by admin | Aug 10, 2021 | Employee Benefits, Open Enrollment
Amid the economic panic last year, workers were unwilling to sacrifice job security for a new work environment. Many workers felt it was foolish to re-enter the job market during a shut down. However, in 2021, employers have experienced high turnover rates and experts are now predicting a “turnover tsunami” in voluntary departures and resignations. Current projections estimate that 3.3 million Americans will leave their jobs by December in search of new ones.
Turnover is expensive: the processes of recruiting, hiring, on-boarding and training cost extensive time but is also a considerable investment. When an employee leaves, the company not only loses a valuable resource but also has to re-distribute duties to other team members in the interim of finding a replacement. The team members who absorb the additional responsibilities reach their own tolerance thresholds.
Employers are always looking for ways to sweeten the attain and retain talented employees. For any job offer, salary will remain a crucial aspect but benefits also play an important role in overall employee compensation. This year more than ever, employers have a unique opportunity to show employees how valued they are and may convince those who are seeking a new job to remain through their benefits. So, what are some of the top benefits employees are looking for right now?
This staple benefit is of the utmost importance to job candidates and typically includes coverage for their families. In fact, 46% of U.S. adults said health insurance was the either the deciding factor or a positive influence in choosing their current job. And 56% said that employer-sponsored health coverage is a key factor in deciding to stay in their current job.
The most common type of retirement benefits is the 401(k) plan. This allows employees to deduct a certain percentage of each paycheck to put towards retirement savings. Some businesses choose to match the employee’s deduction or up to a certain percentage.
Employers can offer short -term disability (STD) or long-term disability (LTD) insurance to their employees. If an insured employee is injured or has a lengthy illness, the benefit pays them during the period of time they are unable to work. STD pays a portion of an employee’s salary if temporarily become sick or are unable to work. LTD payments are paid to employees who have a permanent illness or injury preventing them from performing their duties.
Life insurance and accidental death & dismemberment insurance (AD&D) are important as employees look to the future and want reassurance in protecting their families.
Employers should also consider some perks that have become increasingly sought after. Perks are something that is in addition to the employee’s salary and benefits package that may sway an employee to value one employer over another. Some of the most valued perks in 2021 are:
Wellbeing and mental health provisions have taken on a new significance in the last 12 months. Employers can offer an Employee Assistance Program (EAP) which helps employees to solve problems – whether those relate to finances or other non-work stresses. But employers are also offering more comprehensive mental health services such as counseling or therapy. 48% of employees indicated they had experienced high levels of stress over the last year and are looking for support for stress, burnout, and other mental health issues.
- Flexibility/Remote Work Options
Remote work and flexibility have always been popular among employees but their importance soared in light of the pandemic. Flexibility has been a key factor in providing for employees who have had changes in their life such as caring for a chronically ill loved one or those who suddenly had virtual school for their children. In fact, 76% of workers said they would be more willing to stay with their current employer if they could work flexible hours.
This past year has served as a reminder that employee’s lives don’t just revolve around work. With pets and children crashing our Zoom calls, and other responsibilities – including eldercare and childcare – on many worker’s minds, it’s evident that employees have other responsibilities and priorities that distract us from work. During the pandemic, one in four women considered leaving the workforce or scaled back their work role because of added family caregiving pressures.
Many employees don’t understand the benefits they chose during open enrollment – which means some employees may be looking for a new job for benefits or perks they already have! Now more than ever, it is critical for employers to start communicating early about open enrollment. Getting the word out about open enrollment and available benefits will help employees weigh the advantages of guaranteed perks and benefits with searching for a new job. Giving employees more time to understand their benefits is crucial to employee retention and contentment.
by ckistler | Nov 16, 2020 | Benefit Management, Open Enrollment
As the weather turns cooler and shopping centers get busier, it’s easy to surmise that it’s nearing the end of the year. Are we all ready for 2020 to be over?! Yes, please! Since we are closing in on 2021, it’s time for you to maximize your healthcare plan by taking advantage of end-of-year healthcare benefits.
HAVE YOU MET YOUR DEDUCTIBLE YET?
Before you continue reading, look over your insurance plan details and check your deductible amount. Then, check with your HR advisor and see where you are with your benefits per their records and the insurance company records to ensure you have all the information you need regarding these details. Now that you have all your ducks in a row, let’s look at some ways to make sure you are maximizing your healthcare benefits before year-end.
THINGS TO DO LIST
- Refill prescriptions—maybe get 90-day supplies so they last beyond the start of the new year
- Schedule lab work
- Schedule imaging
- Visit the dermatologist
- Visit the optometrist—get new glasses or contact lenses
- Schedule preventive screenings like:
- Endoscopy
- Colonoscopy
- Prostate cancer
- Lung cancer
- Schedule elective surgeries like:
- Hysterectomy
- Gallbladder
- Joint replacement
- Weight loss
- Thyroid
- Eye
- Back
- Go to physical therapy for an injury
- Visit your PCP for preventive care
- Visit the dentist
THINGS TO CONSIDER
Before you go whole-hog on scheduling these appointments, you need to consider some things first.
- Think about the additional costs associated with procedures like physical therapy post-surgery. You should calculate the cost of having the surgery this calendar year and starting PT after the new year begins and your deductible resets versus doing everything next year.
- Many dental plans have yearly maximums so it may be better to split up some dental procedures between this year and next.
- Make sure you stay in your network when you schedule these appointments or else your insurance coverage won’t be as robust as you thought.
- Use your FSA money before the end of the year because these funds are “use it or lose it.”
- The IRS does give you a grace period of 2 ½ months to spend your money
BONUS TIPS
As a couple bonus tips:
- Check your plan’s terms about coinsurance so you know if this will come into play even after meeting your deductible.
- Increase your HSA contributions to max out your account before the end of the year. The IRS, again, gives you some extra time in the following year to keep contributing to the prior year’s account. But, not maxing out your contribution amount means that you aren’t reaping the benefits of this tax-free money.
Making sure you are fully utilizing your healthcare plan at the end of the year is a smart move for every healthcare consumer. Begin crossing things off this “To Do List” today!
by admin | Nov 12, 2020 | Benefit Management, Open Enrollment
As the weather turns cooler and shopping centers get busier, it’s easy to surmise that it’s nearing the end of the year. Are we all ready for 2020 to be over?! Yes, please! Since we are closing in on 2021, it’s time for you to maximize your healthcare plan by taking advantage of end-of-year healthcare benefits.
HAVE YOU MET YOUR DEDUCTIBLE YET?
Before you continue reading, look over your insurance plan details and check your deductible amount. Then, check with your HR advisor and see where you are with your benefits per their records and the insurance company records to ensure you have all the information you need regarding these details. Now that you have all your ducks in a row, let’s look at some ways to make sure you are maximizing your healthcare benefits before year-end.
THINGS TO DO LIST
- Refill prescriptions—maybe get 90-day supplies so they last beyond the start of the new year
- Schedule lab work
- Schedule imaging
- Visit the dermatologist
- Visit the optometrist—get new glasses or contact lenses
- Schedule preventive screenings like:
- Endoscopy
- Colonoscopy
- Prostate cancer
- Lung cancer
- Schedule elective surgeries like:
- Hysterectomy
- Gallbladder
- Joint replacement
- Weight loss
- Thyroid
- Eye
- Back
- Go to physical therapy for an injury
- Visit your PCP for preventive care
- Visit the dentist
THINGS TO CONSIDER
Before you go whole-hog on scheduling these appointments, you need to consider some things first.
- Think about the additional costs associated with procedures like physical therapy post-surgery. You should calculate the cost of having the surgery this calendar year and starting PT after the new year begins and your deductible resets versus doing everything next year.
- Many dental plans have yearly maximums so it may be better to split up some dental procedures between this year and next.
- Make sure you stay in your network when you schedule these appointments or else your insurance coverage won’t be as robust as you thought.
- Use your FSA money before the end of the year because these funds are “use it or lose it.”
- The IRS does give you a grace period of 2 ½ months to spend your money
BONUS TIPS
As a couple bonus tips:
- Check your plan’s terms about coinsurance so you know if this will come into play even after meeting your deductible.
- Increase your HSA contributions to max out your account before the end of the year. The IRS, again, gives you some extra time in the following year to keep contributing to the prior year’s account. But, not maxing out your contribution amount means that you aren’t reaping the benefits of this tax-free money.
Making sure you are fully utilizing your healthcare plan at the end of the year is a smart move for every healthcare consumer. Begin crossing things off this “To Do List” today!
by ckistler | Nov 12, 2020 | Benefit Management, Open Enrollment
As the weather turns cooler and shopping centers get busier, it’s easy to surmise that it’s nearing the end of the year. Are we all ready for 2020 to be over?! Yes, please! Since we are closing in on 2021, it’s time for you to maximize your healthcare plan by taking advantage of end-of-year healthcare benefits.
HAVE YOU MET YOUR DEDUCTIBLE YET?
Before you continue reading, look over your insurance plan details and check your deductible amount. Then, check with your HR advisor and see where you are with your benefits per their records and the insurance company records to ensure you have all the information you need regarding these details. Now that you have all your ducks in a row, let’s look at some ways to make sure you are maximizing your healthcare benefits before year-end.
THINGS TO DO LIST
- Refill prescriptions—maybe get 90-day supplies so they last beyond the start of the new year
- Schedule lab work
- Schedule imaging
- Visit the dermatologist
- Visit the optometrist—get new glasses or contact lenses
- Schedule preventive screenings like:
- Endoscopy
- Colonoscopy
- Prostate cancer
- Lung cancer
- Schedule elective surgeries like:
- Hysterectomy
- Gallbladder
- Joint replacement
- Weight loss
- Thyroid
- Eye
- Back
- Go to physical therapy for an injury
- Visit your PCP for preventive care
- Visit the dentist
THINGS TO CONSIDER
Before you go whole-hog on scheduling these appointments, you need to consider some things first.
- Think about the additional costs associated with procedures like physical therapy post-surgery. You should calculate the cost of having the surgery this calendar year and starting PT after the new year begins and your deductible resets versus doing everything next year.
- Many dental plans have yearly maximums so it may be better to split up some dental procedures between this year and next.
- Make sure you stay in your network when you schedule these appointments or else your insurance coverage won’t be as robust as you thought.
- Use your FSA money before the end of the year because these funds are “use it or lose it.”
- The IRS does give you a grace period of 2 ½ months to spend your money
BONUS TIPS
As a couple bonus tips:
- Check your plan’s terms about coinsurance so you know if this will come into play even after meeting your deductible.
- Increase your HSA contributions to max out your account before the end of the year. The IRS, again, gives you some extra time in the following year to keep contributing to the prior year’s account. But, not maxing out your contribution amount means that you aren’t reaping the benefits of this tax-free money.
Making sure you are fully utilizing your healthcare plan at the end of the year is a smart move for every healthcare consumer. Begin crossing things off this “To Do List” today!
by admin | Aug 20, 2020 | Open Enrollment
Open enrollment season is upon us and many companies are choosing to host “virtual benefits fairs” instead of the traditional “walk and talk” fairs. Open enrollment meetings have turned into live streaming events or recorded webinars. Incentivizing employee participation in these areas can come in a variety of ways but the newest trend is gamification.
Gamification has been defined as “behavior modification using technology.” It involves rewarding employee behaviors that help accomplish a company’s goals and objectives through playing some sort of competitive game. For example, company ABC is having their open enrollment meetings online. They want all employees to watch the overview presentation by the HR department as well as view the enrollment resources. Through gamification, the company creates a series of milestones on a virtual gameboard. Different departments are challenged to work their way through the milestones and the first team successfully completing the game wins. The winning team receives bragging rights and a cash reward. Another option for this same contest is that the individual earns a reward for progressing through the gameboard. This example isn’t tied to a team-driven competition, but instead an incentive for the individual to complete the open enrollment process.
WHY GAMIFICATION WORKS
It’s been reported that 75% of the total global workforce in 2025 will be made up of millennials. That’s three out of every 4 workers who are very engaged online. Gaming in general has a large appeal to this age group so tying it to workplace objectives results in higher participation on the whole. Additionally, the act of accomplishing a task releases dopamine in the brain. This is the neurotransmitter that causes you to feel excited and your brain likes that! In fact, your brain will begin associating euphoria with completing, what one previously thought was “boring”, work. This is called the “reward cycle” and can be achieved through gamification in the workplace.
HOW TO IMPLEMENT GAMIFICATION
Don’t go into this season with the expectation that gamification will solve all your past issues. It won’t. But what it will do is, perhaps, achieve some pretty big behavior changes like increasing the education level of your employees about what benefits they receive with their plan. What it won’t do is make enrollment delays disappear! So, how do you get started? There are great online sources that offer packages to fit your objectives and goals for your company. FinancesOnline has compiled a list of the top five most popular gamification software companies. Beyond that, you can simply make a “wish list” of open enrollment tasks you want your employees to complete and set an award for achieving those milestones—it doesn’t have to be big—make it a tshirt or a department happy hour with a shaved ice truck! Don’t forget to create a simple gameboard either online or in person for everyone to see the challenges and the rewards.
Most Popular Gamification Software
- Tango Card. An all-in-one gamification platform that helps organizations deliver incentives to customers, employees, suppliers, and partners. Our Tango Card review offers a detailed walkthrough of the product’s capability.
- Influitive. A customer-centric gamification solution designed to help businesses reward their loyal customers. This Influitive review offers a comprehensive tour of the product features.
- Badgeville. A reliable gamification software that bundles a customer loyalty program and employee incentive system into a single platform. Our Badgeville review will help you learn all about this powerful solution.
- Hoopla. A powerful incentive platform that leverages live game mechanics to invigorate burnt-out employees working in fast-paced environments like telemarketing and call centers. This Hoopla review details its full capability.
- GetBadges. A reliable gamification software designed to help software development teams incentivize teams during product development stages. This GetBadges review will walk you through the product’s features.
This is the perfect time to start something new for your open enrollment period because the landscape of the traditional office is all something new. People are learning to expect the unexpected so jump on board and offer them a new way of being rewarded for completing enrollment tasks. But, remember, if an employee isn’t already motivated to work towards a goal, gamification isn’t going to make them start. Gamification only amplifies existing motivation.
by admin | Oct 23, 2019 | Open Enrollment
It’s the most wonderful time of the year.
No, it’s not Christmas—it’s Open Enrollment!!
When the autumn leaves fall and the weather turns cooler, we know it’s time to start thinking of open enrollment hype and meetings and meetings and meetings. So how do you change normal and ordinary communication about employee benefits and change them into rockstar communication? We have some tips that may help!
COMMUNICATE EARLY
People need time to process all the information you share about their employee benefits. Once they have received the info, they typically need to ask questions, compare/contrast plans, and weigh decisions. By communicating with your employees early, you give them plenty of time to make their choices without feeling rushed by a short deadline.
COMMUNICATE CLEARLY
HSA, FSA, PPO, HMO, LTD? What? You can see how your employees can get confused with all the terms and plan names that get presented to them during open enrollment. The Society for Human Resources Management (SHRM) suggests creating a glossary of common terms for enrollment meetings. Another way to clearly communicate benefits is to think ahead to the common questions asked each year and make a FAQ sheet with the answers.
COMMUNICATE FREQUENTLY
Did you know that it takes 8 times to read something before you retain that information? Think of all the material that gets shared at open enrollment meetings. There is no way that an employee would be able to retain that info in one sitting. So, communicate about your benefit plans all year long. Do trivia contests with prizes in your company newsletter about different benefits topics. Use multiple channels to frequently communicate such as print, digital, and animated videos!
COMMUNICATE PERSONALLY
Share “real life” examples of a sample employee with specific health issues and how they can utilize their benefits. This helps your audience think of additional situations in which they could see themselves needing some of the insurance products offered in your meetings. Host small Q & A sessions after larger meetings to allow for more personalized attention. When you communicate personally, you are able to explain the value of the benefits to your employees better.
By focusing on these communication techniques, you will reap the rewards of a well-informed and connected employee when they are choosing benefits. Plan ahead, speak with a clear message, personalize example situations, and repeat, repeat, repeat. Here’s to a great open enrollment season!
