How Health Coaching can Revitalize a Workforce
Do you need help revitalizing your workforce? Check out this great column by Paul Turner from Employee Benefit Advisor and see how health coaching can be a great way to increase engagement and productivity among your employees.
Nearly 50% of Americans live with at least one chronic illness, and millions more have lifestyle habits that increase their risk of health problems in the future, according to the Centers for Disease Control and Prevention. Type 2 diabetes, cardiovascular disease, cancer, pulmonary disease and other conditions account for more than 75% of the $2 trillion spent annually on medical care in the U.S.
Employers have a stake in improving on these discouraging statistics. People spend a good portion of their lives at work, where good health habits can be cultivated and then integrated into their personal lives. While chronic diseases often can’t be cured, many risk factors can be mitigated with good health behaviors, positive and consistent lifestyle habits and adherence to medication and treatment plans. Moreover, healthy behaviors — like smoking cessation, weight management, and exercise — can help prevent people from developing a chronic disease in the first place.
Companies that sponsor well-being programs realize the benefits of a healthier and more vital employee population, with lower rates of absenteeism and improved productivity. Investing in such programs can yield a significant return — particularly from condition management programs for costly chronic diseases.
Digitally-based well-being programs in particular are powerful motivators to adopt healthy behaviors. Yet for many employees, dealing with difficult health challenges can be daunting and digital wellness tools may not offer them sufficient support. Combining these health technologies with the skill and support of a health coach, however, can be a winning approach for greater workplace well-being. The benefits of coaching can also extend to employees that are currently healthy. People without a known condition may still struggle with stress, sleep issues, and lack of exercise, and the guidance of a coach can address risk factors and help prevent future health problems.
Choosing a health coach
Coaching is an investment, and the more rigor that employers put into the selection of a coaching team, the better the results. Coaches should be a credentialed Certified Health Education Specialist or a healthcare professional, such as a registered nurse or dietician, who is extensively trained in motivational interviewing. It also helps when a coach has a specialty accreditation in an area such as nutrition, exercise physiology, mental health or diabetes management. Such training allows the coach to respond effectively to highly individualized needs.
This sort of personalization is essential. A good coach will recognize that each wellness program participant is motivated by a different set of desires and rewards and is undermined by their own unique combination of doubts, fears and temptations. They build trust and confidence by helping employees identify the emotional triggers that may lead them to overeat, smoke or fail to stick with their treatment plans and healthy lifestyle behaviors.
What works for one employee, does not work for another. A 50-year-old trying to quit smoking may need the personal touch of a meeting or phone conversation to connect with her coach; a 30-year-old focused on stress management might prefer email or texting. It’s important for the coaching team to accommodate these preferences.
Working with our employer clients, WebMD has seen what rigorous coaching can achieve:
· A 54% quit rate for participants in a 12-week smoking-cessation program
· Successful weight loss for 68% of those who joined a weight-management program
· A nearly 33% reduction in known health risks for relatively healthy employees in a lifestyle coaching program
· A corresponding 28% health risk reduction for employees with a known condition who received condition management coaching.
Coaching is more likely to succeed when it is part of a comprehensive wellness program carried out in an environment where employee well-being is clearly emphasized by the employer and its managers. WebMD popularizes the saying that ‘When the coach is in, everybody wins.’ Qualified health coaching may be the missing ingredient that helps an employer achieve its well-being goals and energize its workforce.
See the original article Here.
Source:
Turner P. (2017 July 27). How health coaching can revitalize a workforce [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/how-health-coaching-can-revitalize-a-workforce?feed=00000152-1387-d1cc-a5fa-7fffaf8f0000
Life Insurance Adds Value to Employer Provided Benefits
Are you looking to add more value to your employee benefits package? Adding a life insurance policy can be a great way to increase the value of your employee benefits program. Take a look at this article published by Susan M. Heathfield from The Balance and find out why you should include life insurance in your employee benefits program.
Life insurance is an employee benefit frequently offered by employers. Life insurance is an insurance policy that provides, in exchange for monthly, quarterly, or annual premium payments, a lump sum of money to the designated beneficiary of an employee who dies.
Life insurance marks an employer as an employer of choice when desirable candidates select job opportunities. It is one of the comprehensive set of benefits that employees look for when they job search and choose an employer.
Especially employees with families like the security of the safety net that life insurance provides.
Life insurance provides peace of mind for an employee who is concerned about how his or her family, or heirs, will make out financially in the event of his or her death. Life insurance provides a certain financial cushion for the employee's survivors if the employee's death is not due to his fault.
For example, life insurance carriers generally exclude some deaths, including death by suicide, civil commotion or riots, death occurring during military service, and other events that vary by policy.
Life insurance is purchased through a vast variety of options.
Term Life Insurance
Term life insurance, in which the insured or his employer pays a monthly, quarterly, or annual fee for the stated amount of insurance coverage is typical. No investment or cash value accumulates or is built up in a term insurance account, but the account pays out the insured value at the death of the employee.
Some term life insurance policies have a time limit. Others increase their premium fee annually as an employee grows older. Other policies have expiration dates such as at age 70. Many financial advisors recommend term life insurance as most other insurance options cost more and involve an investment component that muddies the waters.
Permanent life insurance policies that build up cash value in the policy over time are available and are more costly. Older participants pay a substantial premium in return for the benefits as time is not available to build up the cash value of the policy.
Types of Permanent Life Insurance
The most common forms of permanent life insurance are whole life, variable life, and universal life.
Whole life insurance is insurance that you purchase as an investment because it accumulates money that you can withdraw if you experience an emergency. Whole life insurance covers your for your entire life as long as you pay the premium.
You may also cash in your policy before you die and this would cause the policy to end or no.longer cover you in the case of death. Most investors regard these policies as a bad investment. Despite the fact that you can cash them in, their rate of return is typically small.
Variable life insurance provides money to your beneficiaries when you die. What makes it variable is that it allows you to allocate part of the premium you pay to a separate account that is composed of various investment funds provided by the insurance company.
These may include a stock fund, money market account, and/or a bond fund.
They differ from whole life in that their value fluctuates based on your investments with usually a minimum guaranteed by the insurance company.
Universal life insurance has a savings component that grows on a tax-deferred basis. A portion of your premium is invested by the insurance company in bonds, mortgages and money market funds. The investments' return rate is credited to your policy on a tax-deferred basis.
A guaranteed minimum interest rate provided by the policy, which is usually around 4%, means that, no matter how the company's investments perform, you are guaranteed a minimum return on your money.
Understand more about the differences in these life insurance policies by reading Understanding and Choosing Life Insurance.
Life insurance is an appreciated employee benefit. Sought after employees expect life insurance as a component of a comprehensive employee benefits package.
See the original article Here.
Source:
Heathfield S. (2016 October 13). Life insurance adds value to employer provided benefits [Web blog post]. Retrieved from address https://www.thebalance.com/life-insurance-adds-value-to-employer-provided-benefits-1918177
How to Explain HSAs to Employees Who Don’t Understand Them
HSAs can be a very effective tool for employees looking to save for their healthcare and retirement. But many employees are not knowledgeable enough to fully utilize their HSAs. Here is an interesting column by Eric Brewer from Employee Benefit News on what you can do to help educate your employees on the impartance of HSAs.
High-deductible health plans with health savings accounts are becoming more popular as benefits consumerism increases throughout the country. Enrolling your employees in HDHPs is one way to educate them on the true cost of healthcare. And if they use an HSA correctly, it can help them better manage their healthcare costs, and yours.
But understanding how an HDHP works and ensuring your employees will get the most out of an HSA can be tricky. In fact, a recent survey by employee communication software company Jellyvision found that half of employees don’t understand their insurance benefits. And choosing a benefits plan is stressful for employees because it’s a decision that will impact them for a long time. This is further complicated by the trend toward rising employee contributions and the issue of escalating healthcare costs. Employees are taking on more cost share — and that means plan sponsors have a greater responsibility to do a better job of educating them to make the best decision at open enrollment.
HSAs benefit the employee in a number of ways:
· Just like a retirement plan, HSAs can be funded with pre-tax money.
· Employees can choose how much they want to contribute each pay period and it’s automatically deducted.
· Employers can contribute funds to an HSA until the limit is met.
These are important facts to tell employees. But there’s more to it than that. Here are some tips on how to best explain HSAs to your workforce.
The devil is in the details: discuss tax-time changes
Employees using HSAs will see an extra number or two on their W-2s and receive additional tax forms. Here’s what to know:
· The amount deposited into the HSA will appear in Box 12 of the W-2.
· Employees may also receive form 5498-SA if they deposited funds in addition to what has been deducted via payroll.
· Employees must submit form 8889 before deducting contributions to an HSA. On the form they’ll have to include their deductible contributions, calculate the deduction, note what you’ve spend on medical expenses, and figure the tax on non-medical expenses you may have also paid for using the HSA.
· Employees will receive a 1099SA that includes distributions from the HSA.
Importantly, most tax software walks employees through these steps.
Dispel myths
A lot of confusion surrounds HSAs because they’re yet another acronym that employees have to remember when dealing with their insurance (more on that later). Here are a few myths you should work to dispel.
· Funds are “use it or lose it.” Unlike a flexible spending account, funds in an HSA never go away. In fact, they belong to an employee. So even if they go to another job, they can still use the HSA to pay for medical expenses tax-free.
· HDHPs with HSAs are risky. There are benefits to choosing an HDHP with an HSA for both healthy people and those with chronic illnesses. Healthy people benefit from low HDHP premiums and can contribute to an HSA at a level they’re comfortable with. On the other hand, people with chronic illnesses will likely hit their deductible each year; after that time, medical expenses are covered in most cases.
Help employees understand they’re in control
High-deductible plans with an HSA might seem intimidating, but they put employees firmly in control of their healthcare. This is increasingly important in today’s insurance landscape. When employees choose an HSA, healthcare becomes more transparent. They can shop around for services and find the best deal for services before they make a decision.
HSAs also give you control and flexibility over how and when employees spend the funds. Users can cover medical costs as they happen or collect receipts and get reimbursed later. Finally, employees don’t have to worry about sending in receipts to be reviewed. This means they must be responsible for using the funds the right way, or face tax penalties.
Resist ‘insurance speak’
As an HR professional, you may not realize how much benefits jargon you use every day. After all, you deal with benefits all the time, so using industry terms is second nature. But jargon, especially the alphabet soup of insurance acronyms that I mentioned earlier, is confusing to employees.
One tip is to spell out acronyms on the first reference. Second, simplify the explanation by shortening sentences so that anyone can understand it.
Here’s an example of a way to introduce an HSA:
A health savings account, also called an HSA, is a tax-free savings account. An HSA helps you cover healthcare expenses. You can use the money in your HSA to pay medical, dental and vision costs for yourself, spouse and dependents who are covered by your health plan. You can use HSA funds to pay for non-medical expenses, but you will have to pay taxes on them…
You get the idea.
As responsibility continues to shift to employees, they may need more education in small chunks over time to reinforce their knowledge. As the employer, it’s in your best interest to help employees choose the best plan and use it the right way.
See the original article Here.
Source:
Brewer E. (2017 August 4). How to explain HSAs to employees who don't understand them [Web blog post]. Retrieved from address https://www.benefitnews.com/opinion/how-to-explain-hsas-to-employees-who-dont-understand-them?feed=00000152-18a5-d58e-ad5a-99fd665c0000
Benefits Technology: What do Employers Want?
Do you know which technolgy will be the most benefical for your employee benefits program? Take a look at this article by Kimberly Landry from Benefits Pro on what employers should be looking for when searching for the right technology for the benefits program.
It’s no secret that we are in the midst of a revolution in how employers manage their insurance benefits. Enrolling and administering benefits was once a manual process involving plenty of paperwork, but much of this work has now shifted to electronic benefits platforms. A recent LIMRA survey, Convenient and Connected: How Are Employers Using Technology Today?, found that 59 percent of employers are now using a technology platform for insurance benefit enrollment, administration, or both. In addition, more than 1 in 3 firms that do not use technology are currently looking for a platform.
Brokers can provide value to their clients by helping them find a technology system that meets their needs. In fact, over one quarter of employers say their broker should have primary responsibility for researching and evaluating possible technology solutions. However, to do this successfully, it is necessary to understand what problems employers are trying to solve with technology.
The advantages of benefits technology tend to fall into two categories: improving the experience for HR/benefits staff and improving the experience for employees. While employers see the value of both aspects, it is clear that the desire for technology is driven more by HR needs such as reducing costs, improving management of benefits data, and reducing the time and resources needed to administer benefits, rather than employee needs (Figure X). In seeking technology, employers are, first and foremost, trying to make their own lives easier.
This provides insight into some of the key features employers are seeking in technology, many of which revolve around greater convenience in managing benefits. For example, 80 percent of employers say it is important for a technology platform to be accessible all year so they can use it for ongoing administration and updates, rather than a “one-and-done” enrollment system. Ongoing access is one of the top features employers look for in a platform, with sizable portions also specifying that they want a system that can enroll new hires and support ongoing life event and coverage changes.
I would love to find a product … that would allow us to reduce the amount of time that we spend during the enrollment process and also during the course of a year, adding employees or terminating employees.
—Employer with 65 employees (Voice of the Employer,LIMRA, 2016)
Similarly, 77 percent of employers want a technology system that can manage all of their benefits on the same platform, regardless of which carriers are providing the products. Consolidating benefits on one platform helps employers save time and allows them to quickly get a complete view of their overall benefits package in one place. In fact, employers that currently manage all of their benefits on one platform are more satisfied with their technology than those that don’t have this capability. Moreover, roughly 1 in 6 employers say the ability to handle all benefits in one place would motivate them to switch technology platforms.
Employers also want the convenience of a platform that integrates smoothly with other technology systems, including carrier, payroll, and HRIS systems. When it comes to carrier systems, employers want to feel confident that no errors are occurring in the data transfer and don’t want to spend a lot of time checking for mistakes.
Our HR benefits administrator has spent an exorbitant amount of time trying to, literally person by person, dependent by dependent, go through each little piece and figure out why somebody's kid is getting dropped…So I think I'd like to see those communications [work] a little bit better.
—Employer with 320 employees
Employers also want technology to integrate with their payroll and other HRIS systems so they do not have to make changes in multiple systems, which is perceived as time-consuming and inefficient.
And those two systems...they don't communicate with each other... Without that communication, it's almost like double work because if there's an address change or anything like that, you have to go to one system, then go to another, and that just seems broken to me.
—Employer with 32 employees
While employers are primarily seeking convenience for their own HR staff, it is important to note that they would like this value to extend to their employees as well. Overall, 85 percent of employers think it’s important that an enrollment platform be easy and intuitive for their employees to use. In fact, user-friendliness is often one of the first priorities that comes to mind when employers describe their ideal platform.
I want to make sure it's easy, as simple as possible, as fast as possible, and I don't want it to be a burden every year.
—Employer with 30,000 employees
When it comes to selecting benefits technology, it is clear that convenience is key. By guiding employers to technology solutions that will make it quicker and easier to administer benefits, brokers can improve the experience for everyone involved and help the industry move into the future.
See the original article Here.
Source:
Landry K. (2017 July 21). Benefits technology: what do employers want? [Web blog post]. Retrieved from address https://www.benefitspro.com/2017/07/21/benefits-technology-what-do-employers-want?kw=Benefits+technology%3A+What+do+employers+want%3F&et=editorial&bu=BenefitsPRO&cn=20170721&src=EMC-Email_editorial&pt=Daily&page_all=1
How to Meet Growing Demands for Bigger, Better Voluntary Plans
Has there been an increase in demand from your employees to offer more voluntary benefits? Check out this great article by Whitney Ehret from Employee Benefits Adviser on what you can do to meet your employees' demand for more voluntary benefits.
Over the years, voluntary benefits or worksite products have unfortunately earned a negative reputation in the marketplace. This is largely due to overzealous carriers with aggressive sales tactics and brokers purely seeking higher commissions.
With the introduction of the Affordable Care Act in 2010, employers began to shift more of the benefits cost to employees via high-deductible health plans, increased coinsurance costs and copays. The majority of today’s workforce is comprised of millennials, coupled with Generation Z quickly entering the workforce. There’s no question: traditional employer benefit offerings are about to undergo some major changes.
With a new administration in place and increasing generational challenges, employers are becoming more open to creative ideas to improve their total benefits offering. Today’s voluntary benefits market isn’t shy of options, which in turn makes things quite confusing. Companies will need to shift focus from traditional offerings and begin to get more resourceful — not only with the products they offer, but also with their entire strategy. Communications, enrollment and marketing will all become especially critical in retaining and attracting top talent in the coming months and years.
For the most part, the majority of brokers and employers are somewhat familiar with the top voluntary products in the market: dental, vision, accident, critical illness, cancer, hospital indemnity, disability and life insurance. Those are traditionally the products that spark initial voluntary benefit conversations, although there are many more — including legal, identity theft, auto/home, pet, employee purchasing programs, unemployment gap, tuition and loan assistance programs.
For the remainder of 2017, the conversation is predicted to still involve the top voluntary products, but shift to a new focus. Nearly two thirds of employers are looking to voluntary benefits to reduce overall financial stress on employees, the 2016 Xerox HR Services Financial Wellbeing & Voluntary Benefits Survey found. Integrating voluntary benefits with core benefits may reduce financial stress that ultimately leads to health issues and higher overall benefit costs.
The main goal of these products is to provide employees with cash resources, paid directly to the insured, should they experience an unexpected life event. Insureds can use these payments for anything they choose: mortgage, rent, groceries, deductibles, coinsurance payments, copays and more. Compared to state disability programs, these payments are generally made more quickly and offer a simpler claim filing process. If an employee is faced with a difficult situation, these conveniences can greatly reduce stress during a highly sensitive and vulnerable time.
Financial wellbeing is the focus
A recent Employee Benefit News article found 89% of millennials are interested in receiving financial advice, yet only 58% have been offered this type of assistance. With the majority of the workforce now comprised of millennials, employers will need to offer more diverse benefit options that are tailored to this population.
Millennials aren’t the only ones who are concerned about their financial wellbeing. The MetLife’s U.S. Employee Benefit Trends Study found 49% of employees are concerned, anxious, or fearful about their current financial situation, 72% said that a customized benefits package increases loyalty and only 27% are satisfied with their progress toward paying down student loans. These statistics demonstrate the immediate need for a comprehensive voluntary benefit offering.
Student loan debt is an issue for all generations in the workforce. Whether the individual is a millennial trying to get established and create wealth, a Gen X employee who is struggling with existing student loan debt family debt and saving for retirement, or a baby boomer who is trying to help support the family’s educational needs — namely children and grandchildren — everyone, at some level, has a need for student loan assistance.
Additionally, most voluntary products offer wellness benefits, which is a direct payment to the individual for completing an annual wellness exam. With amounts ranging between $50-$200 (employer selected), this is pure profit to the individual, since ACA requires preventative exams to be covered 100% by insurance carriers.
In addition, this benefit helps to subsidize the actual cost of the product annually. There are carriers in the market that will pay this benefit multiple times in a single year for a single insured.
Increasingly, companies are getting involved with wellness specific initiatives and incentives for their employees to hopefully drive healthy habits that will, in turn, lower healthcare costs and increase workplace satisfaction. To promote these wellness programs, employers offer reduced pricing on their medical plans or make contributions into a medical savings account if employees complete their annual exams or participate in various wellness activities. Offering voluntary products with a wellness benefit is another way to enhance a company’s total health portfolio at no cost to the employer.
Carrier selection Is key
Like many other industries, this business is all about relationships. Brokers and employers need to be able to trust and rely on their voluntary benefits carriers. As HR staffing has shrunk and brokers are required to provide more services with the same resources, it’s imperative that the appropriate carrier is selected for each unique case.
Voluntary benefits, as “cookie-cutter” as we may perceive them to be, are just not that. Since their onset, voluntary benefits have come with administrative obstacles that have historically taken up too much of HR’s time.
Unfortunately, while these products do provide a valuable benefit to employees, they are not the priority for most employers. Employers don’t often care about how many products they are offering as long as the plans aren’t administrative-heavy, the 2016 Employee Benefit News annual survey found. Carriers recognize this issue, and have steadily made improvements to these processes over recent years.
There are carriers in the marketplace today that allow clients to self-bill and self-pay, which is essentially what employers are already used to doing on their basic and supplemental group life and AD&D plans. For claims issues, they have also made this process easier by making it electronic and not requiring extensive information from the employees in the claims-filing process.
Core carriers (traditional medical carriers) are also beginning to get into the worksite market and are further simplifying the claims process by linking their medical system with their voluntary system. This allows the carrier to proactively initiate claims and file complete claims for the insured since the majority of the claims information is already within the single carrier system.
The other benefit to offering voluntary plans with the core medical carrier is that often some products may provide additional benefits if employees have a certain medical condition. For example, voluntary dental plans will provide more cleaning exams per year if an insured is pregnant. Most insureds would not realize they have this benefit, but by linking these systems with a core carrier, the insured makes sure to get the most out of their plan.
Communication style and strategy are imperative
Not only is it important to consider the products and carriers that are offered, but also how they are enrolled and communicated. From the voluntary benefits perspective, these products have typically been enrolled face to face with employees. While this may be the best way to fully educate employees on their benefit options, that is no longer the future of employee benefits enrollment.
ACA has also helped enrollment move to the electronic platform because of the requirements made on employers for reporting. Millennials are the technology generation, making them naturally comfortable using technology to enroll and learn about benefits and even be treated by a virtual doctor.
Employers are trending toward a more self-service enrollment environment, which brings its own challenges. Most of these systems are built with decision tools that allow for the enrollment experience to be customized to the employee. These tools will make plan recommendations for the employees based on the answers to health and financial questions. Often, videos within the enrollment site are used to further enhance the educational experience.
Some of the main problems with electronic enrollments include keeping employees engaged, offering voluntary benefit products and carriers that work with the system, keeping costs low or free for the employer and ensuring data accuracy and security.
A company’s overall benefits package is becoming increasingly important in the decision-making process for prospective employees, as well as to retain top industry talent. Employers, rightfully so, are concerned about cost and maintaining this delicate balance while still attempting to manage the complex administration of these plans.
More and more, employers are looking for voluntary benefits to solve this need by offering “free” technology and enrollment solutions to their groups. There is no doubt that if employers want to retain and attract top talent, they are going to have to adapt with the market and offer their employees a wide array of benefit options and new technology that is tailored to their employee needs.
See the original article Here.
Source:
Ehret W. (2017 July 24). How to meet growing demands for bigger, better voluntary plans [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/how-to-meet-growing-demands-for-bigger-better-voluntary-plans
Prospect for Tax Reform Remains Unclear as Mounting Priorities Compete for Attention
Has the news surrounding tax-reform left you worried about your employee benefits program? Check out this great article by Kathleen Coulombe from SHRM on what you should know about the potential over haul of our tax code and what it means for your employee benefits program.
As efforts to repeal and replace the Affordable Care Act continue to plod along in Congress, House and Senate tax writers have been working with the Trump administration to find a way forward on tax reform.
Hearings continue to take place, most recently last week with both the House Ways and Means Tax Policy Subcommittee and the Senate Finance Committee looking at a path forward on tax reform. One area Members of Congress are reviewing is the tax-favored status of employer-sponsored retirement and welfare benefits. The House Ways and Means Tax Policy Subcommittee hearing focused on individual reform, which frequently touched on retirement security. One of the key issues discussed during the hearing was shifting the way individuals plan and save for retirement from a traditional pre-tax 401(k) account to an after-tax Roth model (aka "Rothification"). While hearing panelists noted that moving individuals saving for retirement to an after-tax 401(k) model would generate additional tax revenue for the U.S. Government, it could also disrupt the current retirement system.
SHRM believes a comprehensive employer-sponsored benefits package is a key component that employers use to attract and retain top talent. Two of the most widely utilized benefits are employer-provided health care and retirement plans. SHRM believes tax incentives should be used to expend access to and participation in health care and retirement savings plans.
The SHRM-led Coalition to Protect Retirement has expressed concerns to congressional members about moving individual retirement to an after-tax approach, as we believe it will undermine savings for retirement.
While tax reform legislation is not expected to be released until the fall, a set of principles will be released prior to the House adjourning for its August recess.
In the absence of a comprehensive tax reform plan moving ahead, there remains the strong possibility that a bill aimed strictly at tax cuts could be an alternative and could move as soon as members return to Washington in early September.
Aside from charting the course on tax reform, members must also fund the government for FY2018 by September 30 and increase the debt ceiling limit. While the House Budget Committee approved a FY18 budget resolution along party lines that contained tax reconciliation instructions, to move forward the resolution will have to pass both chambers and be signed by the president.
The resolution also requires congressional committees in both the House and Senate to achieve specific deficit reduction levels for 2018-2027 and submit recommendations by October 6, 2017. Given the challenges the budget resolution is facing and the fact that the House and Senate have not passed any of the 12 appropriations bills necessary to fund the government, a short-term continuing resolution will need to be enacted by October 1 to keep the federal government open and it could include an increase in the debt ceiling.
See the original article Here.
Source:
Coulombe K. (2017 August 1). Prospect for tax reforms remains unclear as mounting priorities compete for attention [Web blog post]. Retrieved from address https://blog.shrm.org/blog/prospect-for-tax-reform-remains-unclear-as-mounting-priorities-compete-for
6 Promising Wearables Tips for Wellness Programs
Have you been trying to implement wearable technology in your wellness program? Check out this great article by Jessica Grossmeier from Benefits Pro for some great tips to know when integrating wearable technology into your company's wellness program.
Wearable devices can be a powerful element in a workplace wellness program. They add a fun factor to fitness challenges, and allow individuals to more clearly see the progress they’re making toward their goals.
A new report and video from the Health Enhancement Research Organization (HERO) identifies six promising practices for effectively integrating wearables into wellness programs.
Read on to find out how these companies increased participation in wellness programs and even decreased health cost trends for some participants.
1. Remove financial barriers
While many people have discovered the value of wearables, more than half of Americans still believe the devices are too expensive, and that may be enough to keep them from participating in a wellness program. Giving the devices to employees for free or at reduced cost removes a significant barrier and makes it easier for everyone to participate.
2. Choose culturally relevant incentives
Having goals can help drive change, and the data fitness trackers generate make it simple and fun to track progress toward those goals. Offer employees incentives for reaching targets, but make sure the incentives make sense for your workplace. For example, some employees may value prime parking or internal recognition more than a cash prize or a gift card.
3. Cultivate support at home
Convincing employees to walk more is easier if they have someone to walk with. When you involve spouses or domestic partners in the program, employees have someone at home motivated to hit the trail with them rather than settling in for an evening on the couch.
4. Get the details right
There’s a lot to consider when you add wearables to a wellness program, and it’s not always possible to think of everything before you start. Working out the details with a small pilot program creates an opportunity to identify challenges and opportunities, streamline processes, and set meaningful goals for the program once it expands companywide.
Wearables can add a fun factor to your wellness program, but even fun activities can wear out their welcome. It’s important to keep things fresh in your wearables strategy, so watch how employees use their devices, and change things up when you see an opportunity to increase engagement.
6. Keep your eye on the prize
Wearable devices show great promise, but a device isn’t a magic solution. Success with wearables requires planning. Before you hand out your first device, make sure you know what you want to accomplish, how the device fits in your broader well-being strategy, and how you’ll measure success.
The employers who participated in the HERO report saw increased participation in wellness programs — employees enjoyed using the devices. And at least one company saw decreased health cost trends for participants. They attribute their successful integration of wearables to these six promising practices.
See the original article Here.
Source:
Grossmeier J. (2017 July 31). 6 promising wearables tips for wellness programs [Web blog post]. Retrieved from address https://www.benefitspro.com/2017/07/31/6-promising-wearables-tips-for-wellness-programs?page_all=1
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
Employers Spend $742 per Employee for Wellness Program Incentives
How much money are you spending on your employees and their wellness program? Check out this great article by Brookie Madison from Benefits News on how employers are encouraging more of their employees to sign-up for company sponser wellness programs.
Wellness programs are popular with employers but employees continue to need motivation to participate. Seventy percent of employers are investing in wellness programs, while 73% of employees say they are interested in wellness programs, but 64% of employees undervalue the financial incentives to join the wellness programs, according to UnitedHealthcare’s Consumer Sentiment Survey entitled “Wellness Check Up.”
Only 7% of employees understand the four basic terms of health care —premium, deductible, copayment and coinsurance — which is why UHC didn’t find it surprising that workers underestimate their financial incentives in wellness programs, says Rebecca Madsen, chief consumer officer for UnitedHealthcare.
Despite this disconnect between what employers are offering to help ensure their employees’ health and what employees are willing to do to maintain a healthy well-being, the most appealing incentives to employees for wellness programs are health insurance premium reductions (77%), grocery vouchers (64%) and health savings accounts (62%).
Employees find the financial incentives of the wellness programs appealing, yet only 24% of employees are willing to give up one to three hours of their time per week to exercise, attend wellness coaching sessions or research healthier recipes to eat.
“Unwilling to engage is part of the problem why a third of the country is obese and another third is overweight. We have a real problem in terms of keeping people healthy and that’s what we want to help address,” says Madsen.
Madsen recommends that employers promote their wellness programs and incentives multiple times throughout the year. Gift cards, reduction of premiums and contributing to health savings accounts are leading ways to reward employees. “Incentives on an ongoing basis get people engaged and motivated to participate for a long period of time,” says Madsen.
Wellness programs also provide a way for employers to adjust their benefit packages to be customized and be more than a ‘one size fits all’ approach. “Look at your insurance claims, work with insurance providers and identify common health challenges. See where you have prevalent healthcare needs and who your high risk populations are to develop programs that target those results,” suggests Madsen.
Wellness programs need endless support from advisers, insurance providers, consultants, consumers, friends, family members and employers in order to encourage employees to live healthy lifestyles, according to UnitedHealthcare.
Madsen suggests that employers have onsite biometric screenings. “Helping people know their numbers will help them understand where they have an opportunity to improve their health, which would make them motivated to engage more,” says Madsen.
New trends of wellness programs incorporate the use of activity trackers. Twenty-five percent of employees use an activity tracker and 62% would like to use one as part of a wellness program.
See the original article Here.
Source:
Madison B. (2017 July 17). Employers spend $742 per employee for wellness program incentives [Web blog post]. Retrieved from address https://www.benefitnews.com/news/employers-spend-742-per-employee-for-wellness-program-incentives?feed=00000152-18a4-d58e-ad5a-99fc032b0000
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