10 perks that help attract and retain workers

Job seekers and employees today have more control over their careers than ever before. Leaving current positions for better opportunities, and being more selective when applying for a new job, are now commonplace.

With the war for talent in full effect, companies of all sizes have had to take a close look at their compensation and employee benefits to ensure that they meet, or preferably exceed, expectations.

While keeping up with the latest employee benefits trends is one great way to maximize benefit plans, employers should also explore additional employee and workplace perks to help with recruiting, retention and engagement.

1. Free snacks and coffee

coffee and donuts(Photos: Shutterstock)

 

An often-overlooked way to enhance the workplace is to provide employees with complimentary snacks and coffee. Not only does this help employees save a few dollars each day, but office snacks have shown to increase workplace production. And offering employees healthy alternatives can get people more energized and involved with a company’s overall wellness program.

2. Flexible work schedules

One of the biggest trends in the business world has been a shift away from the traditional 9 to 5 work day. While some positions require such a schedule, more and more companies are enabling employees to have more flexibility with their working hours. As a matter of fact, many businesses are including flexible working schedules in their job descriptions and on career sites to help attract younger job seekers. As work-life balance continues to become more important to employees, flexible working schedules can be valuable perk for employers to offer.

3. Working from home

While telecommuting is becoming more common, not all employees can exclusively work-from-home. However, enabling employees to work at home on occasion can be a great perk for keeping employees happy and engaged. Providing employees with the tools and resources necessary to work from home when needed can greatly assist with lowering turnover, and can also help reduce stress and improve the employee experience.

4. Employee assistance programs

A greater focus on employee wellness – both physical AND mental – is occurring in companies big and small. One way to help with this initiative is to have an employee assistance program (EAP). These programs provide counseling to employees for both professional and personal issues, and can include consultations with licensed clinicians for financial and legal services, grief counseling, and day-to-day support for full-time employees and anyone in their household.

5. Company events

You have probably seen or heard of Fortune-500 companies throwing elaborate and expensive events for their workforce. While small employers can’t do something to this level, having company-sponsored events throughout the year is a great way to boost employee morale and build a culture. These events also present an opportunity to boost employer branding and recruitment marketing efforts. Things like company picnics, holiday parties, and even individual team outings (such as a bowling night) help to boost company morale.

6. Employee referral programs

Hiring the best talent is a mission all companies have in common. But with recruiting more challenging than ever, it can be difficult to accomplish this goal. However, establishing an employee referral program (especially one that provides a cash or bonus reward) is a fantastic way to get your entire company involved with recruiting. These programs also help employees feel more invested in their organizations, especially if they can bring friends or professional colleagues to their organization.

7. Lunch and learns

Learning and development is important to employees. While investing in large-scale programs and bringing in industry experts on a routine basis may not be possible, each company has their own subject-matter-experts who can provide learning opportunities to their co-workers. A monthly lunch and learn session can be a great way to inform the entire company on new initiatives and projects, as well as boost employee engagement throughout the company.

8. Employee discounts

Another great additional perk that employees will enjoy are discounts on certain items or events. Discounts on items like clothing brands, tech, Broadway shows, sporting events, and many others can help employees save money while enjoying things that they enjoy. These types of perks are becoming increasingly popular, even for smaller employers and can be a great tool in recruiting. Not to mention the role they play with employee happiness, engagements, and ultimately retention.

9. Summer hours

We discussed earlier about the value of flexible work schedules. A fantastic addition to an already popular perk, giving employees summer working hours are a great way to boost happiness and morale. For example, many companies let employees leave the office early on Fridays to get a head start on their weekend plans. With work-life balance becoming more important, this simple perk can be a great for current and future employees alike!

10. Employee rewards and recognition

Boosting employee engagement and the overall employee experience are critical objectives for all companies today. An excellent way to help with these goals are to recognize and reward employees throughout the year. Whether it’s completing a difficult or important project, reaching certain milestones with the organization (such as years of service), or completing outside education, these can all be extremely valuable for the individual and the company. Additionally, providing rewards along with recognition can go a long way to building engaged culture and a great employer brand.

Source: Altiero M. (3 April 2018). "10 perks that help attract and retain workers" [Web Blog Post]. Retrieved from Benefits Pro.


Is Ergonomics A "Must-Have" For Your Workplace Wellness Plan?

 

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Workplace wellness in most organizations centres around health promotion activity or policy development to support healthy behaviour and improve health outcomes in the workplace. A "workplace wellness" Google search reveals a range of programs focused on fitness, weight management, smoking cessation, stress management, work-life balance and occasionally flexible work scheduling. These are legitimately important aspects targeted at improving specific health outcomes.

It is important to realize that the average office worker spends over 65 per cent of their time at work in a sedentary seated position. No doubt you have seen the media campaigns touting the health concerns related to sedentary behaviour, some going as far as labelling sitting as the new smoking. Prolonged sitting has been associated with cardiovascular problems, increases in musculoskeletal discomfort, and decreases in concentration and productivity. Improper sitting and work station setup has been associated with an increase in musculoskeletal pain and injury (MSI) in the neck, shoulders, arms, wrists, legs and lower back. MSI are associated with the wear and tear on the muscles, tissues, ligaments and joints of the body.

It is for these reasons that office ergonomics should be on the workplace wellness program menu. Ergonomics is the science of matching the work to the worker. In an office environment, a major focus would be insuring that employee workstations fit the worker – not the employee made to fit the workstation. To design a healthy employee work station properly requires an understanding of the limitations of the human body, especially in terms of muscle and soft tissue fatigue. Again, a Google search on "office ergonomics" leads you to resources on the proper configuration of computer workstations to promote a neutral sitting posture aimed at reducing muscle and soft tissue pain.

This is a great place to start, but does not replace the knowledge of an experienced ergonomist to ensure that individual limitations and pre-existing health conditions are accommodated for properly. Here are some examples of the most common office ergonomic challenges I encounter when consulting with organizations. The first is the desk. The working height of a standard desk is 30 inches, for which we expect it be comfortable for both the 5-foot-2-inch and a 6-foot-2-inch employee. But the reality is that this standard desk height is appropriate for the 6-foot-2-inch employee. The average female is 5-foot-4-inches, which would suggest that the standard 30-inch working height is too high for the majority of female workers in the office. When the working height is too high, the employee will adopt a posture where the wrists are extended when keyboarding, the neck is extended, shoulders are hunched and back is flexed forward off the chair.

—theglobeandmail.com


Could These 3 Reasons Be Behind Your Failing Employee Engagement?

 

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Encouraging employee engagement with health benefits

In a competitive economy, a robust package of employee health benefits is one of the key elements that employers need to attract and to retain a skilled, experienced workforce. In fact, according to statistics gathered by Collective Health and Harris Poll, 78% of adults in the U.S. say healthcare benefits strongly factor into their decision on where to accept a job. However, once employees have these benefits, most do not take full advantage of the complete range of services and support available. Only 25% of employees questioned in one survey said they have used all the preventive care benefits offered by their employer.

Another survey, conducted by the American Psychological Association, found that only 33% of employees report participating in employer-provided health promotion programs. The failure to engage with and use the benefits available can have an especially significant impact when employees or their family members face serious or complex medical issues, such as a cancer diagnosis or recommendation for surgery. When employees don’t use the full spectrum of benefits available to them, such as second opinions and case management, the risk of poorer health outcomes and higher employer and employee healthcare costs increases, with more than $210 billion a year spent on inappropriate and unnecessary treatment according to an Institute of Medicine report. Several factors contribute to employees’ failure to use all the health benefits available to them:

Problems with the benefits selection process: Although the choice of benefits can have wide ranging effects on both physical and financial health, 77% of employees spend 60 minutes or less choosing benefits, while 46% spend 30 minutes or less on this important decision, according to an Aflac poll. Another survey noted the high stress levels associated with making benefit decisions, finding that 49% of employees say making benefits decisions is always stressful. 

Not understanding the options: A survey by the International Foundation of Employee Benefits Plans found that approximately 80% of organizations reported that employees do not have a high level of understanding of their benefits. This lack of understanding comes at a financial cost. According to 42% of employees in the Aflac survey, the estimated cost of errors employees make understanding and choosing benefits can cost them up to $750 per year.

Complexity of benefits: When faced with multiple benefit providers and contact points, employees often do not know where to find the information they need to understand the benefits available to them and how to access them. As a result, employees fail to access the information, resources and support that can help them make informed medical decisions. This can have a negative impact on health outcomes and healthcare costs.

—benefitnews.com


Competing for talent in a Gen Z world

As 2018 progresses, HR managers are well advised to start stepping out of their comfort zones. Because Generation Z is beginning to surge into the workplace, forcing the reinvention of everything from benefits to recruiting. Your relevance in the war for talent may hang in the balance.

You’ve been hearing for some time now about the challenge of engaging a multi-generational workforce. But it’s time to think beyond the Millennials, and take a good look at the Gen Zs (born after 1995). They have a whole new set of expectations and values that are forcing employers to re-evaluate how they recruit, retain and, especially, engage their people. Start working on your battle plan in 2018 (and beyond) to avoid losing the talent battles.

They have decided views on how they expect to be treated and managed and how they respond if they don’t think their employer is measuring up. It’s a function of their upbringing in a hyper-connected world. According to Pew Research, only 14 percent of U.S. adults had Internet access in 1995, but that exploded to 87 percent by 2014. Small wonder that for the Zs, it’s the always-on and available tech-enabled connections to networks of people and information that rule. It’s how Zs learn and solve problems and it influences their expectations.

Here’s what it all means for your workplace and how you will need to compete for talent moving forward.

 

Legacy benefits and old attitudes need replacing now

The Zs aren’t merely connected. They share aggressively. Studies show that if their experiences – with a brand or a product or an employer – are negative, this generation will happily tell everybody about it online, including on Glass Door, a fast growing site that reviews millions of employers. That makes it important to foster a positive culture and work environment, and provide the types of benefits that will attract the Zs, keep them happy and ideally inspire them to spread the word.

To that end, take a long, hard look at your employee benefits: Too many employers still offer legacy employee packages that have changed little in the last two decades. Will they be good enough to woo the Zs and keep them satisfied? In fact, the Zs are motivated by the total deal, not just financial compensation. They want unique benefits that are personalized for them right down to the individual level.

Think about the 22-year-old who’s working in an urban setting, maybe with a pet at home, doesn’t have a lot of time to shop and is saddled with student loans. What are the priorities? A plan offering vision, life or disability insurance? Or a benefits package that provides a personal concierge and maybe dog walker, student loan repayment and an identity theft program, too? Best-of-class employers will offer up a robust mix of traditional and non-traditional benefits that cater to the individual employee’s lifestyle needs.

 

VR and gamification: Critical tools in winning Gen Z talent

Even as the Zs mature, there’s a trend toward a blending of personal and work lives as outside influences bleed into the workplace. When it comes to virtual reality, this generation of digital natives is enthusiastic over its potential use in the workplace.

There’s been a 250 percent jump in VR companies since 2012 and the technology’s significance is for more than just promoting productivity by connecting people in different locations for virtual meetings. It’s also a good recruiting tool, a way of letting prospective hires “experience” your environment so they are better able to tell before they take a job if it’s right for them.

Gamification is another Z activity that’s bleeding into business and affecting recruitment and hiring. Picture Silicon Valley’s “code-offs,” where prospective developers compete during a set time period to find the best solution to a specific design challenge. The winner gets the job. It certainly makes resume screening seem obsolete by comparison.

This incoming generation has a lot to offer employers who value the kind of fresh perspective it represents. The next big challenge will be reflecting that appreciation in creative approaches to winning and keeping their hearts and minds.

Read the article.

Source:
Barone M. (1 March 2018). "Competing for talent in a Gen Z world" [Web Blog Post]. Retrieved from address https://www.benefitspro.com/2018/03/01/surge-of-gen-z-workers-changing-how-employers-comp/


Millennials, tech industry driving adoption of paid leave programs

More employers are voluntarily offering paid leave benefits to win over millennial workers in an increasingly competitive marketplace, but costs related to workforce management and thin profit margins in many industries have hampered widespread voluntary adoption, according to The Paid Leave Project’s report, “Emerging business trends in paid family medical leave.”

The project, an initiative managed by “action tank” Panorama, interviewed representatives from 470 large U.S. employers across 23 industries to find top reasons for voluntarily offering paid leave programs – as well as main barriers to offering such benefits.

The leading factor that prompts most companies to voluntarily offer the benefit is employee demand, particularly from millennial workers who hear about other companies’ paid leave policies from the media as well as from their friends and family members who receive such benefits. More than 40 percent of companies that already have paid leave cited this as a driver.

Some employers say they want to be considered a “best employer” within their industry. Says a representative from a manufacturing company: “A company can choose to be in the middle of the pack, but we don’t see that as a competitive advantage. We want to be leaders.”

Employers in specialized industries or geographies with a tight labor market say a compelling benefits package, including paid leave, is key to attracting and retaining top talent. “The war for talent is pretty bad,” says a representative from an aerospace company. “We are taking a deeper dive at looking to expand (our) total rewards.”

The tech industry is leading the way, with employers like Netflix and Spotify, respectively offering 52 weeks and 26 weeks of parental leave. Part of this is because other industries are increasingly needing tech talent as the “digital revolution” is now transforming their own sector, including transportation, retail, telecommunications, healthcare, and manufacturing. Some companies in these industries are directly reaching out to technology companies to benchmark against their benefits.

The main challenge to offering paid leave is cost, including paying for a resource to temporarily fill a role while also funding the employee’s leave,

“Employers from retail, manufacturing, transportation and others with a high concentration of hourly workers indicated that coverage is particularly challenging for their sectors,” the authors write. “Given the nature of production and frontline roles, it can be logistically complex for such workers to cover their coworkers’ duties in addition to their own.”

Those industries with low profit margins, such as retail and transportation, find it particularly difficult consider offering paid leave because it just isn’t financially viable, they contend.

Says a representative from a nationwide retailer: “How can I offer paid leave when I can’t even offer comprehensive healthcare, including dental insurance?”

However, a handful of employers in these industries who have embraced paid leave are seeing positive results, including outdoor clothing and gear retailer Patagonia, according to the report.Over the last five years, 100 percent of the women who have had children while working at Patagonia have returned to work. This has led to a balanced workforce and about 50 percent representation of women in all management levels.

For those who offer paid leave, many are also implementing “wrap-around” supports to complement the benefits, such as flexible work schedules to ramp on and off when employees return from leave, providing private locations for mothers to breastfeed, and employee resource groups for new parents. More and more employers are also expanding paid leave for those are providing caregiver services to elderly or disabled family members.

Organizations such as DMEC, the Integrated Benefits Institute (IBI), and providers such as LeaveLogic offer valuable research, tools, and resources for employers as they roll out or expand benefits, according to the report. Moreover, The Paid Leave Project, in collaboration with the Boston Consulting Group, created a comprehensive paid leave Playbook for employers, which includes cost calculator and industry benchmarking data; paid leave policy template; tips for employers in states with new paid leave laws were recently added; and paid Leave best practices and case studies of companies that offer the benefit.

The latest report builds on earlier work by The Paid Leave Project and the Boston Consulting Group, which in 2017 released “Why Paid Family Leave Is Good Business,” a summary report from initial research into the paid leave practices of more than 250 U.S. companies.

In 2018, The Paid Leave Project will focus its research on industry-specific dynamics, the challenges for companies in states with current or pending legislation, and how employers are tracking paid leave data, results, and return on investment.

Read the article.

Kuehner-Hebert K. (2 March 2018). "Millennials, tech industry driving adoption of paid leave programs" [Web Blog Post]. Retrieved from address https://www.benefitspro.com/2018/03/02/millennials-tech-industry-driving-adoption-of-paid/


A New Approach to Paid Leave: WorkFlex in the 21st Century Act

From SHRM, let's take a look a this innovative approach toward paid leave using WorkFlex.


Do you ever sit in your office and wonder about everyone else? Ponder whether anyone is dealing with the same things that you are in that very moment? The simple fact is that everyone independent of age, gender, race or title, wants to be there to support their family. For myself, that means advocating for clients, while caring for my mother and doing all that I can for my wife and two boys. It is quite a balancing act on the best of days. To be fair, I know that I am not alone in this balancing act. As I write this I am wondering if you know exactly what I mean. Perhaps not for yourself, but a colleague or a friend.

Now since we generally live, work or both in New Jersey and in particular within the Delaware Valley there are some things that impact our ability to balance. For example, if you work for an organization that has offices in Philadelphia, PA; Wilmington, DE; Trenton, NJ; Montclair, NJ and Haddonfield, NJ exactly how do you provide equal paid leave to employees? Why should you care? Because these specific locations differ in how they require paid leave to be provided to employees. Are you concerned about this? You are not alone, clients regularly ask what to do as it relates to dealing with paid leave. Often this is more challenging for us than in most places around the country due to the varying ways that towns as opposed to States or the Commonwealth deal with this issue.

Some time ago I was asked to assist SHRM with the creation of federal legislation to address the issue of varying applications of paid leave laws around the country.  After a significant amount of discussions, revisions and hard work by a host of individuals we came up with a legitimate proposal to address our respective concerns.  Recently the “Workflex in the 21st Century Act” (HR 4219) was introduced in the House by Representative Mimi Walters. This bill is designed to support the goals of everyone, not just employers or employees. You can read more about the specifics at: http://www.advocacy.shrm.org/workflex.

For now, allow me to give you three specific reasons (although there are more) that both you and your organization should support this legislation:

First, unlike federal mandates under the FMLA, FLSA, or ADA, this legislation is OPT-IN, which means as an employer in order for your organization to be held responsible under the bill it would have to decide to agree to it first. Put another way, an employer is not required to do it if it chooses to go in another direction.

Second, many federal employment laws bring with them a threshold beyond which every employer is held to the same standard, however that is not the case with the “Workflex in the 21st Century Act.”  It is designed to grow with your organization. As a result the benefit thresholds change based on the number of employees in an organization, so that it supports growth rather than stifling expansion.

Third, contrary to the way things are currently going in our region, this bill provides a level of certainty and flexibility for both employers and employees alike to know the threshold of their leave benefits, which will result in more productive employees and organizations. Part of the reason for this certainty is that the various local leave laws would be preempted by this bill.

What does all this mean? I would suggest that this bill is a good compromise of interests across the spectrum of both employers and employees, as well as unions, who want to do the right thing. Allow for realistic time to care for a child, parent or for yourself. No one needs to change jobs to get a specific type of benefit and employers can choose if it makes sense for their workplace, rather than being dictated to in terms of the benefits to provide their employees.

Now I would like to challenge you to join me. This is the first piece of legislation that SHRM has created for the workplace and as you can see the goal is to address concerns that all workers have, independent of title, so we can all have the balance that we need and want in order to be better contributors in our respective organizations, supportive of our parents, children and ourselves. How can we achieve this together? We can all reach out to our federal legislators and let them know that you support the “Workflex in the 21st Century Act” (HR 4219). You can find more information on http://www.advocacy.shrm.org/workflex or on the SHRM Advocacy App. Let’s take this opportunity to make the workplace better for everyone, together.

Read more.

Source:

Lessig L. (February 8th, 2018). "A New Approach to Paid Leave: WorkFlex in the 21st Century Act" [Web Blog Post]. Retrieved from address http://www.advocacy.shrm.org/shrm/app/document/26467137

A New Approach to Paid Leave: WorkFlex in the 21st Century Act

From SHRM, let's take a look a this innovative approach toward paid leave using WorkFlex.


Do you ever sit in your office and wonder about everyone else? Ponder whether anyone is dealing with the same things that you are in that very moment? The simple fact is that everyone independent of age, gender, race or title, wants to be there to support their family. For myself, that means advocating for clients, while caring for my mother and doing all that I can for my wife and two boys. It is quite a balancing act on the best of days. To be fair, I know that I am not alone in this balancing act. As I write this I am wondering if you know exactly what I mean. Perhaps not for yourself, but a colleague or a friend.

Now since we generally live, work or both in New Jersey and in particular within the Delaware Valley there are some things that impact our ability to balance. For example, if you work for an organization that has offices in Philadelphia, PA; Wilmington, DE; Trenton, NJ; Montclair, NJ and Haddonfield, NJ exactly how do you provide equal paid leave to employees? Why should you care? Because these specific locations differ in how they require paid leave to be provided to employees. Are you concerned about this? You are not alone, clients regularly ask what to do as it relates to dealing with paid leave. Often this is more challenging for us than in most places around the country due to the varying ways that towns as opposed to States or the Commonwealth deal with this issue.

Some time ago I was asked to assist SHRM with the creation of federal legislation to address the issue of varying applications of paid leave laws around the country.  After a significant amount of discussions, revisions and hard work by a host of individuals we came up with a legitimate proposal to address our respective concerns.  Recently the “Workflex in the 21st Century Act” (HR 4219) was introduced in the House by Representative Mimi Walters. This bill is designed to support the goals of everyone, not just employers or employees. You can read more about the specifics at: http://www.advocacy.shrm.org/workflex.

For now, allow me to give you three specific reasons (although there are more) that both you and your organization should support this legislation:

First, unlike federal mandates under the FMLA, FLSA, or ADA, this legislation is OPT-IN, which means as an employer in order for your organization to be held responsible under the bill it would have to decide to agree to it first. Put another way, an employer is not required to do it if it chooses to go in another direction.

Second, many federal employment laws bring with them a threshold beyond which every employer is held to the same standard, however that is not the case with the “Workflex in the 21st Century Act.”  It is designed to grow with your organization. As a result the benefit thresholds change based on the number of employees in an organization, so that it supports growth rather than stifling expansion.

Third, contrary to the way things are currently going in our region, this bill provides a level of certainty and flexibility for both employers and employees alike to know the threshold of their leave benefits, which will result in more productive employees and organizations. Part of the reason for this certainty is that the various local leave laws would be preempted by this bill.

What does all this mean? I would suggest that this bill is a good compromise of interests across the spectrum of both employers and employees, as well as unions, who want to do the right thing. Allow for realistic time to care for a child, parent or for yourself. No one needs to change jobs to get a specific type of benefit and employers can choose if it makes sense for their workplace, rather than being dictated to in terms of the benefits to provide their employees.

Now I would like to challenge you to join me. This is the first piece of legislation that SHRM has created for the workplace and as you can see the goal is to address concerns that all workers have, independent of title, so we can all have the balance that we need and want in order to be better contributors in our respective organizations, supportive of our parents, children and ourselves. How can we achieve this together? We can all reach out to our federal legislators and let them know that you support the “Workflex in the 21st Century Act” (HR 4219). You can find more information on http://www.advocacy.shrm.org/workflex or on the SHRM Advocacy App. Let’s take this opportunity to make the workplace better for everyone, together.

Read more.

Source:

Lessig L. (February 8th, 2018). "A New Approach to Paid Leave: WorkFlex in the 21st Century Act" [Web Blog Post]. Retrieved from address http://www.advocacy.shrm.org/shrm/app/document/26467137

4 trends in financial education

Having financial wellness within your business is incredibly valuable for its overall growth and success. In this article, we are going to take a look at four trends contributing towards financial wellness in the employee benefits realm. Read more below.


Employees’ financial well-being is a hot topic these days. Right now, it’s top-of-mind with most employees. And it’s becoming more so with employers, not only because they are realizing the effect employee financial stress has on their bottom line, but also because industry surveys are revealing that employees want their employers to help by providing financial education and benefits.

Benefit advisers have a definite role in helping employers take steps toward building a more financially-secure workforce through financial wellness benefits. What should advisers expect to see this year in financial wellness benefits?

Industry research confirms the impact employee financial stress has on a company’s bottom line, including lower productivity, higher absenteeism and more healthcare claims. Only about half of employers offered some kind of counseling or instruction about money last year, according to SHRM and IFEBP surveys. Certainly, more employers will want to add financial education benefits this year. Benefit advisers can help by bringing this to the attention of their clients.

Another trend to consider is that financial education benefits are becoming more holistic. Financial education benefits should be more than planning for retirement and having access to supplemental medical benefits. Financial education benefits today should include financial education tools and resources as well as voluntary benefits that are designed to address both physical and emotional struggles while working to help employees with short-term financial needs.

Look for more student loan repayment benefits to become available in the industry this year. In 2017, more Americans were burdened by student loan debt than ever before. It’s a major concern among today’s millennials, the largest generation in today’s workforce. This year we likely will see more student loan repayment benefits appear, including programs in which employers are making contributions to loan balances or providing methods for employees to refinance their debt.

Increased attention to helping employees with short-term financial issues also will be a focus this year. In spite of the improved economy, employees are still struggling financially. Statistics show the alarming number of employees that continue to live paycheck-to-paycheck and do not have even $1,000 in savings for emergency needs.

While financial education benefits can help employees with budgeting and debt reduction needs, employers should offer additional voluntary benefits that provide employees some financial assistance in the short-term. Benefit advisers should bring short-term financial assistance voluntary benefits to the attention of their clients. Among these are employee purchase programs and low interest installment loans and credit that help employees avoid payday loans and cash advances from credit cards when they have emergency needs such as a broken refrigerator or unexpected out-of-pocket medical expenses.

Employers are realizing the important role that financial education plays in an employee’s overall well-being and will look to increase their financial wellness benefits on several levels. Benefit advisers not only can bring the need to the attention of their clients, but can also offer benefit recommendations to round out their clients’ employee benefits programs.

Read the original article.

Source:
Halkos E. (February 9th, 2018). "4 trends in financial education" [Web Blog Post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/4-trends-in-financial-education

Tax Law Fuels Changes to Benefits and Compensation Programs

What changes will your employee benefits embark on with The Tax Cuts and Jobs Act passed? This article from Employee Benefit Advisor touches on the topic.


The Tax Cuts and Jobs Act is fueling changes to corporate America’s employee benefits, compensation and executive pay programs, according to a survey by Willis Towers Watson.

Of 333 large and midsize employers who responded, 49% are considering making a change to at least one of these programs either this year or next.

“The tax reform law is creating economic opportunity to invest in their people programs,” says John Bremen, managing director of human capital and benefits at Willis Towers Watson. “While a significant number have already announced changes to some of their programs, the majority of employers are proceeding to determine which changes will have the highest impact and generate the greatest value.”

The most common changes organizations have made or are planning or considering include expanding personal financial planning, increasing 401(k) contributions and increasing or accelerating pension plan contributions.

Beth Ashmore, the senior consultant for retirement risk management at Willis Towers Watson, says when it comes to expanding personal financial planning and increasing 401(k) contributions, for an employer, the value of making adjustments in those areas is to ensure employees they are going to be taken care of.

“Whenever any employer is thinking about making a change in total rewards, they need to be thinking about it from the perspective of the compensation as the benefit,” Ashmore says. “What is the best value and impact I can make for my employees?”

As for increasing or accelerating pension plan contributions, Ashmore says with the tax law change the majority of employers have a short-term opportunity to make a pension contribution and potentially deduct at a higher tax rate at the beginning of 2018. “Going forward, that tax deduction will be less for a lot of employers under the new tax law,” Ashmore says.

Other potential changes to benefit programs include increasing the employer healthcare subsidy, reducing or holding flat the employee payroll deduction, or adding a new paid family leave program in accordance with the Family and Medical Leave Act’s tax credit available for paid leave for certain employees.

Compensation plans

At least 64% of employers are planning to or considering taking action on their broad-based compensation programs, or have already taken action. The most common changes organization have made or are planning include conducting a review of their compensation philosophy, addressing pay-gap issues and introducing a profit-sharing or one-time bonus payout to all employees.

Steve Seelig, executive compensation counsel at Willis Towers Watson, says when it comes to changing compensation philosophy employers should re-evaluate their pay structure to determine if they want to continue to offer the same compensation.

“Employers may want to consider a more fixed compensation — similar to what Netflix started — where the CEO is paid much more salary and less performance-based compensation,” Seelig says.

Many employers answered questions on addressing pay gaps from the perspective of closing a gender pay gap. However, Seelig says employers could also refer to pay gaps between levels within an organization, such as an associate to a supervisor.

“The CEO pay ratio will be disclosed later on this year and employers could take this time as an opportunity to narrow the gaps between positions before the disclosure,” Seelig says.

Read more.

Source:
Olsen C. (28 January 2018). "New tax law fuels changes to benefits and compensation programs" [Web Blog Post]. Retrieved from address https://www.employeebenefitadviser.com/news/new-tax-law-fuels-changes-to-benefits-and-compensation-programs?brief=00000152-1443-d1cc-a5fa-7cfba3c60000

How millennials are shaping employee benefits

By 2025, the millennial generation will make up more than 75% of the U.S. workforce. With this spike and the need for new ways of thinking, employers are updating their benefits packages to entice the future talent of their companies.

Traditionally, the two big-hitting variables for potential employees are, you guessed it, salary and benefits. But what are millennials looking for when it comes to the actual benefits package? They’re looking for good pay and insurance, to be sure, but Care@Work names eight of the most swoon-worthy benefits for the millennial generation including flexible employee benefit options, holistic approaches to wellness, and lifestyle solutions.

Flexible employee benefit options

As the spice girls sing, “I’ll tell you what I want, what I really, really want.” Excuse the pop culture reference, but millennials will get it – and they know what they want. They don’t fit into a cookie-cutter benefits package, and instead look for flexible plans to satisfy their needs. Flexible benefit plans allow employees to choose benefits they want from a package of programs offered by their employer. Flex plans may include health insurance, retirement benefits or reimbursement accounts.

Holistic approaches to wellness

Millennials are constantly bombarded with the notion of living a healthy lifestyle. They are looking for employers who don’t just hand them a health insurance packet but also serve as proactive partners for their health and well-being. They are looking for opportunities to join work-sponsored club sports, health screenings at the campus clinic and lunch-and-learns on low carb Crockpot diets. Can you hear those spice girls singing in the background again? An added bonus: Companies benefit from this approach as well!

Lifestyle solutions

Another hallmark of millennials is the “access over ownership” mentality. With the majority of employees’ everyday lives revolving around technology, companies are finding ways for them to access and elect their benefits online rather than the old pen and paper approach. Millennials want solutions to their everyday responsibilities while they are giving their all on the job. So, other lifestyle solutions they might look for are child care services, therapists and dog walkers. Instead of driving home during your lunch break to walk the dog or pick up the kids, why can’t dogs and kids come to work with you and have their needs met at daycare while you’re on the third floor running from meeting to meeting?

“Employees are looking for the ‘total package’ and that’s what Unum is hoping to offer,” says Ben Roberge, human resources benefit consultant at Unum. “We want to think of benefits in terms of total rewards, combining compensation and benefits to entice and engage existing and future employees.”

Whether you just landed that big job or are still weighing your options, consider if your company is forward-thinking and meeting your needs and wants.

 

You can read the original article here.

Source:
Dunham H. (21 June 2017). "How millennials are shaping employee benefits" [Web blog post]. Retrieved from address http://workwell.unum.com/2017/06/millennials-shaping-employee-benefits/?utm_sq=flhwx3lz6b&utm_source=Twitter&utm_medium=social&utm_campaign=workwelltweets&utm_content=Benefiting+you