Employees desperately need more information on health plans, study says
Did you know that a lot of your employees may be unaware of the health care options your company offers? Take a peek at this great article from HR Morning on how to improve your employees knowledge of their healthcare options by Jared Bilski
As an increasing number of employees are being asked to make smarter healthcare spending decisions, communication is more important than ever. Unfortunately, it looks like many firms have a lot of room for improvement.
That’s one of the alarming takeaways from healthcare administrator Alegeus’ recent “State of Denial” study.
A number of the stats from the study point to a major employee healthcare problem that’s only getting worse. That problem: While employees’ health options are becoming increasingly complex, most workers don’t have the knowledge and/or accountability to make wise decisions involving those options.
Unaware and overwhelmed
Here are some of the most alarming stats from the study:
- 63% of employees said they don’t know the benefit of an HSA
- 50% don’t know how to predict current or future out-of-pocket healthcare expenditures and can’t select the best savings vehicle or rate
- 26% of HSA accountholders don’t know they can use HSA funds beyond the immediate plan year, and
- 41% of HSA accountholders were unaware they could invest HSA funds.
The study also highlighted some of the contradictions between what employees said they wanted or needed, and how they acted.
For example, although 70% of employees said they’d like to take a more active role in their healthcare decisions, just 50% intend to conduct more due diligence when purchasing healthcare in 2017.
The importance of one on one
One of the most effective ways to improve employees’ benefits understanding is through one-on-one communications.
To help ensure this is effective, here are three things HR pros should keep in mind, according to Winston Benefits, a voluntary benefits plan provider:
1. Prepare the right materials
When you’re doing a large-scale benefits presentation, you generally just hand out the materials, and employees look through and use those materials as they see fit.
But with individual sessions, benefits pros have to be prepared to explain those materials in any way an employee requests.
Example: Walking a worker through a tool or calculator in a step-by-step manner.
2. Look to your broker
In many cases, benefits brokers are willing to go on site for one-on-one sessions, and companies should take advantage whenever possible.
Employees will be comfortable knowing there’s an in-house HR or benefits pro at the broker, and a broker’s expertise can really improve workers’ overall understanding.
3. Allot enough time
The point of these meetings is to give employees all the time they need to understand their options and make informed decisions.
Rushing workers through these meetings will ensure the one-on-one education falls flat.
See the original article Here.
Source:
Bilski J. (2017 February 17). Employees desperately need more information on health plans, study says [Web blog post]. Retrieved from address https://www.hrmorning.com/employees-desperately-need-more-information-on-health-plans-study-says/
4 Basic Elements of Successful People Analytics
- We need to be clear about what question we are trying to answer.
- We need to gather the best available evidence—which, even if it not good, will be better than no evidence.
- We need to assess the quality of the evidence so we can make an informed judgment.
- Often, basic math is all we need to inform our judgment.
See the original article Here.
Source:
Creelman D. (2017 February 09). 4 basic elements of successful people analytics [Web blog post]. Retrieved from address https://blog.shrm.org/blog/4-basic-elements-of-successful-people-analytics
10 tips for next generation benefits
Great article from Benefits Pro about ten tips to help improve your benefits for the next generation by Erin Moriarty-Siler,
If brokers and their clients want to continue to attract and, more importantly, retain millennials and other generations entering the workforce, they'll need to start rethinking benefits packages.
As part of our marketing and sales tips series, we asked our audience for their thoughts on the next generation and their benefits needs.
Here are the 10 tips we liked best.
1. Show appreciation
“Even if you don't have the time and resources to roll out the red carpet each time an employee joins your team, they should feel as if you do. Even something as simple as a team lunch to welcome them and a functioning computer can go a long way toward making a new employee feel valued and at home.” Sanjay Sathe, president & CEO, RiseSmart.
2. Real world benefits
“It's important for benefits professionals and brokers to transform their organizations’ benefits offerings to align better with what both the individual and the generational millennials value — benefits that reflect the real world in which all generations in today's workforce think about the interconnection between their careers, employers, and personal lives.” Amy Christofis, client account executive, Connecture, Inc.
3. A millennial world
“One can no longer think of millennials as the ‘kids in the office.’ They are the office.” Eric Gulko, vice president, Summit Financial Corporation
4. New normal
Millennials are no longer just data and descriptors in a PowerPoint slideshow about job recruitment. They are now the majority, and how they do things will soon be the norm. It's important to consider these implications.
5. Innovation
“If we want to build organization that can innovate time and again, we must recast our understanding of what leadership is about. Leading innovation is about creating the space where people are willing and able to do the hard work of innovative problem solving.” Linda Hill, professor of business administration, Harvard Business School
6. Don't make assumptions
“Just because millennials are comfortable using the internet for research doesn't mean they don't also like a personal touch. Employers need to be wary of relying on only one communication vehicle to reach millennials. Sixty percent of millennials say they would be willing to discuss their benefits options with someone face to face or over the phone.” Ken Meier, vice president, Aflac Northeast Territory
7. The power of praise
“The prevailing joke is that millennials are ‘the participation trophy generation,’ having always been praised just for showing up, not necessarily winning. Turn that negative perception into a positive by realizing that providing constructive, encouraging feedback when it's earned motivates this generation to strive for even more successes.” Kristen Beckman, senior editor, LifeHealthPro.com
8. Embrace diversity
“For the first time, employers are likely to have up to five generations working together — matures, baby boomers, Generation X, millennials (Generation Y) and now Generation Z. From their workstyles to their lifestyles, each generation is unique.” Bruce Hentschel, leads strategy development, specialty benefits division, Principal Financial Group
9. Non-traditional needs
“Millennials have moved the needle in terms of work-life balance. They don't expect to sit in their cubicles from 9-5. They want flexibility in their work location and hours. However, on the flip side of that, they are more connected to their work than generations before, often logging ‘non-traditional’ work hours that better fit into their lives.” Amy Christofis, client account executive at Connecture, Inc.
10. Listen in
“If there's one thing the Trump victory teaches us, it's to listen to the silence in others. Millennials may be giving the financial industry the silent treatment, but that doesn't mean they don't want to talk.” Christopher Carosa, CTFA, chief contributing editor,FiduciaryNews.com
See the original article Here.
Source:
Moriarty-Siler E. (2017 February 03). 10 tips for next generation benefits [Web blog post]. Retrieved from address https://www.benefitspro.com/2017/02/03/10-tips-for-next-generation-benefits?page_all=1
What Trump’s ACA executive order means for employers
Great article from Benefits Pro by Nick Otto.
President Donald Trump wasted no time in fulfilling one promise he made time and again on his campaign trail in undoing the Affordable Care Act on day one in office.
On Friday, Trump issued an executive order directing members of his administration to take steps that will facilitate the repeal and replacement of the ACA, but experts note employers should continue with business as usual until solid formalities come out.
From an employer’s perspective, “every regulation they need to comply with, they still need to until they hear differently,” says Steve Wojcik, vice president of public policy at the National Business Group on Health.
What Trump’s order did was send a signal to everyone that his administration is prioritizing to repeal major parts of the ACA and to replace it with something else.
“In terms of specifics, nothing changes now, and it makes it clear that some changes may take longer than others because of the regulatory process to revise existing regulations,” Wojcik notes.
This specific order reiterates that it is administration policy to seek the repeal and replacement of the ACA and directs relevant agencies like Health and Human Services, Treasury and Labor, to utilize their authorities under the act “to minimize the unwarranted economic and regulatory burdens of the Act, and prepare to afford the States more flexibility and control to create a more free and open healthcare market,” according to the order.
But the different agencies will have to follow the law that requires notice and commenting periods before any final regulation is put in place, adds Chatrane Birbal, a government relations senior advisor with the Society for Human Resource Management.
“Trump’s administration is drawing a line in the sand,” she says. “While Congress is working on making its changes on a legislative front, Trump wants to move forward with the regulatory side.”
The most immediate focus will be whether the IRS acts to delay the employer reporting requirements under the employer shared responsibility provisions of the law, points out Joy Napier-Joyce, principal and leader of the employee benefits group at labor & employment law firm Jackson Lewis P.C.
“Employer reporting is key to assessing employer penalties under the employer mandate, [but it] represents a significant burden to employers and the deadlines are fast approaching,” she says. Similarly, Napier-Joyce says, “we have not seen enforcement of employer penalties under the employer mandate to date.”
Especially given Trump’s announcement Monday of a hiring freeze for federal workers and the known shortage of resources at the IRS, employers will be eager to glean hints as to any non-enforcement stances, she says. Much of the requirements under the employer mandate have been formalized through statute and regulation, so in order to effectively and completely reverse course, formal processes will need to be followed, which will in turn take time.
“For now, employers should stay the course, but stay tuned as we await how and when the agencies, particularly the IRS, choose to exercise discretion,” Napier-Joyce adds.
One issue Birbal advises keeping an eye on is that the executive order calls for greater flexibility to states.
“This could be a concern for employers because it doesn’t recognize ERISA preemption,” she notes. “It has provided employers and employees with a workable regulatory framework for benefits, offering uniform set of benefits to employees throughout out the U.S.”
“We believe the flexibility and certainty of the ERISA framework already in place has been a success to the employers sponsored system and we hope that’ll be maintained,” she adds.
Another area to note, says NBGH’s Wojcik, is how providers could be impacted by the order.
“There are a lot of punitive delivery reform regulations that are in various stages of completion or haven’t been issued,” he says. “To the extent that that affects hospitals and physicians, it could be an area where you see a lot of impact besides issues like the individual mandates and excise tax.”
As for policies that were still in the works, “if something hasn’t come out yet, it’s likely that it won’t come out ever based on executive order,” Wojcik notes.
See the original article Here.
Source:
Otto N. (2017 January 23). What trump's ACA executive order means for employers [Web blog post]. Retrieved from address https://www.benefitnews.com/news/what-trumps-aca-executive-order-means-for-employers?feed=00000152-18a4-d58e-ad5a-99fc032b0000
Employers prioritizing employee well-being
Are you putting enough priority into your employees' well-being? Take a look at this article from Employee Benefits Advisor about the importance of employee well-being by Nick Otto
Benefits managers and HR pros alike know the two-fold benefits well-being programs provide: a healthier, more engaged workforce and increased productivity. So it’s no wonder more companies are prioritizing such programs.
A large majority of employers (78%) call employee well-being a key component of company strategy, according to Virgin Pulse’s 2017 State of the Industry report. In addition, 87% say they have already invested, or plan to invest, in some type of employee well-being initiative, and 97% agree with the decidedly uncontroversial statement that worker well-being positively influences engagement.
“Until recently, employee well-being has been viewed as a ‘nice to have,’ but with more and more research directly connecting employee well-being to business productivity and performance, business leaders are recognizing it as a ‘must have’ from a business perspective,” says Chris Boyce, CEO of Virgin Pulse, a wellness technology provider. “The proof is in the data that emerging-companies that invest in employee well-being see lower turnover, less absenteeism, stronger stock performance and higher business productivity. That’s a compelling business case.”
But what programs do employers say are advancing wellness and engagement? Opinions seem to differ. Forty-one percent of the organizations surveyed by Virgin Pulse are still in the process of defining employee engagement or developing a plan to enhance it.
Further, a little less than a third (29%) of respondents have established engagement programs to fit specific needs or offer an integrated solution that links to organizational strategy, the report notes.
One of the more striking differences between the older, or more “mature” organizations, accounting for 29% of those surveyed, and the rest of the employers is that the great majority of the former group conducts annual employee engagement surveys, compared to less than half of other employers.
By completing these surveys, some roadblocks employers say they are encountering in engaging more employees in well-being programs include issues such as organization culture (48%), budgets (47%) and communications (30%), the study notes.
For benefits managers, making sure that all employees have access to benefits and programs that address their full well-being — and having the ability to communicate those programs and measure usage and impact — is critical in proving the value of wellness programs, Boyce notes.
“Today, businesses can and should be looking beyond wellness and health cost savings and evaluating employee well-being programs in the context of the larger cultural and business value they deliver, such as increased employee engagement and retention, reduced safety incidents, decreased absenteeism and higher business productivity,” he adds.
In fact, a large majority of HR leaders view workplace culture as an important part of furthering employee well-being. Eighty percent have programs in place or plan to implement programs aimed at improving culture at the office.
Beginner organizations can jump-start their well-being initiatives by offering well-being programs, experiences and activities that engage all employees, not just a few, Boyce suggests. Social connections and team support are critical in building — and sustaining — cultures of well-being, so the more actively involved employees are in the program, the more successful it will be in driving the changes and outcomes that matter for individuals and organizations.
“As organizations continue to focus on individual well-being as a positive driver of company culture, they are going to see happier, healthier, more engaged employees and better business results, across the board,” he says. “That’s just good business sense.”
The best way to implement a robust program that meets the individual needs of employees —while simplifying management and communication for employers — is to find a well-being vendor that has a hub embedded with their solution, Boyce says.
A hub that provides a one-stop-shop experience by connecting all relevant programs into a single space allows employees to access all their resources in one interface while driving participation and usage. With the right well-being and benefits hub, employers will be able to integrate a broad range of HR and benefits programs and promote them to relevant employees and populations.
“Imagine being able to suggest your financial planning program to employees that are new to the workforce, physical activity programs to those who are most sedentary, and mindfulness programs to departments in the throes of their busy season,” Boyce says. “Simplification, employee engagement and personalization are key to building a robust well-being program.”
See the original article Here.
Source:
Otto N. (2017 January 27). Employers prioritizing employee well-being [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/employers-prioritizing-employee-well-being?brief=00000152-1443-d1cc-a5fa-7cfba3c60000
How to encourage increased investment in financial wellbeing
Is financial wellness an important part of your company culture? By promoting financial wellness among your employees', employers can reap the benefits as well. Check out this great article from Employee Benefits Advisor about the some of the effects that promoting financial wellness can have. By Cort Olsen
Financial wellness has come to the forefront of employers’ wellbeing priorities. Looking back on previous years of participation in retirement savings programs such as 401(k)s, employers are not satisfied with participation, an Aon study shows.
As few as 15% of employers say they are satisfied with their workers’ current savings rate, according to a new report from Aon Hewitt. In response, employers are focused on increasing savings rates and will look to their advisers to help expand financial wellbeing programs.
Aon surveyed more than 250 U.S. employers representing nearly 9 million workers to determine their priorities and likely changes when it comes to retirement benefits. According to the report, employers plan to emphasize retirement readiness, focusing on financial wellbeing and refining automation as they aim to raise 401(k) savings rates for 2017.
Emphasizing retirement readiness
Nearly all employers, 90%, are concerned with their employees’ level of understanding about how much they need to save to achieve an adequate retirement savings. Those employers who said they were not satisfied with investment levels in past years, 87%, say they plan to take action this year to help workers reach their retirement goals.
“Employers are making retirement readiness one of the important parts of their financial wellbeing strategy by offering tools and modelers to help workers understand, realistically, how much they’re likely to need in order to retire,” says Rob Austin, director of retirement research at Aon Hewitt. “Some of these tools take it a step further and provide education on what specific actions workers can take to help close the savings gap and can help workers understand that even small changes, such as increasing 401(k) contributions by just two percentage points, can impact their long-term savings outlook.”
Focusing on financial wellbeing
While financial wellness has been a growing trend among employers recently, 60% of employers say its importance has increased over the past two years. This year, 92% of employers are likely to focus on the financial wellbeing of workers in a way that extends beyond retirement such as help with managing student loan debt, day-to-day budgeting and even physical and emotional wellbeing.
Currently, 58% of employers have a tool available that covers at least one aspect of financial wellness, but by the end of 2017, that percentage is expected to reach 84%, according to the Aon Hewitt report.
“Financial wellbeing programs have moved from being something that few leading-edge companies were offering to a more mainstream strategy,” Austin says. “Employers realize that offering programs that address the overall wellbeing of their workers can solve for myriad challenges that impact people’s work lives and productivity, including their physical and emotional health, financial stressors and long-term retirement savings.”
The lessons learned from automatic enrollment are being utilized to increase savings rates. In a separate Aon Hewitt report, more than half of all employees under plans with automatic enrollment default had at or above the company match threshold. Employers are also adding contribution escalation features and enrolling workers who may not have been previously enrolled in the 401(k) plan.
“Employers realize that automatic 401(k) features can be very effective when it comes to increasing participation in the plan,” Austin says. “Now they are taking an automation 2.0 approach to make it easier for workers to save more and invest better.”
See the original article Here.
Source:
Olsen C. (2017 January 16). How to encourage increased investment in financial wellbeing [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/how-to-encourage-increased-investment-in-financial-wellbeing?feed=00000152-1377-d1cc-a5fa-7fff0c920000
Health Law Sleepers: Six Surprising Health Items That Could Disappear With ACA Repeal
Does ACA repeal have you worried? Look into this great article from Kaiser Health News about some of things that could disappear with ACA repeal by Julie Appleby and Mary Agnes Carey
The Affordable Care Act of course affected premiums and insurance purchasing. It guaranteed people with pre-existing conditions could buy health coverage and allowed children to stay on parents’ plans until age 26. But the roughly 2,000-page bill also included a host of other provisions that affect the health-related choices of nearly every American.
Some of these measures are evident every day. Some enjoy broad support, even though people often don’t always realize they spring from the statute.
In other words, the outcome of the repeal-and-replace debate could affect more than you might think, depending on exactly how the GOP congressional majority pursues its goal to do away with Obamacare.
No one knows how far the effort will reach, but here’s a sampling of sleeper provisions that could land on the cutting-room floor:
CALORIE COUNTS AT RESTAURANTS AND FAST FOOD CHAINS
Feeling hungry? The law tries to give you more information about what that burger or muffin will cost you in terms of calories, part of an effort to combat the ongoing obesity epidemic. Under the ACA, most restaurants and fast food chains with at least 20 stores must post calorie counts of their menu items. Several states, including New York, already had similar rules before the law. Although there was some pushback, the rule had industry support, possibly because posting calories was seen as less onerous than such things as taxes on sugary foods or beverages. The final rule went into effect in December after a one-year delay. One thing that is still unclear: Does simply seeing that a particular muffin has more than 400 calories cause consumers to choose carrot sticks instead? Results are mixed. One large meta-analysis done before the law went into effect didn’t show a significant reduction in calorie consumption, although the authors concluded that menu labeling is “a relatively low-cost education strategy that may lead consumers to purchase slightly fewer calories.”
PRIVACY PLEASE: WORKPLACE REQUIREMENTS FOR BREAST-FEEDING ROOMS
Breast feeding, but going back to work? The law requires employers to provide women break time to express milk for up to a year after giving birth and provide someplace — other than a bathroom — to do so in private. In addition, most health plans must offerbreastfeeding support and equipment, such as pumps, without a patient co-payment.
LIMITS ON SURPRISE MEDICAL COSTS FROM HOSPITAL EMERGENCY ROOM VISITS
If you find yourself in an emergency room, short on cash, uninsured or not sure if your insurance covers costs at that hospital, the law provides some limited assistance. If you are in a hospital that is not part of your insurer’s network, the Affordable Care Act requires all health plans to charge consumers the same co-payments or co-insurance for out-of-network emergency care as they do for hospitals within their networks. Still, the hospital could “balance bill” you for its costs — including ER care — that exceed what your insurer reimburses it.
If it’s a non-profit hospital — and about 78 percent of all hospitals are — the law requires it to post online a written financial assistance policy, spelling out whether it offers free or discounted care and the eligibility requirements for such programs. While not prescribing any particular set of eligibility requirements, the law requires hospitals to charge lower rates to patients who are eligible for their financial assistance programs. That’s compared with their gross charges, also known as chargemaster rates.
NONPROFIT HOSPITALS’ COMMUNITY HEALTH ASSESSMENTS
The health law also requires non-profit hospitals to justify the billions of dollars in tax exemptions they receive by demonstrating how they go about trying to improve the health of the community around them.
Every three years, these hospitals have to perform a community needs assessment for the area the hospital serves. They also have to develop — and update annually — strategies to meet these needs. The hospitals then must provide documentation as part of their annual reporting to the Internal Revenue Service. Failure to comply could leave them liable for a $50,000 penalty.
A WOMAN’S RIGHT TO CHOOSE … HER OB/GYN
Most insurance plans must allow women to seek care from an obstetrician/gynecologist without having to get a referral from a primary care physician. While the majority of states already had such protections in place, those laws did not apply to self-insured plans, which are often offered by large employers. The health law extended the rules to all new plans. Proponents say direct access makes it easier for women to seek not only reproductive health care, but also related screenings for such things as high blood pressure or cholesterol.
AND WHAT ABOUT THOSE THERAPY COVERAGE ASSURANCES FOR FAMILIES WHO HAVE KIDS WITH AUTISM?
Advocates for children with autism and people with degenerative diseases argued that many insurance plans did not provide care their families needed. That’s because insurers would cover rehabilitation to help people regain functions they had lost, such as walking again after a stroke, but not care needed to either gain functions patients never had, such speech therapy for a child who never learned how to talk, or to maintain a patient’s current level of function. The law requires plans to offer coverage for such treatments, dubbed habilitative care, as part of the essential health benefits in plans sold to individuals and small groups.
See the original article Here.
Source:
Appleby J., Carey M. (2017 January 12). Health law sleepers: six surprising health items that could disappear with ACA repeal [Web blog post]. Retrieved from address https://khn.org/news/health-law-sleepers-six-surprising-health-items-that-could-disappear-with-aca-repeal/?utm_campaign=KHN%3A+Daily+Health+Policy+Report&utm_source=hs_email&utm_medium=email&utm_content=40532225&_hsenc=p2ANqtz-8vl0H_K8CNgaURbqgYS5m3isu1NUGrj0FRIdsUX8JCwcifTDRV-UvKdu6lZGvB06FTyhENvPFLaOMOsIrr2IBVBTNWQg&_hsmi=40532225
Disconnect between employers, employees over wellness, health plan satisfaction
Check out this great article from Employee Benefits Adviser about the disconnect between employees and employers about their company's wellness programs by Cort Olsen
More than 1,500 employer decision-makers surveyed about the future of healthcare say wellness programs within companies continue to show positive growth among employers and employees alike. However, the study by Transamerica Center for Health Studies also found a strong disconnect in communication between employers and employees regarding healthcare and benefit satisfaction and the commitment from employers to maintain a healthy workspace.
At least 28% of employers have implemented a wellness program for their employees in the past 12 months — a steady increase from 23% in 2014 and 25% in 2015. About four in five companies report their wellness programs have positively impacted workers’ health and productivity, and about seven in 10 have seen a positive impact on company healthcare costs.
More than half of the employers surveyed (55%) say they offer wellness programs to their staff, yet some employees seemed to be unaware that their company offers these programs. Of the 55% of employers who say they offer a wellness program, only 36% of employees with employer coverage say they work for an employer who offers a wellness program.
Employer versus employee perspective
This miscommunication may also contribute to the level of commitment employees think their employer has in maintaining a wellness program within the workplace. While 80% of employers say leadership is committed to improving the health of their employees, only one-third of employees say they agree with that statement.
When it comes to overall healthcare satisfaction there is a similar disconnect, with 94% of employers saying employees are satisfied with the health insurance plan their company offers, while only 79% of employees say they are satisfied with their health plan.
In addition, 90% of employers say employees are satisfied with the healthcare benefits other than health insurance, but only 79% of employees say they are satisfied.
However, while employers and employees may not share the same amount of satisfaction in their healthcare offerings, many companies are making the effort to reduce the cost of their healthcare for their staff.
At least 41% of companies have taken measures to reduce costs, while 71% of companies have taken positive measures in the last 12 months. The percentage of midsize businesses reporting to provide insurance for part-time employees has increased significantly since July 2013 from 13% to 21%.
Still, lack of communication continues over cost concerns as well. While about four in five employers feel their company is concerned about the affordability of health insurance and healthcare expenses, just over half of employees feel the same — even after employers said cost concerns would not be felt by employees.
See the original article Here.
Source:
Olsen C. (2017 January 05). Disconnect between employers, employees over wellness, health plan satisfaction[Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/disconnect-between-employers-employees-over-wellness-health-plan-satisfaction?brief=00000152-1443-d1cc-a5fa-7cfba3c60000
Financial wellness: Here’s what employees want, need in 2017
Great article from our partner, United Benefit Advisors (UBA) by
Recent research into individuals’ financial resolutions for 2017 can tell you whether your financial wellness initiatives are giving employees what they want. It can also tell you whether to expect employees to increase their retirement contributions next year.
Personal finance company LendEDU recently asked 1,001 Americans about their financial goals for 2017, as well as what their biggest concerns are. The results were published in LendEDU’s “Financial Resolution Survey & Report 2017,” which can help employers determine if their financial programs are on point.
Here are some of the more interesting Q&A’s from the research:
What’s your most important financial resolution in 2017?
- Save more money — 52.85% of respondents selected this
- Pay off debt — 35.56%
- Spend less money — 11.59%
Takeaway for employers: Improving savings should be front and center in any financial wellness strategy.
What’s your top financial resolution?
- Make and stick to a budget — 21.38%
- Save for a large purchase like a down payment, household upgrade, or car, etc. — 19.28%
- Pay down credit card debt — 18.88%
- Place money aside for an emergency — 16.58%
- Save for retirement — 13.69%
- Pay down student loan debt — 7.29%
- Save for college — 2.90%
Takeaway for employers: Employees need the most help creating a budget they can stick to.
What’s your top financial concern?
- Unexpected expenses — 53.25%
- Healthcare costs — 23.98%
- Higher interest rates — 9.69%
- The labor market — 7.79%
- Stock market fluctuations — 5.29%
Takeaway for employers: Helping employees manage healthcare costs can be a key add-on to any financial education program.
Do you think you’re better off financially in 2017 than in 2016?
- Yes — 78.32%
- No — 21.68%
Takeaway for employers: Employees’ financial state of mind is on the upswing, which is good. But it could make increasing participation in wellness initiatives more challenging.
Do you make financial resolutions with your spouse or significant other?
- Yes — 84.83%
- No — 15.17%
Takeaway for employers: When it comes to finances, very few people go it alone, so invite spouses to be a part of your wellness offerings.
What would make you stick to a financial resolution?
- Having a reward for reaching the goal — 37.56%
- Segmenting a longer term goal into smaller bit sized pieces — 20.08%
- Technology that helps you save money or monitor goals in real-time — 19.38%
- The encouragement of family and friends — 13.99%
- Having a consequence for not reaching the goal — 8.99%
Takeaway for employers: Incremental rewards and incentives, can help drive participation and success in 2017 financial wellness initiatives.
Do you think you’ll increase your retirement savings contributions this year?
- Yes — 63.24%
- No — 36.76%
Takeaway for employers: This could be a good year to really push employees to bump up retirement plan contributions.
See the original article Here.
Source:
Author (Date). Title [Web blog post]. Retrieved from address https://www.hrmorning.com/financial-wellness-heres-what-employees-want-need-in-2017/
Don’t expect tech to solve benefits communications problems
Great article from Benefits Pro about using technology to communicate with your employees by Marlene Satter
Although technology has spawned multiple methods of communication with employees on benefits, that doesn’t mean they’re solving all the problems in conveying information back and forth between employer and employee.
In fact, generational and demographic differences, varying levels of comfort with a range of communication methods and the complexity of information all mean that there’s no one-size-fits-all solution in workplace benefits communication.
A study from West’s Health Advocate Solutions finds employees’ expectations cover a wide range in benefits, health and wellness program communication. As a result, human resources and benefits managers have to dig more deeply in finding ways to convey information to employees.
One finding which may surprise them is employees prefer live-person conversations, although some do prefer the option to use digital communication channels in certain benefits scenarios. And 41 percent of employees say their top complaint about employers’ benefits programs is that communication is too infrequent.
The top choice of employees for communicating about health care cost and administrative information is directly by phone (73 percent) with a live person; second choice was a website or online portal (69 percent), while an in-person conversation was the choice of 56 percent.
For information about physical wellness benefits, 71 percent opt for the website/online portal, while 62 percent want to talk to someone on the phone and 56 percent wanted an in-person conversation. Interestingly, 62 percent of men and 44 percent of women prefer in-person conversations.
For personal/emotional wellness issues, 71 percent want that chat with a person on the phone, 65 percent want an in-person conversation and just 60 percent want to interact with a website/online portal.
When it comes to managing a chronic condition, 66 percent prefer to talk to someone on the phone, 63 percent would prefer the website/online portal option and 61 percent want an in-person conversation. Sixty-seven percent of men, compared with 53 percent of women, prefer in-person conversations, while 35 percent of women, compared with 18 percent of men, prefer mobile apps.
And there are generational differences, too, with millennials wanting in-person interactions more than either Gen X or boomer colleagues. But they all want multiple options, and the ability to choose the one they prefer, rather than simply being restricted to a single method.
See the original article Here.
Source:
Satter M. (2016 December 14). Don't expect tech to solve benefits communications problems [Web blog post]. Retrieved from address https://www.benefitspro.com/2016/12/14/dont-expect-tech-to-solve-benefits-communications