Since the ACA was enacted eight years ago, many employers are re-examining employee benefits in an effort to manage costs, navigate changing regulations, and expand their plan options. Self-funded plans are one way that’s happening.
In 2017, the UBA Health Plan survey revealed that self-funded plans have increased by 12.8% in the past year overall, and just less than two-thirds of all large employers’ plans are self-funded.
Here are six of the reasons why employers are opting for self-funded plans:
1. Lower operating costs frequently save employers money over time.
2. Employers paying their own claims are more likely to incentivize employee health maintenance, and these practices have clear, immediate benefits for everyone. 3. Increased control over plan dynamics often results in better individual fits, and more needs met effectively overall. 4. More flexibility means designing a plan that can ideally empower employees around their own health issues and priorities. 5. Customization allows employers to incorporate wellness programs in the workplace, which often means increased overall health.
6. Risks that might otherwise make self-funded plans less attractive can be managed through quality stop loss contracts.
If you want to know more about why self-funding can keep employers nimble, how risk can be minimized, and how to incorporate wellness programs, contact us for a copy of the full white paper, “Self-Funded Plans: A Solid Option for Small Businesses.”
Don’t lie–we ALL love gadgets. From the obscure (but hilariously reviewed on Amazon) Hutzler 571 Banana Slicer to the latest iteration of the Apple empire. Gadgets and technology can make our lives easier, make processes faster, and even help us get healthier. Businesses are now using the popularity of wearable technology to encourage employee wellness and increase productivity and morale.
According to a survey cited on Huffington Post, “82% of wearable technology users in American said it enhanced their lives in one way or another.” How so? Well, in the instance of health and wellness, tech wearers are much more aware of how much, or how little, they are moving throughout the day. We know that our sedentary lifestyles aren’t healthy and can lead to bigger health risks long term. Obesity, heart disease, high blood pressure, and Type 2 Diabetes are all side effects of this non-active lifestyle. But, these are all side effects that can be reversed with physically getting moving. Being aware of the cause of these problems helps us get motivated to work towards a solution.
Fitbit, Apple Watch, Pebble, and Jawbone UP all have activity tracking devices. Many companies are offering incentives for employees who work on staying fit and healthy by using this wearable technology. For example, BP Oil gave employees a free Fitbit in exchange for them tracking their annual steps. Those BP employees who logged 1 million steps in a year were given lower insurance premiums. These benefits for the employee are monetary but there are other pros to consider as well. The data collected with wearable technology is very accurate and can help the user when she goes to her physician for an ailment. The doctor can look at this data and it can help connect the dots with symptoms and then assist the provider with a diagnosis.
So, what are the advantages to the company who creates wellness programs utilizing wearable technology?
Job seekers have said that employee wellness programs like this are very attractive to them when looking for a job.
Millennials are already wearing these devices and say that employers who invest in their well-being increases employee morale.
The overall health and fitness of the company can be the driving force behind introducing wearable technology in a business but the benefits are so much more than that. Morale and productivity are intangible benefits but very important ones to consider. All in all, wearable technology is a great incentive for adopting healthy lifestyles and that benefits everyone—employee AND employer.
More and more, we are learning that scientists, marketers, programmers, and other kinds of knowledge workers lead office lives very similar to famous innovators like Watson, Crick, and Franklin, who discovered the structure of DNA. How so?All of these people live work lives structured around progress in meaningful work. And when this progress occurs, it boosts emotions, perceptions, and productivity. This could be an important key to supporting your employees at their desks, wherever those may be. While recognition, tangible incentives, and goals are important, leading managers must also consider nourishing progress through attention to inner work life, minor milestones, and appropriate modeling. When progress is effectively monitored and encouraged, it can lead to a self-sustaining progress loop, which often results in increased success and productivity, especially toward larger, group-based goals. In other words, when managers support inner work life and recognize minor progress, it leads to major accomplishments. Seeing employees as growing, positive individuals with a drive to experiment and learn, as opposed to mere means to an end goal, can make all the difference in an office, and over the years. One way to do this effectively is to incorporate humility into your leadership style. This doesn’t imply that you have low self-confidence or are yourself servile. Rather, it says you prioritize the autonomy of your office and support your employees to think responsibly for themselves. Ask them what their daily work lives are like, and how you can help them maximize effectiveness. Create low-risk opportunities for growth, and most importantly: follow through. Read More: “Leading through emotions” “Leading with emotional intelligence”
by Bill Olson, VP, Marketing & Communications at United Benefit Advisors
Originally posted on blog.ubabenefits.com
While there’s plenty of talk about work/life balance, many employees want to feel human while at work, too. Being able to bring their whole selves, according to “3 Ways to Create a More Human Workplace,” from Workforce, is an essential piece of a welcoming, inclusive workplace environment.
Putting employees first as a defined company value means helping team members feel connected, valued, and like their work is having an impact. Supporting employee well-being improves everything from engagement to loyalty.
Small changes, like building breaks into the day, as well as larger wellness initiatives are some of the best investments in resources, time, and money a company can make in both its people and its bottom line.
As companies think about the customer experience more and more, it’s also a smart idea to think about the employee experience. One-off opportunities or programs to check the wellness box, for example, are less powerful than a holistic experience. Employers should consider whether their employees would enthusiastically recommend a friend apply for a job, and craft a workplace experience that makes that a reality.
That whole person, whole experience approach also applies when building a diverse and inclusive workplace. Recruitment and hiring are often the talked about steps, but it’s as critical to think about the employee experience after the job starts.
Beyond the overall workplace environment, employers can strive to make the workplace a more inclusive space, according to “6 Steps for Building an Inclusive Workplace,” from the Society for Human Resource Management. After successfully hiring a diverse workforce, employers need to support and retain talented individuals.
It starts at the top, with education for leadership on topics ranging from inclusion to unconscious bias to training on how to best accommodate an employee with a disability. Creating a dedicated council or committee to act as intermediaries between executives and employees, clear employee goal setting, and regular reviews are just a few next steps.
Giving dedicated time, space, and opportunities (both organic and organized) to share about individuals’ background and opinions can help employees feel connected and seen in their workplace. Ensuring diversity is supported in both action and physical space—whether a meditation or prayer room or a space for nursing mothers—is essential. Likewise, celebrating culture and identity can also be a powerful connective tool.
Even the way day-to-day work happens showcases how inclusive a company is. Employers can learn what employees need and want by making time to listen part of the day. Rotating meeting times and checking on technology needs for remote workers are small choices a company can make to show it cares about its individuals.
And, ultimately, keeping inclusivity top-of-mind and visible for everyone helps foster a culture of expectations. Having leadership and management communicate goals and measure progress for an inclusive workplace ensures everyone knows inclusion is valued. By Bill Olson, VP, Marketing & Communications at United Benefit Advisors
Originally posted on www.ubabenefits.com
