies to foster a more inclusive workplace.”-Arundhati Chafekar, Principal Consultant, Vertical Lead – Learning and Strengths, NamanHR
FORWARD-LOOKING HIRING STRATEGIES
“In 2024, I expect one significant trend in HR to be the intensifying competition for top talent. This development follows a period where companies have become more adept at retaining their existing talent pools post-pandemic. As a result, attracting the best candidates for new positions has become more challenging.
In response to this trend, HR and talent acquisition professionals should adopt a more forward-looking approach to their hiring plans. They should start the recruitment process early and maintain a consistent effort to build and nurture a talent pipeline. Fostering relationships with target talent ahead of time can also give companies a competitive edge in securing the right candidates when the need arises.
This proactive approach is vital in a job market where availability is often characterized by the urgency of yesterday’s needs.”-Katie Tu, Managing Director, Kepler Search
DEI AND CONSTRUCTIVE ARGUMENTS
“With more and more attention being brought to DEI issues globally, I foresee more conversations and demand for solutions that consider cultural contexts. Similarly, I see an integration of conflict-management principles into DEI and HR work, where disagreements and conflict are not avoided or seen as destructive, but to collaborate and problem-solve.
This also reflects the shift of DEI work from purely the role of a select, passionate few into the hands of every working professional to prioritize the cultivation of diverse, equitable, and inclusive environments in the workplace and beyond.”-Xin Yi Yap, Global Diversity, Equity, and Inclusion Product Manager, Aperian
By Francesca Di Meglio
Originally posted on HR Exchange Network
by admin | Dec 20, 2023 | Health Insurance
Protection from high medical costs
Health insurance provides important financial protection in case you have a serious accident or sickness. People without health coverage are exposed to these costs. This can sometimes lead people without coverage into deep debt or even into bankruptcy.
It’s easy to underestimate how much medical care can cost:
- Fixing a broken leg can cost up to $7,500
- The average cost of a 3-day hospital stay is around $30,000
- Comprehensive cancer care can cost hundreds of thousands of dollars
Having health coverage can help protect you from high, unexpected costs like these.
When you have coverage, your plan protects you from high medical expenses 2 ways:
- Reduced costs after you meet your deductible Once your spending for covered services reaches your plan’s deductible, the plan covers part of your medical expenses.
- Example: If your plan has a $1,000 deductible, you pay the first $1,000 in covered services. After that, your plan pays between 60% and 90% of your covered expenses, depending of what kind of plan you have. You pay between 10% and 40% of the costs as coinsurance or copayments.
- Out-of-pocket maximum This is the total amount you’ll have to pay no matter how much covered care you get in a plan year.
- Example: If your plan has a $3,000 out-of-pocket maximum, once you pay $3,000 in deductibles, coinsurance, and copayments the plan pays for any covered care for the rest of the year. This provides important peace of mind and protection from very high medical costs.
Pay less even before you meet your deductible
Even before you meet your deductible, you may save hundreds of dollars in medical costs.
How you save money before you meet your deductible
Insurance companies negotiate discounts with health care providers, and as a plan member you’ll pay that discounted rate. People without insurance pay, on average, twice as much for care. This means when you use a network provider you pay less for the same services than someone who doesn’t have coverage – even before you meet your deductible.
- Sometimes these savings are small. If you’re insured and use a network provider, you may pay $25 for a flu shot instead of the $40 someone without coverage pays.
- In other cases the savings can be big. If use a network provider, you may pay $85 for an office visit instead of the $150 someone without coverage pays. Savings can be even higher for more expensive services.
So even if you don’t reach your deductible during the year, you can save a lot of money on your covered medical services just by being enrolled in an insurance plan.
