Do I Really Need Life Insurance?
At Saxon, we care greatly about others taking responsibility for their livelihood by applying for and obtaining life insurance. If you're not quite convinced you need to speak with one of our life insurance specialists, then take a glance at this article. Life insurance can help anyone - from single millennials to adults with mouths to feed. Don't let money or excuses keep you from protecting everything you've worked so hard for.
Let’s face it. Most people put off buying life insurance for any number of reasons—if they even understand it. Take a look at this list—do any of them sound like you?
1. It’s too expensive. In the ever-burgeoning budget of a young family, things like day care and car payments and possibly student loans eat up a good chunk of the money each month, and a lot of people think that life insurance is just outside those “necessities” when money’s tight. Life insurance is often not nearly as expensive as you might think, especially when you can get a good policy for less than the cost of a daily cup of coffee at the local café. If money’s tight now, what if something happens to you? Here’s more information about the true cost of life insurance.
2. That’s that stuff for babies and old people, right? People of a certain age remember Ed McMahon telling them their grandparents couldn’t be turned down for any reason and figure that’s the target demographic for life insurance. You might have been offered a small permanent insurance policy for your newborn, attractively presented with a cherubic infant on the envelope. The truth of the matter is that these are very specific insurance products—just as there are many insurance products for adults in their working years.
3. I’m strong and healthy! You eat right, you stay active, and everyone admires how grounded and centered you are. You passed your last physical with flying colors! That’s GREAT! But you’re neither immortal nor indestructible. It’s not even that something could happen to you—though it could—so much as when you’re at your strongest and healthiest, there’s no better time to get a policy to protect your loved ones. If you fall seriously ill or suffer significant injury later, it will make it tough to get that kind of policy, if any at all.
4. I have life insurance through my job. Many people are offered life insurance as part of their employee benefit coverage –and often, it’s the first time they encounter life insurance and have no idea that a $50,000 policy, or one or two times their salary, isn’t as much as they think it is. It sounds like a lot of money (and it is!), until you figure that it has to cover some or all the expenses for your loved ones in your absence. Plus, if you leave the job, it’s typically the type of insurance that doesn’t “move on” with you.
5. I don’t have kids. Sure, kids are a big reason why some people get life insurance, but that’s not the only reason for needing protection. If there is anyone in your life who would suffer financially from your loss—your spouse or live-in partner, a sibling, even your parents—a life insurance policy goes a long way in making sure everyone’s still OK even if something happens to you.
6. Life insurance—it’s on my list … eventually. There’s no deadline on life insurance, no mandate from the government on purchasing it. Your parents may have never talked to you about its importance, and it’s certainly not the most invigorating topic for conversation. But don’t let your “eventually” turn into your loved ones’ “if only.”
Don't wait to protect your livelihood. Have a chat with a specialist at Saxon Financial today by visiting this link.
Learn about the different types of life insurance here.
You can read the original article here.
Source:
Life Happens (n.d.). "Do I Really Need Life Insurance?" [Web blog post]. Retrieved from address https://www.lifehappens.org/insurance-overview/life-insurance/who-needs-life-insurance-reasons-dont-buy/
3 ways Congress can meaningfully reform 401(k)s
This article from Employee Benefit Advisor's Alexander Assaley drives home three points on improving 401(k)s - (1) improve coverage, (2) update antiquated testing results, and (3) expand limits while maintaining choices. How do you, as an employer, feel about these points?
In both the House and Senate’s tax bills there are no significant changes made to 401(k), 403(b) and IRA retirement accounts — for now. Congress has preserved the majority of tax benefits. However, we are only getting started, and there is still room for improvement. The drafted bills will look different, perhaps significantly so, before getting finalized into law.
Bloomberg/file photo
As our elected officials debate and negotiate tax legislation, I’d like to offer some input and advice on key characteristics and design structures that we should be advocating for with respect to retirement plans, and how advisers and benefits professionals can work to continually improve the private retirement system:
1) Improving coverage. One of the chief complaints from 401(k) critics is that many workers in this country don’t have access to a plan. Various research indicates that somewhere between 50%–65% of employees have access to a 401(k) or 403(b) and the remaining don’t.
This coverage gap primarily extends to part-time and “gig” workers, as well as small businesses with less than 30 employees. Retirement plan advisers and practitioners need to create forward-thinking solutions to provide these employees with access to employer-sponsored and tax qualified retirement plans.
Most of all, we can shrink the coverage gap if we get small businesses to establish plans. Both data and anecdotal evidence find that the biggest drivers for small businesses to create and offer retirement plans are 1) tax benefits to the owners and executives; and 2) simple, easy to use programs with minimal liability. This is where some of the tax policy or other reforms could really help.
2) Updating antiquated testing rules. While we often cite the $18,500 (or $24,500 for those eligible to make catch-up contributions) employee deferral limits for retirement plans in 2018, the practical nature is that a lot of highly compensated employees, HCEs, (including small business owners) are limited to contributing at much lower levels due to various non-discrimination tests.
While the spirit of non-discrimination testing is just — ensuring business owners and executives aren’t structuring their plans to limit or prevent their employees from benefiting, or inequitably benefiting owners and their family members — the current structure significantly dis-incentivizes the small business owner from offering a plan in the first place because they can’t maximize their benefit.
Let me be clear, we are big proponents of matching and profit sharing contributions, and want to see employers help their employees get on track for retirement too; however, the current safe harbor provisions with immediate, or short vesting schedules, along with cumbersome testing requirements, often cause too big of a hurdle for the small business owners to commit and therefore, short changes their employees with no plan at all.
I would love to see tax reform improve safe harbor provisions and/or testing components that might make it easier for business owners and HCEs save up to the limit without concerns of failed testing or hefty safe harbor contributions. Practically speaking, these workers need to save more in order to meet their retirement income needs, since Social Security will make up a small percentage of their income replacement, and the 401(k) is the best place to make it happen.
3) Expanding limits and maintaining choice. Just before Congressional Republicans announced their tax bill, a group of Senate Democrats unveiled a plan which would actually raise limits for 401(k) plans. While our research aligns with many other studies that the vast majority of savers don’t reach the annual limits, we would be in favor of expanding the limits — even if it only allowed for Roth-type contributions above the $18,500 (or $24,500) limits.
Additionally, we think an employee’s ability to select either Roth or pre-tax contributions is critical. While the tax preferential treatment of defined contribution plans is just one component that makes these vehicles so valuable, it has definitely emerged and remained as the “branding tool” that encourages so many workers to get into the plan in the first place.
Source:
Assaley A. (10 November 2017). "3 ways Congress can meaningfully reform 401(k)s" [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/3-ways-congress-can-meaningfully-reform-401-k-s
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The Latest: House passes sweeping GOP tax overhaul
WASHINGTON (AP) — The Latest on House consideration of the tax overhaul (all times local):
1:50 p.m.
The House has passed a sweeping Republican tax bill cutting taxes for corporations and many people. It puts GOP leaders closer to delivering to President Donald Trump a crucial legislative achievement after nearly a year of failures.
The House voted 227-205 along party lines to approve the bill, which would bring the biggest revamp of the U.S. tax system in three decades.
Most of the House bill’s reductions would go to business. Both the Senate and House would slash the 35 percent corporate tax rate to 20 percent and reduce levies on millions of partnerships and certain corporations, including many small businesses.
Personal income tax rates for many would be reduced through some deductions, and credits would be reduced or eliminated. But projected federal deficits would grow by $1.5 trillion over the coming decade.
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12:15 p.m.
Democrats are using new projections by Congress’ nonpartisan tax analysts to call the Senate Republican tax bill a boon to the wealthy that boosts middle-income families’ taxes.
The Joint Committee on Taxation estimated that starting in 2021, many families earning less than $30,000 would have tax increases under the bill. By 2027, families earning up to $75,000 would face higher levies, while those earning more would get tax cuts.
Republicans say the new calculations reflect two provisions in the bill.
The Senate measure ends personal income tax cuts beginning in 2026 because Republicans needed to reduce the bill’s costs to obey the chamber’s budget rules.
It also abolishes the requirement under former President Barack Obama’s health care law that people buy insurance. That means fewer people getting federally subsidized coverage — which analysts consider a tax boost.
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11:35 a.m.
President Donald Trump has arrived at the Capitol to encourage House Republicans who are about to push a $1.5 trillion tax package through their chamber.
The closed-door meeting comes as GOP leaders hope that by Christmas, they will give Trump and themselves their first legislative triumph this year.
House approval was expected later Thursday of the plan to slash corporate tax rates and reduce personal income tax rates while eliminating some deductions and credits.
The Senate Finance Committee is aiming to pass its separate version by week’s end. But some GOP senators want changes.
Republicans say the final measure will bestow lower levies on millions of Americans and spur economic growth by reducing business taxes. Democrats say the measure is disproportionately tilted toward corporations and the wealthy.
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10:45 a.m.
Republicans drove a $1.5 trillion tax overhaul toward House passage Thursday. But Senate GOP dissenters also emerged in a sign that party leaders have problems to resolve before Congress can give President Donald Trump his first legislative triumph.
Trump was heading to the Capitol for a pep rally with House Republicans, shortly before the chamber was expected to approve the measure over solid Democratic opposition. There were just a handful of GOP opponents in the House, unhappy because the measure sharply curbs deductions for state and local taxes, but all agreed that passage seemed certain.
Like a similar package nearing approval by the GOP-led Senate Finance Committee, most of the House measure’s reductions would go to business. Personal income tax rates for many would be reduced, but some deductions and credits would be reduced or eliminated. Federal deficits would grow by $1.5 trillion over the coming decade.
You can read the original article here.
Source:
Associate Press (16 November 2017). "The Latest: House passes sweeping GOP tax overhaul" [Web blog post]. Retrieved from address https://apnews.com/b3297c1e443b40049beebcd832aaadc8?utm_campaign=SocialFlow&utm_source=Twitter&utm_medium=AP
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CenterStage: Fee-Based vs Commission-Based Advisors: What You Should Know
“After almost 30 years of working in the business, the most important question to ask,” Garry Rutledge, AIF®, a Fee Based Advisor with Saxon, explained, “is do you trust that person to make decisions in your best interest or in theirs?”
In this month’s CenterStage article, we sat down with Garry to get the lowdown on what to expect from both fee-based financial advisors and commission-based advisors.
When Is a Commission-Based Advisor a Better Choice than a Fee-Based Advisor?
A commission-based advisor receives compensation for transactional business, usually at the point of sale, with a small annual fee to encourage advisor engagement. A client rarely knows the commission amount until the transaction is completed.
Garry mentioned, “those who purchase investments for the long term are better off choosing a commission-based advisor, who won’t pursue the client for information and bombard you with advice.”
Also, if you are a do-it-yourselfer when it comes to investing, a commission-based advisor is a great fit for you.
When Is a Fee-Based Advisor a Better Choice than a Commission-Based Advisor?
A fee-based advisor tends to value relationship’s over transactions. This results in, typically, a more involved and hands on process, because positive results increase the value of client’s portfolio. A fee-based advisor takes a consultative approach to managing client’s assets and is more likely to offer a broader scope of advice than compared to a commission based advisor.
A fee-based advisor works for the relationship resulting in little or no bias to an investment or its sponsor, as it relates to compensation, vs a commission-based advisor who may consider the compensation when making a decision when weighing similar products.
What Are You Paying Your Financial Advisor?
There are three means of advisor compensation:
- Commission for products or transactions
- A percentage of assets an advisor manages
- A hybrid between method 1 and 2
It’s imperative to know which method your advisor utilizes. This knowledge allows you to determine if you are receiving advice commensurate with the value provided. A Commissioned advisor, after making a sale, generally has no interest in what the outcome is because they have received compensation vs a fee based advisor who must build trust with clients to maintain a meaningful relationship.
Garry very rarely utilizes the hybrid model when working with clients. However, in keeping with his philosophy of doing right by his clients, there are times when he must employ this model. Garry points out, “at times, an alternative investment that is a complimentary piece of a client’s portfolio is not available on a fee basis, in which circumstance dictates that I receive a commission. In full disclosure, my clients realize when this happens and exactly what their charge will be.”
As a means of building relationships, Garry has and is focused on sustaining the fee based practice he has built and continues to build through client referrals. Garry’s fees range from 1% to .5%, depending on the assets and complexity of a client case. With this knowledge, clients know what their expenses will be up front.
The length of his client relationships is a testament that fee based advising is successful in building a solid financial advisory firm.
In the end, the client must determine what works for them, as far as how they will compensate the advisor. If a client wants to be transactional, commission is the way to proceed; but if an ongoing relationship is a requirement, a fee-based advisor is the best path for them.
More About Garry
Garry joined Saxon in August of 2006 and his focus has been the strategic management of client assets with tax minimization and capital preservation as the foundation of his planning strategy.
Since graduating from Wright State University in 1988 with a degree in Finance, Garry has worked for two respected firms. Garry holds Series 7 & 63 securities licenses, and his Life & Health license, along with achieving the professional AIF (Accredited Independent Fiduciary) designation.
You can contact Garry via email, phone, or connect with him on LinkedIn.
These are the opinions of Garry Rutledge and not necessarily those of Cambridge; they are for informal purposes only, and should not be construed or acted upon as individualized investment advice. All investing involves risk. Depending on the types of investments, there may be varying degrees of risk. Investors should be prepared to bear loss, including total loss of principal.
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Trump picks former Lilly drug executive as health secretary
We're sure you've seen it trending. Here is the latest on Alex Azar of Eli Lilly & Co - President Trump's nominee for head of the Department of Health and Human Services.
(Bloomberg) – President Donald Trump named former Eli Lilly & Co. executive Alex Azar to lead the Department of Health and Human Services after agency’s past chief resigned amid blowback over his taxpayer-funded private jet travel.
“Happy to announce, I am nominating Alex Azar to be the next HHS Secretary. He will be a star for better healthcare and lower drug prices!” Trump tweeted Monday.
If confirmed, Azar will take over the administration’s management of the Affordable Care Act. Trump and Congressional Republicans have called to repeal the health law, and the administration has taken steps to destabilize it, such as cutting funding for some programs and refusing to pay subsidies to health insurers. He’ll also be a key figure on drug costs.
Bloomberg/file photo
Trump has been highly critical of the drug industry, saying that pharmaceutical companies are “getting away with murder” and threatening to use the federal government’s buying power to bring down prices.
Drug Costs
However he’s taken no concrete action yet to do much on prices, and the former drug executive’s appointment may continue the trend of strong talk but little action, said Spencer Perlman, director of health-care research at Veda Partners, a policy analysis firm.
“It is very unlikely the administration will take aggressive regulatory actions to control prescription drug prices,” Perlman said in a note to clients Monday. “The administration’s tepid response to drug pricing has not matched the president’s heated rhetoric.”
Dan Mendelson, president of Avalere Health, a consulting firm, also didn’t think Azar represented a change in direction on pharmaceutical policy. “His appointment will not change the president’s rhetoric,” Mendelson said in a phone interview.
Before his time at Lilly, Azar served as deputy secretary at HHS under President George W. Bush. One former Obama administration official said that experience could help him at the agency.
“While we certainly differ in a number of important policy areas, I have reason to hope he would make a good HHS secretary,” said Andy Slavitt, who ran the Centers for Medicare and Medicaid Services under the last administration and who has been a frequent critic of efforts to derail Obamacare. Slavitt said he hoped Azar would “avoid repeating this mistakes of his predecessor over-politicizing Americans’ access to health care.”
Running Obamacare
Azar, who ran Indianapolis-based Lilly’s U.S. operations until earlier this year, has been an advocate for more state flexibility under Obamacare. That matches up with what Republicans have pushed for, such as in a seemingly stalled bipartisan bill to fund insurer subsidies that help lower-income people with health costs.
As secretary, Azar would have broad authority over the program.
“I’m not one to say many good things about Obamacare, but one of the nice things in it is it does give a tremendous amount authority to the secretary,” Azar said during an interview with Bloomberg TV in June. “There are still changes that can be made to make it work a little better than it has been.”
There are signs that the law is gaining popular support despite the repeal efforts. In recent state elections in Virginia, Democrats won a competitive governors race that saw health care emerge as a top issue. In Maine, residents voted to expand Medicaid under the Affordable Care Act. Early enrollment in Obamacare plans earlier this month was also up considerably compared to last year.
Trump’s first HHS secretary, Tom Price, resigned in September after his extensive use of private and military jets at taxpayer expense was revealed. Azar must be approved by the Senate.
Senate Confirmation
Senator Orrin Hatch, who heads the Senate Finance Committee that will review Azar’s nomination, called on Trump’s pick to help “right the wrongs of this deeply flawed law.”
“For too long, hardworking, middle-class families have been forced to bear the brunt of Obamacare’s failures in the form of higher premiums and fewer choices,” Hatch said in a statement.
Ron Wyden, the senior Democrat on the panel, said he would closely scrutinize Azar’s record.
“At every turn, the president has broken his promises to American families to lower health care costs, expand access, and bring down the high price of prescription drugs,” Wyden said in a statement.
Azar left Lilly in January, several months after another senior executive was named to succeed then-CEO John Lechleiter. A lawyer by training, Azar previously clerked for Antonin Scalia on the Supreme Court.
You can read the original article here.
Source:
Employee Benefit Advisors (13 November 2017). "Trump picks former Lilly drug executive as health secretary" [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/articles/trump-picks-former-lilly-drug-executive-as-health-secretary?tag=00000151-16d0-def7-a1db-97f024b50000
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10 surprisingly great places to retire in the U.S.
At Saxon, we care about retirement and offering you the best plans. In this article, we take a look at Forbes's list of the top 10 places to retire. Do any of these places sound peaceful to you?
Probably the biggest retirement decision you’ll face (after: Can I ever?) is: Where should I retire? To help, U.S. News has just come out with its first Best Places to Retire in the United States ranking of the 100 largest metropolitan areas. Some of its Top 10 spots will surely surprise you and you may also wonder why certain parts of the country failed to make the cut.
Credit: Shutterstock
“This is a much more comprehensive analysis than we’ve done in the past,” said Emily Brandon, U.S. News senior editor for retirement. “Before, we’ve done themed lists like 10 Places to Retire on Social Security Alone and 10 Retirement Spots With Year-Round Nice Weather.”
How U.S. News Ranked the Best Places to Retire
This time, U.S. News first asked people 45 and older to indicate the “attributes of a retirement destination that are most important to them” and collected responses from 841 of them. “What people told us was most important to them in a place to retire was 'being affordable' but also, they wanted to feel happy there,” said Brandon.
The Top 10
The Top 10 best places to retire in America, according to U.S. News:
- Sarasota, Fla.
- Lancaster, Pa.
- San Antonio, Texas
- Grand Rapids, Mich.
- El Paso, Texas
- McAllen, Texas
- Daytona Beach, Fla.
- Pittsburgh, Pa.
- Austin, Texas
- Washington, D.C.
“Most of the places scored well on some measures, but not on others,” said Brandon.
That’s a fact. Sarasota had high scores for Happiness, Desirability and Retiree Taxes and decent ones in the other categories. McAllen didn’t fare well in the Job Market category and Washington, D.C. got a low ranking for Housing Affordability. El Paso and Grand Rapids were weak in the Desirability category.
Why Places Scored Well and Didn't
The reason four Texas metro areas made it into the Top 10? “Affordable housing, low taxes and above-average levels of happiness,” said Brandon.
The three winners in the Middle Atlantic states (Lancaster, Pittsburgh and Washington, D.C.) had high rankings because of happy residents and access to high quality health care, Brandon noted.
You may have noticed that the Top 10 largely consists of small- and mid-size cities and no California or New York City-area metros. “I think a lot of that has to do with housing prices,” said Brandon. “Almost no California places scored high in the list largely because housing prices are out of reach for many people with low- or even mid-range incomes.” California home prices are 150% above the U..S. average, overall. The highest-ranked California metro area in the U.S. News list is San Diego, which came in at No. 21.
What About the Weather?
Somewhat strangely, the U.S. News ranking didn’t factor in weather at all.
“We had some discussion about whether to include weather,” said Brandon. “It’s tricky because not everyone has the same preferences when it comes to weather. Some people want four seasons. Some find snowy winters terrible.” The upshot: the rankers left out this variable.
How the U.S. News List Compares With Other Rankings
The U.S. News list is markedly different from other recent Best Places to Retire rankings from Forbes and WalletHub.
The 25 places Forbes chose, after looking at 550 communities, were in big and small cities and skewed toward warm and moderate climates; its top places included Clemson, S.C., Port Charlotte, Fla. and Green Valley, Ariz. None of its 25 were in the U.S. News Top 10.
WalletHub looked at the retiree-friendliness of the 150 largest U.S. cities across 40 metrics and its top picks were mostly large ones. Three cities in Florida topped the list: Orlando, Tampa and Miami. Austin was the only one in both WalletHub’s Top 10 and U.S. News’.
What the Rankings Can't Rank
You won’t want to move to any place in retirement just because it’s on a Best Places list, of course. And no ranking can account for a key retirement location criteria for many people: proximity to family members.
Still, Best Places to Retire rankings can be a useful part of your research as long as you closely read their methodology, so you understand what the raters were rating.
“These types of surveys can be a great starting point in deciding where to retire,” said Brandon. “It all comes down to your personal preferences. Your criteria for what makes a best place to retire may be different than for others.”
You can read the original article here.
Source:
Eisenberg R. (2 October 2017). "U.S. News Offers A New Take On The Best Places In The U.S. To Retire" [Web blog post]. Retrieved from address https://www.forbes.com/sites/nextavenue/2017/10/02/u-s-news-offers-a-new-take-on-the-best-places-in-the-u-s-to-retire/#4d26f87c60ec
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How employers can better support the caregivers in their workforces
How can you provide the best support for the caregivers in your workforce? From Employee Benefit News, this article discusses the responsibilities caregiving employees juggle, and why it's so important for employers to take those responsibilities into consideration when creating a healthy and stable work environment.
As more employees self-identify as caregivers for family members and friends, employers are starting to address the needs of workers who struggle to balance work while caring for others.
The numbers are staggering. One in six U.S. employees identify as a caregiver for a family member or friend, according to research by Family Caregiver Alliance. An AARP study found that U.S. businesses lose more than $25 billion annually in lost productivity due to absenteeism among full-time working caregivers, and that figure grows an additional $3 billion when part-time workers with caregiving duties are accounted for.
“Of today’s 40 million family caregivers, 24 million are juggling caregiving responsibilities and employment. By recognizing and supporting their needs, employers can improve productivity and foster a stable and healthy workforce,” says Nancy LeaMond, chief advocacy and engagement officer for AARP.
With that in mind, Northeast Business Group on Health and AARP have released a resource guide for employers who wish to ease the burden of the caregivers among their workforce. According to Supporting Caregivers in the Workplace: A Practical Guide for Employers, the authors recommend that employers create a corporate culture of awareness, draft workplace policies, benefits and programs, obtain the support of top executives and implement new services throughout the work force.
The guide also suggests employers offer paid sick days that can also be used for the care of a relative; in-house stress-reduction programs such as yoga, meditation; massage discounts and online or in-person coaching to assist in developing a care plan. Employers are also urged to offer digital tools to help employees manage their caregiving duties and provide legal and financial counseling for employees.
Employees who are preoccupied with the care and wellbeing of a parent, sibling or child have an impact on the workplace in both their quality of work and in potential medical claims.
“Trying to balance those responsibilities however large or small does have ramifications for the folks who are doing the caregiving,” says Candace Sherman, interim CEO of NEBGH. She says caregivers often feel lonely and isolated due to the demands placed on them and they often experience depression and anxiety when dealing with their caregiving roles.
“They're often spending their outside-of-work time providing care as opposed to socializing and oftentimes they neglect their own mental and physical well-being in favor of making sure that whomever they're caring for has what they need,” says Sherman. “Ultimately, that shows up in healthcare claims down the road.”
Fighting the stigma
By creating a culture of awareness around caregiver needs and responsibilities, employers may shake the resistance employees feel when identifying as caregivers.
“We found that there's a bit of a stigma in terms of folks raising their hand and saying ‘I'm a caregiver and I'm having some trouble,’” says Sherman. She adds that this impulse is similar to employees’ overall reluctance to admitting that they have a mental health issue.
“Employee caregivers might worry that if their colleagues know they're caring for someone, their manager will think ‘I've got this great new assignment but this person's overburdened right now,’” she says. “Or maybe they're up for a promotion and they feel they won't be considered because people know that they have other responsibilities outside of work.”
The caregiving guide recommends employers “ensure that managers at all levels are aware of the company’s policies regarding flex-time, leave policies and other benefits that caregiving employees can access, and should encourage them to openly support employees using these benefits.”
The guide also recommends that providing paid leave to these employees “might be the single most important consideration for employers when thinking about creating a caregiving-friendly workplace.”
Benefit administrators appear to be getting the message. Respondents of a July 2017 survey of benefits executives and managers from roughly 130 companies said that if they could roll out “two new policies, programs or benefits tomorrow to support caregivers, they would expand leave policies and coaching, wellness or support services designed to support caregiver well-being.”
The burden is not just on employers to act to improve the workplace for caregivers, they have to come to terms with their duties and the impact it has on their personal and work lives, says Sherman. Caregivers are slow to identify themselves as such because of cultural and societal roles that engrain our sense of family responsibilities.
“We have all been there or we’re close to people who have been there in terms of caring for someone who's ill or elderly. We are ingrained to view it as we're caring people and this is just something that we do, so people don't self-identify as caregivers,” Sherman says.
She adds, “But if you're a caregiver and you're balancing those responsibilities, they can range from checking in with a family member a couple of times a week or making a run for groceries or medications to much more intensive duties that occupy several hours a day.”
You can read the original article here.
Source:
Albinus P. (5 November 2017). "How employers can better support the caregivers in their workforces" [Web Blog Post]. Retrieved from address https://www.benefitnews.com/news/how-to-meet-the-needs-of-caregiver-employees?feed=00000152-18a5-d58e-ad5a-99fd665c0000
How to Inspire and Energize Your Workforce Every Day
In this article from the SHRM blog, Desda Moss brings up some fascinating points on how to energize your workforce, as well as provides some great examples of books and behavior. Dive in with us below.
- Listening is the highest rated inspirational behavior. We're not inspired as much when someone talks at us as we are when someone listens to us. Time spent crafting beautiful messages matters less than what happens when leaders are quiet. To be an inspiring leader, you have to listen fully, with an open mind.
- Small moments have the biggest impact. Most people recall their most inspired moments as times they were engaged in personal conversations where another person spoke authentically and focused on them. People can hold the words from an inspiring 10-minute conversation for their entire lives. Conversations create an inspirational trigger. For example, a conversation about purpose hits upon why we are at this moment in our lives and in our careers. These conversations transcend what we're doing in the here and now to reveal patterns that take us further, enhance our enjoyment, tap into our passion and spark in us the will to be in service to a larger cause.
- Identifying and vocalizing another person's potential is life-changing.People who inspire us notice and grow our potential—honestly, specifically and graciously. We are often unaware of the unique talents and value we bring. Having someone take the time to tell us is a powerful reminder and can open our minds to what's possible.
- People who inspire us are real, just like us. Contrary to common cultural myths that inspirational leaders are either charismatic iconoclasts or flawless, unflappable ideals, those who inspire us are actually relatable and down-to-earth. Truly inspirational leaders don't script their words, put on false airs or try to be perfect. They get through to us because they're authentic. To be more inspirational, you need to let any well-honed professional persona go. We connect with people on emotional terms. We want to see what they actually care about.
- Technology is killing inspiration. Distraction and distance are enemies of inspiration. One study found that just the appearance of a cellphone on the table during a conversation—even if silenced—reduces empathy. If you want to be inspiring, you need to get away from distractions, electronic or otherwise, and show up fully.
4 ways for advisers to protect and build business during fourth quarter
As the end of the year approaches, it's important for your business to thrive. In this article from Employee Benefit Advisors, Ron Goldstein addresses the fundamental ways to protect and build your business during your fourth quarter. Check it out below.
The fourth quarter is one of the busiest and most chaotic times for brokers. It is also the “make-or-break” period for protecting and building their respective books of business for the coming year.
It is wise for agents to move quickly during this busy season to help clients get a head start on health plan renewals, annual budgeting and more. Here are four tips for brokers to keep in mind:
1) Identify network disruptions. The time is now to proactively talk with clients about any network disruptions or problems they may have with their coverage. For instance, it is well-established that people want to see their own doctors, specialists, pharmacies and hospitals. But when they unexpectedly cannot — or when access requires expensive out-of-network and out-of-pocket costs — substantial upset will occur. The result can be a significant business threat for brokers. It is best, then, to identify any network “pain points” before the busy season is in full swing. This provides brokers with the needed time to work with clients to resolve any issues while also helping to assure that they are avoided and averted in the future.
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2) Understand plan disrupters and alternatives. This may seem obvious, but it is a vital point worth driving home. Whether a plan is bronze, platinum or somewhere in between, there are often adjustments made from one year to the next. Agents need to be intimately familiar with any changes, whether significant or minor, that might disrupt a client’s existing coverage. This can include network modifications, premiums, copays and so forth. So, clearly understand any variations and be prepared to discuss alternative options based on a business owner’s needs and expectations.
3) Address client budgets. Remember to talk with employers about any budgetary changes to their business. Depending on the discussion, this can be the optimal time to kick-start a conversation about alternative defined-contribution options. For instance, perhaps there are opportunities to raise the fixed-dollar amount for employees and/or to explore value-added benefits such as dental, vision, life insurance and other ancillary offerings. On the flip side, you can consider basing your client’s contribution on a different plan option that may provide costs savings if they’re looking to try and reduce their healthcare expenditure. Either way, addressing budgets early on helps brokers ensure they are tailoring plans that best meet client needs.
4) Move off a Dec. 1 renewal period: Moving off of this date may help provide clients with a better open enrollment and underwriting experience. Many renewals get stacked up right before this deadline, putting more pressure on agent customer service. At the same time, it can be easy to get bogged down and rushed with multiple clients requiring quoting, enrollment, plan administration and more to meet looming deadlines. Beginning the renewal process earlier in the quarter provides brokers and their clients with plenty of time to work together to address and select the right plan offerings. Additionally, it may make sense to also explore a larger array of options and pricing advantageous to brokers and clients alike.
While the end of 2017 is ahead, the beginning to a successful 2018 is right now for brokers, agents and benefits professionals. Those who anticipate client needs early-on and take pre-emptive efforts now will be better positioned to lock-in and expand business for the coming year.
You can read the original article here.
Source:
Goldstein R. (20 October 2017). "4 ways for advisers to protect and build business during fourth quarter" [Web Blog Post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/4-ways-for-employee-benefit-brokers-to-protect-and-build-business-during-fourth-quarter
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5 SIMPLE STEPS TO DEVELOPING A COMPETITIVE PAY PRACTICE
Have you struggled with employee engagement and building a competitive pay practice? Fortunately, HR Morning has provided us and you with this awesome article, including five simple steps toward a competitive pay practice. Read more below.
In today’s competitive environment, employees are more educated than ever before about the current salary rates in their location and industry. If you want your business to remain competitive, and retain top talent, you need to stay one-step ahead of your competition, and have a solid pay strategy that’s based on accurate salary data – not speculation.
Here are a few simple steps to get you closer to a compensation strategy that retains talent and keeps your company ahead of the curve.
1) Get a Pulse on Your Market
After a series of wage declines in 2009 and 2010, a number of industries are now seeing continual salary growth across multiple industries and locations. If your company’s compensation plan is based on the trends in those leaner years immediately after the recession, it’s probably time to revisit your pay strategy. Or you may be at risk of losing talent to competitors who’ve more quickly adapted to shifts in the market. Keep an eye on the PayScale Index to keep track of quarterly trends in pay by location, industry and job category.
2) Benchmark Your Job Positions
It’s great to have a pulse on the overarching pay trends in your industry and area, but it’s another thing to have confidence that you’re actually paying top employees at the right rates for their job. By engaging in at least once-per-year salary benchmarking, you’ll be able to identify employees who are at a “high flight risk” of turnover, and be able to make smarter decisions about where you allocate your labor budget. Download PayScale’s How to Perform Compensation Benchmarking and Salary Ranges whitepaper for more information.
3) Develop a Compensation Plan
Often times, businesses fear that having a compensation plan will limit their ability to make good business decisions, so they skip building a compensation plan in favor of fewer rules and less structure. But without a formalized compensation plan, companies often miss an opportunity to structure their pay decisions in a way that support business goals. As companies grow, the costs of compensation continue to rise, and without a formalized plan in place, companies often experience problems with pay inequities, employee retention, and engagement. Simply put, it’s easier, and more cost-effective to take small steps toward developing a smart compensation plan now, than it is to alter your course later down the line.
4) Identify Pay Inequities
Some people live by the motto, “What you don’t know won’t hurt you.” That’s a motto your organization cannot afford to live by when it comes to internal pay inequities. Without a formalized comp plan, it’s often common for pay inequities to develop across organizations and departments. Those pay inequities can most definitely hurt you and your organization in the form of heightened turnover, over payment, and even litigation. Learn how to identify and resolve these inequities with PayScale’s guide to pay inequities.
5) Communicate Your Compensation Strategy
If you go through the process of creating a compensation plan, don’t forget to let your employees know about it. In theory, your compensation strategy should reiterate and support your business goals. So, it’s important to communicate to employees how their work aligns with the goals of the organization, and how their compensation reflects that. If you share with your employees, and make your investments in talent clear to them, you’ll be surprised by the positive effect it has on employee morale. Check out PayScale’s Four Tips for Communicating Your Compensation Plan to Employees to help you get started.
Need help developing a competitive compensation strategy, or maintaining salary ranges for your workforce? PayScale offers access to the largest online salary database in the world. With data that’s updated on a daily basis, and software designed to help you maintain salary ranges, benchmark jobs, and allocate raises, PayScale is the choice for businesses who value accuracy and ROI in their pay practices. Request a demo of PayScale compensation software to learn how PayScale’s fresh, detailed data can support good compensation planning.
Read the original article here.
Source:
HRMorning.com (N.D.). "5 SIMPLE STEPS TO DEVELOPING A COMPETITIVE PAY PRACTICE" [Web blog post]. Retrieved from address https://pbpmedia.staging.wpengine.com/5-simple-steps-to-developing-a-competitive-pay-practice/