Vacation Time can boost Employee Performance

Who doesn't love taking a vacation from work? Vacation time is a great benefit that employers can offer that has been shown to improve performance among employees.  Find out more about how vacations can be beneficial for both employees and employers in this great article by Amanda Eisenberg from Employee Benefit News.

Employers who want to boost employee performance may want to encourage workers to take a break from working.

New research indicates that high-performing employees take more vacation time, suggesting that a generous — or unlimited — vacation policy benefit has a positive impact on the workplace.

The report from HR technology company Namely analyzed data from more than 125,000 employees and found that high performers take about 19 days of paid time off a year, five more than an average performer under a regular PTO plan.

Still, vacation time is underutilized, the firm said. Nearly 700 million vacation days went unused last year, but 80% of employees said they felt more comfortable taking time off if a manager encouraged them.

Namely said that unlimited vacation policies may be beneficial for employers, adding that it’s a myth that employees with such benefits abuse the policy. For the 1% of companies that offer unlimited vacation days, employees only take about 13 days off, according to Namely’s “HR Mythbusters 2017” report.

“Unlimited vacation time can be a strong benefit that increases employee engagement, productivity, and retention — but only if the policy is actually utilized,” according to the report.

Computer software company Trifacta, for example, encourages its employees to use their paid time off with a recognition program.

“We offer a discretionary PTO policy because we want people to truly take the PTO they need,” says Yvonne Caprini Sorenson, Trifacta’s senior manager of HR. “We have a recognition program called Above + Beyond. Employees can nominate high-performing peers, and the winners receive $1,000 to spend toward travel. It’s a great way to encourage vacation use and to make it clear that Trifacta supports work-life balance.”

See the original article Here.

Source:

Eisenberg A. (2017 July 30). Vacation time can boost employee performance [Web blog post]. Retrieved from address https://www.benefitnews.com/news/vacation-time-can-boost-employee-performance?brief=00000152-14a7-d1cc-a5fa-7cffccf00000


Reduce Employee Financial Stress

Are your employees struggling to reach their financial goals? Here is a great article by Heather Garbers from SHRM on what employers can do to help their employees reduce their financial stress and reach their monetary goals.

More American workers are living paycheck to paycheck than ever before, just making ends meet. Nearly three-fourths have less than $1,000 saved; and 34 percent have nothing in savings. Student loan debt totals over $1.3 trillion among some 44.2 million borrowers in the U.S. Unexpected expenses are not budgeted for and people are placing themselves at great financial risk.

As HR practitioners, we need to recognize that people are struggling financially – and that it is taking a toll not only on them personally, but also in the workplace. There are innovative benefit options and strategies that can help relieve financial stress on employees:

Student loan assistance. Today’s Millennials are challenged to get their lives going despite the crushing burden of student loan debt, and trust their employers for advice on how to manage it. Doing so can make you stand out in attracting the best talent and help win loyalty.  Programs are available that not only assist Employees in refinancing and managing their debt, but also allow you to make contributions to loan balances, and assist Employees in setting up a 529 savings plan.

Employee Purchasing Programs (EPP). When people are experiencing financial stress and are confronted with unexpected expenses, they may take on high interest credit card debt or a payday loan. Employee purchasing programs are a great way for them to avoid amassing high interest rate charges when purchasing consumer goods.

Low Interest Installment Loans and Credit. A major danger for financially stretched employees is the ease with which they can get payday loans or cash advances on their credit cards without fully understanding the risk. The exorbitant interest rates only worsen the vicious cycle of debt. There are services, however, that underwrite low-interest rate installment loans well below the going rates and allow Employees to make payments through payroll deduction. Employers can sponsor the service at no cost as a voluntary benefit, and Employees can use the funds however they need to – whether it is paying a medical bill or purchasing a new air conditioner.

Financial planning and wellness services. Whether offered as one-on-one, personal coaching or online resources with interactive money management tools, everyone appreciates when employers offer resources to help them understand how to repair or build their credit and better manage their money. By offering these services, you have the opportunity to occupy a position of trust and cement long-term employee loyalty.

See the original article Here.

Source:

Garbers H. (2017 July 17). Reduce employee financial stress [Web blog post]. Retrieved from address https://blog.shrm.org/blog/reduce-employee-financial-stress


pill bottle/money

How Rising Healthcare Costs are Changing the Retirement Landscape

Has rising the rising cost of healthcare impacted  your plans for retirement?  Here is a great article by Paula Aven Gladych from Employee Benefit News on how healthcare is reshaping the way people are planning their retirement.

It’s hard enough getting employees to save for their retirement. It’s even harder to get them to think about how much they need to save for medical expenses in retirement.

“Most Americans don’t think about what the medical component will be for them,” says Robert Grubka, president of employee benefits at New York-based Voya Financial. “They often think that Medicare and government-provided healthcare is enough and what people quickly find out is, it is helpful but it doesn’t mean it’s enough.” When people think about their retirement plan, the medical piece is “one of the most surprising aspects of it,” he says.

But talking about managing healthcare costs during post-work years is now a vital element of retirement planning. And it’s one employers need to consider, especially as new statistics shed light on the seriousness of the issue.

As a person’s retirement savings shrinks in retirement, their medical expenses continue to increase, according to Voya Financial’s report “Playing the long game – Understanding how healthcare costs can impact your retirement readiness.” Healthcare costs rose 6.5% in 2017, but inflation only went up 2.4%, Voya found.

“The rapid rise of healthcare costs could have a large impact on quality of life in retirement,” according to the report. Forty-two percent of pre- and post-retirees say that healthcare is their biggest concern, especially since nearly half of retirees or their spouses experience a serious or chronic health problem.

Meanwhile, Medicare data finds that those in their 70s spend about $7,566 per person in healthcare costs annually. That figure more than doubles to $16,145 by the time a person reaches age 96. According to Voya, Medicare will only cover about 60% of all retirement healthcare costs, which means people need to figure out a way to cover that other 40%.

The Employee Benefit Research Institute estimates that the average couple will need $259,000 to cover their out-of-pocket medical expenses in retirement. That figure includes premiums and costs related to all Medicare plans and the cost of supplemental insurance. When asked how much they should stock away for medical expenses, 69% of baby boomers and 66% of retirees thought they needed less than $100,000.

As the retirement industry has shifted away from defined benefit pension plans to defined contribution plans, employers have tried to compensate for some of the missing perks of having a pension plan. That includes offering options like life insurance, disability insurance, accident insurance, critical illness insurance or a hospital confinement indemnity.

A 2014 report by the Council for Disability Awareness found that more than 214,000 employers were offering long-term disability insurance plans to their employees in 2013, a slight increase from the previous year.

The other component that is relatively new is the high-deductible health plan that usually comes with a health savings account. The money saved in an HSA can be used for medical expenses in retirement if a person doesn’t use up their balance every year. Any extra funds are invested, just like they would be in a typical retirement plan.

High-deductible health plans make the plan participant more responsible for how those health care dollars are spent. It also has “sped up the recognition of the healthcare issue,” Grubka says.

According to the 2016 Employer Health Benefits Survey by the Kaiser Family Foundation, 29% of covered workers are enrolled in a high-deductible plan with a savings option. Over the past two years, enrollment in these high-deductible plans increased 8 percentage points as enrollment in PPOs dropped 10 percentage points, the report found.

Many times, individuals must pay out most or all of their deductible at once, which could be $2,500 for an individual or $5,000 for a family. That’s when people start taking loans from their retirement plan to help cover costs.

That’s why some of these ancillary products, like critical illness or disability insurance, are so important.

“It is so people can get through the chunky expenses and not get to the point where they have to tap their savings or their retirement plan,” Grubka says.

It’s critical that employees try and determine what all of their expenses will be in retirement. Individuals must try and determine how long they will live, by looking at their family history and making an educated guess. Then they should calculate their projected monthly Social Security payment by setting up an account with the Social Security Administration. They should then add up their expected monthly living expenses like rent/mortgage, groceries and utilities and any healthcare expenses that are not covered by Medicare to come up with a target number.

They should base how much they set aside for retirement on that figure.

See the original article Here.

Source:

Gladyech P.  (2017 July 4). How rising healthcare costs are changing the retirement landscape [Web blog post]. Retrieved from address https://www.benefitnews.com/news/how-rising-healthcare-costs-are-impacting-retirement-planning


3 Key Points for Choosing a Wellness Provider

Are you in the process of searching for a new wellness provider? Take a look at this article by Rick Kent from Employee Benefit Adviser and check out these 3 great tips on what you should be looking for when searching for your next  wellness provider.

Saddled with low savings rates and high household indebtedness, many American workers are relying on company-sponsored retirement plans like 401(k) programs as their last great hope for retiring with dignity someday. Unfortunately, rapidly escalating costs and tougher regulatory obligations have made supporting such plans among employers and third-party benefits consultancies a far more complex task than ever before.

Naturally, these events have raised the importance of offering robust financial wellness programs that complement company-sponsored retirement plans. Employees need offerings that provide valuable educational resources, personal finance coaching and relevant benchmarking data to plan participants and plan sponsors.

But how can employee benefits consultancies, already frequently strapped for time, deliver such tools and resources to their clients? Do they need to build this on their own, or should hiring an in-house expert or acquire a smaller provider?

The good news is “neither.”

Over the past few years, a number of dedicated financial wellness service providers for company retirement plans has emerged and are able to serve true third party, turnkey offerings that can be integrated with the offerings of employee benefit consultancies. In many instances, these services can be "white labeled" under the consultancies' own brands.

But caveat emptor: As with capturing any potential growth opportunity with an outsourced provider, it’s important to team up with the right partner.

With that in mind, here are the three key considerations to bear in mind for benefits consultants who are seeking the right third party, turnkey financial wellness provider to partner with and drive greater value for clients.

Look for educational and training materials that are robust and tailor-made to the plan participants. Any reasonably good financial wellness provider should be able to offer educational and training materials that cover a wide range of topics, including basic financial and investing concepts, tips for paying down debt and general keys to improving retirement preparedness. Frankly, that’s easy enough to accomplish, and required nothing more than bit of time and some money.

But what separates great financial wellness solutions from those that are merely good is both the willingness and capability to customize that content to the size of the plan and unique needs, goals and aspirations of the participants. An educated plan participant, one who is armed with information that is tailor-made for them, is far more likely to take the steps necessary to improve their financial wellness.

Demand data analytics programs that can demonstrate ongoing financial health and retirement readiness. It’s one thing for plan participants to have the knowledge they need to understand better what takes to one day retire comfortably. It’s an entirely different thing, however, knowing whether they are actually on track to do that.

That’s why it’s critical for a financial wellness provider to have data analytics programs in place that monitor key metrics and can determine, in real time, whether someone is making the behavioral changes necessary to become financially healthy and retirement ready. Importantly, providers should also be able to aggregate this data for plan sponsors, since that would provide important clues about the overall effectiveness of the plan.

Provide access to financial wellness resources without disrupting or tearing down current technologies. Nearly every benefit company has their own technology portals that allow plan participants to adjust their contribution amount or swap investments, as well as to view balances, statements and other critical information about their account. Obviously, not many companies will want to rebuild or make significant changes to their technology infrastructure to add financial wellness resources.

Therefore, look for providers that can integrate their own turnkey solutions into existing platforms with little, if any, disruption. This includes giving benefit companies the option of white labeling those resources under their own brand.

Not only is there a clear opportunity for employers to invest in financial wellness programs to seek to maximize productivity by minimizing personal finance-related stress in the workplace, but there are also heightened risks of regulatory fines and penalties from the U.S. Department of Labor. These regulations are aimed at company retirement plans that fail to provide plan participants with the tools and guidance they need to make the most of their retirement plan savings and investments.

Given this extra layer of liability, it will be more important than ever for plans sponsors and employee benefits companies to pair up with the best possible financial wellness provider to give plan participants a better sense of their options and better prepare them for the future.

See the original article Here.

Source:

Kent R. (2017 June 21). 3 key point for choosing a wellness provider [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/three-key-points-for-choosing-a-wellness-provider


retirement money

10 Ways Millennials are Saving for the Future

Have your millennial employees started saving for their retirement? Check out this article by Marlene Y. Satter from Benefits Pro and see what millennial across the country are doing to prepare themselves for retirement.

They’re called spendthrifts by other generations, are laden with student debt and burdened with lower-paying jobs.

But that doesn’t mean that millennials aren’t thinking about the future and saving for it.

And they could certainly use a little help—from human resources and from plan sponsors—to be more successful at it, since both the debt and the jobs don’t leave them much to work with when all expenses are accounted for.

Both HR and sponsors might want to consider how retirement savings plans and their features—auto-enrollment, auto-escalation, employer matching funds—could be tweaked to give millennials a boost in meeting major life goals and in saving for retirement, as well as for the health expenses it undoubtedly will bring along with it.

In the meantime, they can consider how millennials are already trying to stretch every dollar till it snaps—some in very unconventional ways.

In a survey, digital banking app Varo Money, Inc. has uncovered a range of methods millennials are using to make those paychecks go farther.

And while retirement is certainly on their radar, that’s not the only goal they’re pursuing; of course they have a whole life to live first. Some of their prime goals are travel, buying property and dreaming about a new car, while

Here are some of the strategies to which millennials resort in the quest to fund their futures. Can plan sponsors be less imaginative than some of these? Surely not….

10. Half of millennials surveyed save automatically.

While respondents say they aren’t fond of spreadsheets—they don’t track their money constantly, or input figures into programs like Excel or Mint to create detailed, category-based budgets—they do watch their bank balances regularly and are pretty aware of what they spend monthly.

They view it as “hands-off” money management.

What they do, however, is save automatically out of each paycheck, with 50 percent socking away a percentage every payday. So they’re prime candidates for savings plans with auto features—enrollment, escalation, etc.

report from the Society of Human Resource Management points to multiple studies indicating that auto escalation in particular—but to a high level such as 10 percent—results in higher savings for employees, since few actually opt out of a rate higher than they might have chosen for themselves.

9. Millennials are looking to climb the corporate ladder—to a higher paycheck.

An impressive 39 percent of millennials are on the prowl for a better-paying job opportunity, which is yet another reason that HR personnel and plan sponsors hoping to retain good staff might want to keep an eye on millennials’ rate of pay, as well as their rate of savings.

Reviewing other benefits wouldn’t hurt, either, since the more attractive an existing job is, the more likely an employee is to stay.

Considering the cost of finding, hiring and training replacements, a raise and better benefits might be cheaper in the long run.

8. Millennials know food is cheaper at home, especially with a partner to share it.

Millennials, despite their spendthrift reputation, are willing to skip little luxuries like the much-vaunted avocado toast or make coffee and meals at home.

In fact, 36 percent stick with the coffeepot on the counter instead of the barista at the corner, while 11 percent of men and 3 percent of women are willing to abandon the avocado toast—after all, everyone has his, or her, breaking point when economizing.

And 26 percent of respondents point out that cooking for two is cheaper than dining solo at home—much less in a restaurant.

7. Millennials recognize how much cheaper it is to live as a couple.

While 75 percent of millennials are conscious of the financial benefits in being half of a couple. 44 percent point to the cheaper rent when there are two to share the load.

And that helps them both save more.

Even those who aren’t part of a couple are looking for roommates, according to Mashable, which reports on a SmartAsset study finding that in high-rent cities like San Francisco, New York and Boston a person can save at least $700 a month by having a roommate.

Cue in the cooking-at-home technique for group meals, and the savings grow even more.

6. Millennials go on fewer dates to save money.

Being in a relationship, say 16 percent of millennials, is cheaper than still looking, since they save money by not going out on so many dates.

5. They save on taxes if they’re married.

Ever-practical, these millennials. They recognize that being half of a married couple can save on their tax bill—and they don’t forget that either when looking for cash to stash for the future.

4. They bargain-hunt for credit card perks.

Make no mistake, among millennials travel is a big deal: 58 percent said travel destinations are their favorite topic of conversation.

And asked what they would purchase with $2,000 if they could only spend it on one thing, 25 percent said plane tickets.

As a result, they tend to be particularly savvy when it comes to being able to travel, with 16 percent seeking out credit cards that provide big mileage bonuses.

3. They leverage perks to pursue other little luxuries without having to lay out cash for them.

In fact, they’re fond of doing it for travel, with 7 percent using airline miles to upgrade to business class.

In addition, 7 percent use status from premium credit cards for hotel upgrades, and 6 percent use premium cards for lounge access.

2. They’re planning on grad school.

While that may not seem like saving—even though it’s definitely ahead of the 11 percent of male millennials who are saving for a new luxury car and the 12 percent of female millennials saving for a new wardrobe—they’re looking toward an advanced degree for a leg up the job ladder.

Oh, and 27 percent are saving for a place of their own.

1. They stay away from credit cards.

Mashable reports that, despite their spendthrift reputations, millennials are actually opting for other types of technology—digital wallets, for instance—but not so much credit cards.

It cites a BankRate finding that in fact, 67 percent of millennials don't have credit cards—the lowest amount of people without credit cards in any demographic, among adults.

And they’d rather be paid in cash, thank you very much. So say 58 percent, and they’re smart; it wards off unnecessary purchases and helps keep them out of credit card debt.

See the original article Here.

Source:

Satter M.  (2017 June 29). 10 ways millennials are saving for the future [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/06/29/10-ways-millennials-are-saving-for-the-future?ref=mostpopular&page_all=1


4 Ways Employers can Prepare for Healthcare Changes

With all the proposed changes coming to healthcare. Take a look at this article by Mark Johnson from Employee Benefit News and see what you can do to prepare yourself and your employees for that call the changes coming to healthcare.

The new healthcare bill, revealed by U.S. Senate Republicans Thursday, could bring significant changes to organizations and their employees. Granted, there’s a long way to go before any Obamacare replacement legislation is signed. But health insurance is a complex component of running any business, and it’s important that employers start preparing for what might come.

Here are four actions items employers should be addressing now.

1. Create a roadmap. A compliance calendar is a helpful tool in identifying major deadlines. Employers are legally obligated to share health insurance and benefits updates with their employees by certain dates. Employees must be given reasonable notice — typically 30 days prior — of a major change in policy. There will likely be a set date for compliance and specific instructions around notice requirements that accompany the new legislation.

One step to compliance is adhering to benefit notice requirements. Benefit notices (i.e., HIPAA, COBRA, Summary Plan Descriptions, Special Health Care Notices, Health Care Reform, Form 5500 and others) vary by the size of the organization. Other steps can be more involved, such as required changes to plan design (e.g., copays, deductibles and coinsurance), types of services covered and annual and lifetime maximums, among others. Create a compliance calendar that reflects old and new healthcare benefit requirements so you can stay on track.

2. Rally the troops. Managing healthcare compliance spans several departments. Assemble key external and internal stakeholders by department, including HR, finance, payroll and IT.

Update the team on potential changes as healthcare legislation makes its way through Congress so they can prepare and be ready to execute should a new bill be signed. HR is responsible for communicating changes to employees and providing them with information on their plan and benefits. Finance needs to evaluate how changes in the plan will affect the company’s bottom line. Payroll must be aware of how much of an employee’s check to allocate to health insurance each month. In addition, payroll and Human Resources Information Systems (HRIS) are used to track and monitor changes in employee population, which helps employers determine benefit notice and compliance requirements. All departments need to be informed of the modified health insurance plan as soon as possible and on the same page.

3. Get connected. It’s essential to verify information as it’s released, via newsletters, seminars, healthcare carriers, payroll vendors and consultants. These resources can help employers navigate the evolving healthcare landscape. Knowledge of changes will empower an organization to handle them effectively.

4. Evaluate partnerships. There’s no better time for employers to examine their current partners, from an insurance consultant or broker to the accounting firm and legal counsel. An employer’s insurance consultant should be a trusted adviser in working on budgeting and benchmarking the company plan, administering benefits, evaluating plan performance and reporting outcomes. Finding an insurance solution that meets a company’s business goals, as well as its employee’s needs, can be accomplished with a knowledgeable, experienced insurance partner.

Staying ahead of healthcare changes is essential for organizations to have a smooth transition to an updated healthcare plan. Strategic planning, communication among departments and establishing the right partnerships are key. Employers must be proactive in addressing healthcare changes so they are ready when the time comes.

See the original article Here.

Source:

Johnson M. (2017 June 23). 4 ways employers can prepare for healthcare changes [Web blog post]. Retrieved from address https://www.benefitnews.com/opinion/5-ways-employers-can-prepare-for-healthcare-changes


How to Build Financial Wellness into a More Holistic Wellness Program

Are you looking for new ways to help your employees increase their financial wellness? Check out this great article by Michelle Clark from SHRM highlighting what HR can do to help employees engage with the company's benefits program to improve their financial situation.

The majority of HR professionals give their employees a financial health rating of “fair” and nearly 20 percent report that their employees are “not at all” financially literate according to a national SHRM survey.

That’s an issue. Because when employees are stressed about money they don’t turn their worry off at work – and the price is paid in lost productivity.

You can help fix the problem. Everyone wins when traditional employee wellness programs are recast in a more holistic, well-rounded way – with financial wellness an important cornerstone.

There is no cookie cutter solution. But if you build a customized program that’s responsive to specific requirements and comfort levels of different employee groups, it can be rewarding and valuable.

First, review your employee demographics to get an idea of what their financial situations may look like. For example, it’s understood that the majority of today’s workforce is comprised of three age groups: Baby Boomers, Generation X and Millennials. Each has different financial stressors and preferences on how they prefer to receive assistance:

  • Boomers on the verge of retirement are wondering if they can afford it or even want to retire. If they need to work, they are worried they’ll have a hard time finding a job.
  • Generation X can barely think about retirement planning when they’re trying to cover the mortgage, raise kids, save money for college and shoulder responsibilities for aging parents.
  • Millennials are burdened by student loan debt while trying to stretch their paychecks so they can live on their own instead of with their parents.

There also are vastly different ways each accesses support. Boomers may be okay with online resources and one-on-one coaching. But Millennials and Gen Xers may want more high-tech resources such as websites offering basic money courses and worksheets to help with budgets, housing or investment planning.

Once a solution has been established, the next step is getting people to partake. You don’t want to target employees, since privacy is a major consideration. Offering options allows employees to engage privately on their own terms. That’s why the online solutions are ideal for individual financial issues, offered in tandem with more on-site sessions on general concerns. And there’s always the potential of offering one-on-one financial counseling or financial wellness coaches to round out your program.

See the original article Here.

Source:

Clark M. (2017 June 16). How to build financial wellness into a more holistic wellness program [Web blog post]. Retrieved from address https://blog.shrm.org/blog/shrm-blog-june-2017-how-to-build-financial-wellness-into-a-more-holistic-we


Employees Aren't so Sure About Their Benefits Options

Are your employees having a hard time understanding all the benefits that are offered to them? Take a look at this article by Katie Kuehner-Hebert from Benefits Pro and find out the major questions that most employees seem to have about their employee benefits.

Employers have a conundrum: One-fifth of workers regret the health care benefit choices they make, but the same percentage of workers also concede they ignore any written educational materials about benefits their employers provided.

To make matters worse, according to Jellyvision’s 2017 ALEX Benefits Communication Survey, two-thirds don’t like in-person consultations -- not even if it’s within a group or one-on-one with a benefits expert.

So what’s an employer to do?

“The challenge is most people don’t want  ‘education’ on these topics,” says Jellyvision chief executive Amanda Lannert. “No one wakes up with a burning desire to learn about HDHPs. In our experience, people respond best to plain-English communication that feels like they’re talking about benefits with a friend -- if benefits were a thing friends ever talked about.”

The good news is 82 percent of the 2,043 U.S. adults surveyed by Harris Poll say they’re satisfied with their employer’s benefits communication, and 86 percent feel their company has provided them with enough information to make informed decisions. A majority (69 percent) say they personally have spent either “a great deal” or “a lot” of time learning about their company’s benefits offerings.

However, while 89 percent say they generally understand their benefit options, more than a few aren’t too sure about all of the details.

For example, only 59 percent are correct in identifying the full cost of their health care plan, including their contribution and their employer’s contribution, and half (50 percent) say they are not knowledgeable about high-deductible health plans. More than half (54 percent) are unsure whether they can make changes to their insurance during qualified life events, and 43 percent are unclear on where to direct their health insurance questions.

“We think the number one biggest take-away of this entire survey is… employees want your help when choosing their health plans,” the authors write.

Indeed, more than half (55 percent) of all employees whose company offers health insurance say they would like help from their employer when choosing a health plan. Roughly half (49 percent) say the decision-making process is very stressful, and 36 percent feel the open enrollment process at their company is extremely confusing.

Jellyvision’s survey asked respondents to react to a possible repeal of the Affordable Care Act, particularly as it relates to employer-provided health insurance plans, and found a majority (61 percent) don’t think a repeal would affect them personally.

When asked about keeping certain provisions of the ACA, 80 percent say it’s “absolutely essential” or “very important” to keep coverage of preexisting conditions, 78 percent say that about free preventative care, and 67 percent say that about coverage of adult children up to age 26.

See the original article Here.

Source:

Kuehner-Hebert K. (2017 June 22). Employees aren't so sure about their benefits options [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/06/22/employees-arent-so-sure-about-their-benefits-optio


Millennials Lead Generational Split on Health Benefits

Did you know that millennial employees are more likely to focus on the benefits and costs associated with their healthcare plans compared to older employees? Take a look at this article by Amanda Eisenberg from Employee Benefit Adviser on why millennials are so much more involved with their healthcare plans.

Millennials are more likely to partake in cost-saving healthcare decisions than their older counterparts, according to new analysis from EBRI.

Employees born in 1977 or later, the millennial age range in this analysis, are well informed about their health plan and report higher levels of satisfaction with the health plan choices and financial aspects of their health plans than baby boomers and Gen Xers, according to the 2017 “Consumer Engagement in Health Care and Choice of Health Plan” report.

Millennials also are more likely to ask for a generic instead of a brand name drug (47%), develop a budget to manage healthcare expenses (35%) and check whether the health plan would cover care or medication (57%) compared to Generation X or baby boomers, according to the Employee Benefit Research Institute, a nonpartisan research institute based in Washington, D.C.

Paul Fronstin, co-author of the study, attributed the generational attitude differences to the frequency employees interact with the health system and familiarity with technology.

“Older people are not used to using tools like online calculators to figure out health costs,” says EBRI’s director of health research and education program.

On the other hand, older generations have more experience buying and using healthcare than millennials, who are unlikely to contact cancer, heart disease and other illnesses that generally plague middle-aged and older employees, says Fronstin.

“It may be less stressful to pick the wrong plan and it may be coming out in [millennials’] attitudes,” he says. “Millennial attitudes could easily change as they get older and use more healthcare.”

The data comes from a 2015 poll of polled 3,590 adults between the ages of 21 and 64 who had health insurance provided through an employer (82%), purchased directly from a carrier or purchased through a government exchange.

The data, while two years old, doesn’t change the underlying attitudes toward healthcare options and costs, says Fronstin.

Yet determining those attitudes and a corresponding benefits plan is a major struggle for employers, he says.

Baby boomers and millennials “are both big segments of the population that most employers rely on,” Fronstin says. “You’ve got different groups here. If you want to be as effective as possible and get the most productivity, you need to understand where they’re coming from.”

See the original article Here.

Source:

Eisenberg A. (2017 May 29). Millennials lead generational split on health benefits [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/millennials-lead-generational-split-on-health-benefits?brief=00000152-1443-d1cc-a5fa-7cfba3c60000


Workers Willing to Leave a Job if Not Praised Enough

Praising your employees on a frequent basis is a great way to increase employee engagement and productivity. Take a look at this article by Brookie Madison from Employee Benefit News on how employees are more likely to leave a job if they do not feel like they're getting enough praise.

Employers may be spending more than $46 billion a year on employee recognition, reviews and work anniversaries, but recent research shows it could be worth the investment to commit even more to the effort.

Although more than 22% of senior decision-makers don’t think that regular recognition and thanking employees at work has a big influence on staff retention, 70% of employees say that motivation and morale would improve “massively” with managers saying thank you more, according to a Reward Gateway study.

By not receiving regular feedback on their performance, employees feel they are not progressing at work, says Glenn Elliott, CEO of Reward Gateway. In fact, nearly one in two employees reported they would leave a company if they did not feel appreciated at work, the study found.

This is particularly true of millennials, Elliott says, who make up the largest segment of the workforce, according to the U.S. Bureau of Labor Statistics. To this generation, “Saying thank you for good work or good behavior shows you values those things and want to see more of that behavior,” he says.

Overall, employees want praise and recognition more frequently than at annual awards ceremonies. Although 90% of senior decision-makers believe they prioritize showing appreciation and thanks in a timely way, more than 60% of workers would like to see their colleagues’ good work praised more frequently by managers and leaders.

“On average, businesses spend 2% on recognition,” says Elliott. “Businesses can increase effects of recognition by moving money from tenure-based to valued- and behavior-based recognition.”

More than eight out of 10 workers (84%) say praise should be given on a continual, year-round basis.

The Reward Gateway study polled 500 workers and 500 decision-makers in the United States, United Kingdom and Australia.

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Source:

Madison B. (2017 June 11). Workers willing to leave a job if not praised enough [Web blog post]. Retrieved from address https://www.benefitnews.com/news/workers-willing-to-leave-a-job-if-not-praised-enough