Communication. HR’s Ticket to Success
Effective communication within the workplace is a key to a successful business. One of our main initiatives this year is to look into creative ways to effectively communicate with employees. In this article, SHRM focuses on HR, and the importance of communication between HR professionals and employees.
HR Professionals are awesome in many ways. We do great work, for majority of us, we do it not because it’s a job, but because it is truly what we love. Unfortunately, even the greatest HR professional can have down falls, and one might be, not being able to communicate effectively.
Learning to communicate is a key skill for HR professionals, but we sometimes forget one part of communication. Listening.
It’s Monday afternoon, you’re deep in your office, catching up on what happened over the weekend. You’ve already made your rounds, talking to coworkers or being out at the field site, and then you get a knock on the door. An employee is there asking if you, “Have a minute” to discuss an issue he or she is having, and you clear off the desk and break out your notebook to.
We are listening and then we start playing out different options in our head and we stop. We start asking questions in the middle of the employees’ issue because we want to solve it or it’s something we think we’ve heard before, so we automatically know what needs to happen. STOP.
Stop trying to fix an issue before you’ve heard the entire story.
Stop tuning out because you think you already know the answer.
There is enough data to show employees won’t come to HR because they have had, or heard, a bad experience, they don’t think they can trust us or what we “plan” to do, and they don’t think we listen to their concerns.
Here is what you should do:
Allow the employee to finish everything they need to say. Take notes while you’re listening to them and then get clarity at the end. This way, you have their entire story, the one they’ve played out in their head over and over before they walked in your door. Do not go automatically on the attack, unfortunately, this can be very hard for HR, we are trained to question everything. Listen clearly to everything they are telling you, all the people they’ve named, and sometimes what they think should happen. Listen to what they are experiencing and once they are done, then start the investigation or solutions to how they can fix a problem that they might be having.
Communication in HR will be one of the keys to turning around peoples view on the HR department, if we are willing to listen completely.
Source:
Wilkes J. (8 January 2018). "Communication. HR’s Ticket to Success" [web blog post]. Retrieved from address https://blog.shrm.org/blog/communication-hr-s-ticket-to-success
Building A Diverse Workforce In A Small Business
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There can be little argument against the value a diverse workplace. It’s a critical element of driving innovation, increasing creativity and securing market share, but diversity also makes growth and recruitment more manageable and helps to limit the word all employers want to avoid -- turnover. Diversity is significant enough that two-thirds of people polled in a Glassdoor survey said the level of diversity was important when evaluating job offers. This can prove to be a difficult task for a small business in the tech industry.
So what is workforce diversity? It’s more than simply not discriminating based on race, gender, national origin or disability. Diversity offers an alternative view or difference in opinions. Hiring employees with differing backgrounds in religion, from varying age ranges, sexual orientation, political affiliation, personality and education can become invaluable to an organization.
That being said, it can be nearly impossible to implement or force onto a set of employees. According to Harvard Business Review, researchers examined the success of mandated diversity training programs. While it’s simple enough to teach employees the right answers to questionnaires on bias or and appropriate responses for a given situation, the actual training rarely ever sticks, not more than a few days anyway. There have even been findings that suggest these mandated diversity training courses actually have adverse effects.
In the same article from HBR, managers said that when diversity training was mandatory, it is often met with confrontation and even anger. Some, in fact, reported an increase in animosity toward a minority group. On the other hand, when workers see the training as voluntary, the result is improved attitudes and an increase of 9-13% in the hiring of minorities five years from the training.
So if diversity is crucial to the success of a company or organization, but it's also something that can tough to implement, how does an employer ensure that they are fostering a work environment that is diverse? There are a few things employers can consider when they want to step up their game in building a more well-rounded and diverse workforce.
Evaluate The Hiring Process
Assess the level of diversity in the company. Does it reflect the general workforce of the industry or of the community? Figure out which departments are behind or lacking and what the source might be. Is a team diverse in most areas but still behind in management positions? Are managers hiring based on personal biases?
Top leadership needs to be an advocate for diversity in all hiring decisions, from the entry level to leadership positions. If there is a hiring test, see that managers are adhering to it. The HBR articles noted that even when hiring tests were in place, they were used selectively and that the results were ignored.
Having a hiring panel, or a system of checks and balances, would ensure that no one person would abuse the hiring process to lean too much on their own biases. Employers should also seek out new methods or places to network.
Mentoring Programs
Implementing a mentorship or sponsorship program will create a casual relationship between employees that will help alleviate some biases a manager might have and vice versa. Providing an opportunity for stewardship and responsibility allows the mentor to bestow knowledge on their mentee as they watch them grow.
Mentees will see the value in this experience and come to respect their mentor, laying away any preconceived biases or prejudices. They will become more invested in their work and the organization. Much like training programs, mentoring programs should be optional, not mandatory.
Inclusion
Similar to soldiers who serve together on the frontlines, employees who are part of a self-managed team and working as equals who work to complete projects will learn to dismiss biases on their own. Fostering an environment where employees can connect and collaborate increases engagement and allows for more contact than they may make when left to themselves.
In order to succeed in a global market, a tech organization must move past using "diversity" as a meaningless buzzword and step into action by developing and implementing an equal opportunity employment policy, following the Federal EEOC guidelines. Building and maintaining a diverse workforce is essential to growth and innovation in any industry, especially tech. But when handled poorly, or forced upon employees, it will cause more than a few headaches or even lawsuits. It requires change, a new take on leadership and creating a company culture based the business or service rather than a culture based on individual preferences or ideas.
Read the original article.
Source:
Cruikshank G. (4 December 2017). "Building A Diverse Workforce In A Small Business" [Web blog post]. Retrieved from address https://www.forbes.com/sites/forbestechcouncil/2017/12/04/building-a-diverse-workforce-in-a-small-business/#2b42986a4250
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R-E-S-P-E-C-T: How To Earn Respect At Work
It's important to feel respected in the workplace. Here are some helpful tips for keeping and earning respect at work.
Someone I was coaching recently wrote in their development plan that one of their goals was to “earn the respect of more people at work.” I thought that was an interesting goal and asked her to tell me more about her comment. She said, “I just don’t feel like people respect me so I want to earn more respect.” When I asked her specifically what behaviors she thought she needed to exhibit in order to earn respect, there was a long pause and she gave me a blank stare.
You’d be surprised how many times I go through this same “respect” discussion. So here’s the deal…respect is something you have to earn – it’s not something handed out free on a silver platter. If you want to earn respect then you need to ask yourself this question, “How can I change my behavior to earn more respect from others?”
Here are some of my personal suggestions for earning respect:
- Use active listening skills – really listen and hear what people are saying.
- Treat others with dignity and courtesy at all times.
- Keep all your commitments – and never make a commitment you can’t keep.
- Be patient with people; realize that most people want to do what’s right.
- Treat others as they would like to be treated; in other words, learn to flex your social style so you can work better with others.
- Don’t state your opinions unless you can back them up with data. And be sure you fully understand the situation before you comment on it.
- Be sincere.
- Be generous.
- Be humble.
- Be confident, but exhibit confidence without arrogance.
Sometimes I think we speed through life so quickly that we don’t take enough time to really hear other people. To do so takes the ability to be patient, generous with your time, and sincerely care about others. These are all behaviors that will lead to earning more respect from co-workers.
Read the original article.
Source:
Quast L. (27 February 2012). "R-E-S-P-E-C-T: How To Earn Respect At Work" [Web blog post]. Retrieved from address https://www.forbes.com/sites/lisaquast/2012/02/27/r-e-s-p-e-c-t-how-to-earn-respect-at-work/#164b42015749
The 10 Smartest Things To Look For In Every New Hire
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If you’re hiring a new member of your team, congratulations. You have a business that is thriving enough to need more hands. But be prepared, as the shortage of highly skilled workers means finding and retaining quality, creative employees, which can be pretty tough.
According to a 2017 Creative Group study:
• 41% of surveyed advertising and marketing executives say it’s challenging to find creative talent today.
• 52% of advertising and marketing executives say they are concerned about retaining their current creative staff in the next 12 months.
For any company, especially companies that do creative work, the people you hire are your most important asset. So how do you hire the right ones (and avoid the wrong ones)?
It can be easy to become overly focused on things like previous employers, degrees and awards — the stuff that may pique a hiring manager’s interest during the applicant-screening process. But in my decade of experience hiring people for our creative agency, I’ve learned that the key to hiring the right people is starting with a clear understanding of the attributes you want in a new hire: the values, characteristics, personality traits and beliefs that will make them an active agent, not a passive employee.
When you hire someone, you aren’t just adding a body. You are introducing a new element to your culture, your work and your skillset. They will become a conduit for your company’s vision and values, and they will influence — and be influenced by — the people around them, for better or worse. That’s why finding people with the right foundation is everything.
After hiring many roles, both successfully and poorly, I’ve distilled the 10 traits that I think are most important for a new hire — beyond their resume.
1. Hunger: Experience is important and necessary for most roles you hire for. However, you don’t want people who have already accomplished everything and are just looking to coast. The best people want to grow, no matter where they are.
2. Humility: Accomplishments are impressive, but they become less so if someone constantly brags about them. You want to hire team players who want everyone to get the glory (and don’t leave passive-aggressive notes in the kitchen about how the dirty dishes in the sink inconvenienced them). Also, look for people who understand the difference between humility and false humility. To quote C.S. Lewis, real humility is someone who “will not be thinking about humility: he will not be thinking about himself at all."
3. Intelligence (Intellectual And Emotional): Book smarts are good. Street smarts are better. Both are ideal. The best employees have not only the technical ability but also the intuition and common sense to get things done — without oversight — under what are sometimes very stressful circumstances.
4. Self-Awareness: Self-awareness is vital when interacting with other people, whether it’s clients, coworkers or colleagues. Understanding your actions and how they are interpreted and make others feel, is often the difference between being someone who is a pleasure or a pain to work with. The good news is this trait is pretty easy to assess in an interview.
5. Curiosity: An unknown source once said, “Knowledge is having the right answer. Intelligence is asking the right question.” To grow, improve and work more efficiently, you need people who are interested in challenging old paradigms, testing, experimenting and learning. That all comes down to interest and curiosity. Great hires will proactively ask questions and seek out information to make the right decisions or suggest new ideas.
6. Scrappiness: Our company was a bootstrapped startup founded by three broke 20-something guys, so scrappiness is built into our DNA. But it’s an employee trait that benefits any organization. You want people who can get stuff done when things aren’t easy, who can always find a way and who don’t need you to hold their hand.
7. Resilience: Failure and frustrations are inevitable in creative work — even on a daily or weekly basis. People who have defied odds, made interesting career switches or taught themselves new things already come equipped with demonstrated resilience. When you go through a rough patch, as every company does, you’ll be grateful that you have people who are willing and able to weather a storm or two instead of jumping ship at the first sign of difficulty.
8. Flexibility: People who are willing to embrace change, who can dig in and help others out — even when a task isn’t technically in their job description — are the secret to helping a company evolve. At our company, we have many people who’ve held several different positions, some of which span across multiple departments, in just a few years. Their flexibility and knowledge benefits each new team and makes us stronger as a whole.
9. Kindness: No one wants to work with an unpleasant person — even if that person is highly capable. Note, however, that being kind is different from being nice. According to Merriam-Webster, "nice" is defined as: "1. pleasant; agreeable; satisfactory. 2. fine or subtle. 3. fastidious; scrupulous." The same source defines "kind" as: "having or showing a friendly, generous, and considerate nature. Affectionate; loving." Being nice is fine; being kind is absolutely necessary.
10. Passion For What We Do: A truly successful company, no matter the size, is full of people who are invested in the cause, vision and values. Even if you’re a small operation without the same financial resources as your competitors, the only way to build a healthy, happy organization is to hire passionate people who share your vision.
To quote Shafqat Islam, the CEO of NewsCred, in the company's public culture document, under the "People" section, he writes: “This is the only thing that matters — we can screw up in everything else, but if we hire the best people, things will work out. A great team with a bad idea can still execute and make it work. A bad team with a great idea will fail every time.”
Read the original article.
Source:
Ritchie J. (6 December 2017). "The 10 Smartest Things To Look For In Every New Hire" [Web blog post]. Retrieved from address https://www.forbes.com/sites/forbesagencycouncil/2017/12/06/the-10-smartest-things-to-look-for-in-every-new-hire/#30d66c776704
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9 things to leave off your LinkedIn
In our rapid-fire digital age, the Internet has completely revamped the way we traditionally look at recruiting. Resumes are sent as PDFs, online portfolios reign supreme, and LinkedIn has become the new Facebook for recruiters in every industry.
Wondering what you shouldn’t include on your LinkedIn profile in order to appear as marketable as possible to potential employers? Read on to find out.
1. Job titles that don’t say what you really do
When trying to describe your previous positions, it works to your advantage to be as precise as possible. That way, recruiters know exactly what your skillset is, and how it might fit into their company.
2. Your age
Unfortunately, some people have reservations hiring someone they think is either too young or too old. Don’t get knocked out of the running for a job by including school graduation years or other age identifiers.
3. Bad spelling, punctuation, and grammar
When writing up descriptions of your responsibilities in each job, take care to avoid punctuation, grammar, or spelling mistakes. Look at it as a test of your writing and communication abilities—highlighted for everyone to see.
4. A goofy profile photo
Unfortunately, some people don’t seem to realize that LinkedIn is not the place to put a goofy or odd profile photo—unless you’re looking for a job at the local comedy club. Spend a little money on getting a quality headshot that will impress those who see it, not make them wonder if you’re a serious candidate.
5. References from previous positions
There’s no reason to include references with phone numbers or contact information on your LinkedIn page. If an employer is really interested in hiring you, they’ll contact you for them directly. However, do encourage people you’ve worked with or for to leave recommendations for you on your LinkedIn profile page. They can really make you stand out from other candidates.
6. Salary or pay
One of the most unprofessional things you can do is include your salary for each position you held at various companies on your LinkedIn profile page. Unless you’re asked, it doesn’t make sense to disclose such personal information on such a public platform.
7. High school jobs
Unless you just graduated from high school, then jobs you had in high school (or earlier!) don’t belong on your professional LinkedIn page. While you may have enjoyed your summer job flipping burgers or mowing lawns, it’s not going to make much of an impression on someone who’s doing the hiring for a position with much greater responsibilities. It’s much better to put your best foot forward by showcasing standout roles in more recent jobs.
8. Personal information
Refrain from adding information about your ethnicity, religious affiliation, political party, or other potentially sensitive or controversial information. Regardless of how open-minded your recruiter may be, saying less is definitely safer than saying too much when you don’t know your audience.
9. Unprofessional posts or memes
Don’t forget that your LinkedIn profile and any posts you make on LinkedIn are potentially going to be viewed by the very person who is going to interview you for your dream job. What do your posts say about you? What about those funny memes (silly cat photos and so forth) that everyone seems to be passing around today? Will they make the interviewer even more excited to make you a job offer, or stay far away?
Read the original article.
Source:
Economy P. (4 December 2017). "9 things to leave off your LinkedIn" [web blog post]. Retrieved from address https://workwell.unum.com/2017/12/9-things-to-leave-off-your-linkedin/
5 ways digital tools can help build a better benefits package
"...digital tools can be excellent motivators and are a popular option for keeping employees to their wellness objectives..." In this article from Employee Benefit Advisor, we get a fantastic look at some statistics and digital tools to create better employee engagement.
The American workforce has an employee engagement problem: Half of U.S. workers are disengaged, according to a recent Gallup poll. That not only has a detrimental effect on individual wellness, but on company culture and the bottom line. According to The Engagement Institute, disengaged employees cost organizations between $450 and $550 billion every year. In addition to being less productive, they’re also more likely to quit.
One of the most effective ways to improve employee engagement is to offer better benefits. In fact, research conducted by Willis Towers Watson found 75% of employees said they were more likely to stay with their employer because of their benefit program. This demonstrates the value of designing an employee benefits package that really works for your staff. And to even better engage workers with benefits, employers should utilize HR apps and employee wellness software.
They vary in functionality, device compatibility, and of course price, but they all share five considerable advantages:
They’re highly adaptable. Unlike programs that rely on in-person use or resources that are primarily stored in binders, digital content can be updated on the fly. This flexibility makes it very easy to keep the information current and relevant, and it even opens the door to personalized benefits. For instance, if each employee has their own login, they can bookmark the resources they find most useful and receive suggestions based on those picks. Seventy-two percent of employees in a MetLife survey say being able to customize their benefits would increase their loyalty to their current employer, which makes this perk doubly advantageous.
They’re fully integrative. One major complaint employees have is that their health information is so disjointed. Dental, physical, psychological and nutritional data is siloed, creating a cumbersome situation for employees when it comes to accessing and updating their records. Digital tools neatly solve this problem by collecting all these resources in one place. All employees have to do is sign into one account to view all their health-related resources, benefits, emergency phone numbers, enrolment information, health savings account balance and so on.
They’re constantly accessible. Have you noticed your staff using fewer and fewer benefits over time? It’s easy to assume they’ve lost interest, but chances are they’ve simply forgotten what’s available to them. Digital tools are a fantastic way of combating that attrition for a couple of reasons. First, they’re super easy to access because they can be used essentially anytime, anywhere. The second reason your staff is more likely to continue using their benefits with a digital platform is because it can serve them with notifications and reminders. They no longer have the excuse of being unaware when fresh content is added, or missing medical appointments.
They encourage employee goals. To add to the previous point, digital tools can be excellent motivators and are a popular option for keeping employees to their wellness objectives. Two of the most common goals are weight loss and smoking cessation, but your employees can use calendar, reminders, notes, fitness trackers and other features to push them toward any goal they like.
They’re easily scalable. Finally, digital tools are the most efficient way of reaching a large employee base, especially if they’re spread over a large geographical distance. It’s impossible to expect a thousand employees located in different states to attend a stress management seminar, for example, but it’s not unreasonable to ask them to watch a five minute video or listen to a podcast. Digital resources are changing the game when it comes to reaching all employees equally so that no one gets left behind.
Some things to keep in mind
Now that you’ve been convinced to digitize your employee wellness program, there are a couple of assurances you should make. The first is confidentiality. Your employees need to feel safe accessing your health resources, so guaranteeing the security and privacy of their information is a must. You should also make accommodations for various accessibility concerns. In other words, having all your resources in video format isn’t helpful for employees who are visually impaired. Also be aware of the different situations in which your staff might need access (at home, on the go, with or without an internet connection, etc) to ensure maximum ease of use.
Why is this all so important? As cool and cutting-edge as many of these digital tools are, at the end of the day your goal is to promote employee well-being and engagement. Anything that encourages your staff to come into work with a smile on their faces is worthwhile. Gallup studies have shown highly engaged organizations are 21% more profitable, 17% more productive, and achieve a 41% reduction in absenteeism. No matter how effective your current benefits package is, you can — and should — take it to the next level with a digital program.
Read the original article.
Source:
Mittag A. (17 November 2017). "5 ways digital tools can help build a better benefits package" [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/5-ways-digital-tools-can-help-build-a-better-benefits-package?feed=00000152-1387-d1cc-a5fa-7fffaf8f0000
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I Have Life Insurance Through My Employer. Why Do I Need Another Policy?
Life Happens in a Heartbeat - Stay Prepared With Saxon Life Insurance.
Although it is a subject no one wants to talk about, Life Insurance may be one of the best purchases you ever make.
Have you considered what would happen if you were not there to take care of your loved ones? Life insurance plans are about preparing for the unexpected. While nothing can replace you, having Life Insurance helps ensure that your family and loved ones would be financially stable if anything was to ever happen to you. Check out this article from Life Happens on the importance of obtaining Life Insurance - even if it's already offered through your employer.
One of the perks of having a full-time job with a good company is the benefits package that comes with it. Often, those benefits include life insurance coverage, which is great. And everyone who can get life insurance at work should definitely take it, as there are many advantages to company-funded life insurance, also known as group life insurance. These advantages include:
1. Easy qualification. Often, enrollment into group life insurance is automatic. That means everyone qualifies, as there is no medical exam required. So people who have preexisting health conditions, like diabetes or previous heart attack, can get life insurance at work, and may get a better rate compared with what an individual life insurance policy might cost them.
2. Lower costs. Employers’ insurance plans tend to be paid for or subsidized by the company, giving you life insurance at a low cost or even free. You may even have the option to buy additional coverage at low rates. Costs tend to be lower for many people because with group plans, the cost per individual goes down as the plan enlarges.
3. Convenience. It’s easy to subscribe to an employer’s life insurance plan without much effort on your part and if a payment is required, it’s easily deducted from your paycheck in much the same way as your medical costs are deducted.
These are all great advantages, but are these the only considerations that matter when it comes to life insurance? The answer, of course, is no.
Life insurance should first and foremost fit the purpose—it should meet your needs.
Life insurance should first and foremost fit the purpose—it should meet your needs. And the primary purpose of life insurance is to care for those left behind in the event of your death. With group life insurance, it’s often set at one or two times your annual salary, or a default amount such as $25,000 or $50,000. While this sounds like a lot of money, just think of how long that would last your loved ones. What would they do once that ran out?
There are several other disadvantages to relying on group insurance alone:
1. If your job situation changes, you’ll lose your coverage. Whether the change results from being laid off, moving from full-time to part-time status or leaving the job, in most cases, an employee can’t retain their policy when they leave their job.
2. Coverage may end when you retire or reach a specific age. Many people tend to lose their insurance coverage when they continue working past a specified age or when they retire. This means losing your insurance when you need it most.
3. Your employer can change or terminate the coverage. And that can be without your consent, since the contract is between your employer and the insurer.
4. Your options are limited. This type of coverage is not tailored to your specific needs. Furthermore, you may not be able to buy as much coverage as you need, leaving you exposed.
Importance of Buying a Separate Life Insurance Policy
It’s for these reasons you should get an individual life insurance policy that you personally own, in addition to any group life insurance you have. Individual life insurance plans offer superior benefits, and regardless of your employer or employment status, they remain in place and can be tailored to meet your needs and circumstances.
Most importantly, an individual life insurance policy will fit the purpose for which you purchase it—to ensure your dependents continue to have the financial means to keep their home and lifestyle in the unfortunate event that you’re no longer there to care for them.
Don't wait to protect your livelihood. Set up an appointment with one of our life insurance specialists here at Saxon by clicking this link.
Source:
Medina F. (19 June 2017). "I Have Life Insurance Through My Employer. Why Do I Need Another Policy?" [Web blog post]. Retrieved from address https://www.lifehappens.org/blog/i-have-life-insurance-through-my-employer-why-do-i-need-another-policy/
Data transparency, debt consolidation and ID protection lead open enrollment wish list
In the thick of open enrollment season, savvy employers and benefit advisers have eased the onslaught of information with complex benefit jargon by spreading out employee sign-up before the mad fall rush. Employee Benefit Adviser spoke with Jeffrey Faber, HUB International Midwest’s chief operating officer, to discuss how employers are urging employees to save with data transparency tools, use interactive services to learn about new benefits and to sign up for identity protection.
EBA: How is open enrollment going for you and your clients?
Faber: We’re in the middle of open enrollment season and we are trying to lock down the last-minute decisions our clients have. Predominantly our business is a renewal business.
Our large groups have made their decisions already but our smaller groups are just finding out what their renewals are from the major medical carriers. We have our hands full trying to make sense of it all. But open enrollment is the focus. This is absolutely our busiest time of year. From mid-August to Halloween, and even mid-November, it seems to be getting longer and longer every year with all the nuances our clients require.
EBA: How does this enrollment season differ from previous years? Is there confusion over the ACA’s status? Is there a greater emphasis on voluntary benefits?
Faber: On the repeal of Obamacare, a lot of those decisions have been made too late for our employers to really have to pivot and they are unaffected largely by the executive orders and the talk from Congress. Of course, there's the specter that Congress will act and make a decision in the next couple of weeks, but that impact would probably be a 2019 event instead of a 2018 event.
On the voluntary benefits side, our clients are asking for financial and holistic tools to meet the employees where they live in regard to student loans, tuition assistance and debt consolidation services. ID theft has been a big conversation point in the last three or four months and has been heightened by the Equifax breach, but it started three years ago with the Target breach. A lot of employers want to understand their role in their employee’s lives,
And for voluntary benefits, most of our customers are moving to the consumer-driven model with higher deductibles, so accident insurance, critical injury insurance, and hospitalization – those are all nice bolt-on benefits for the medical benefits they have. It almost allows the employee to self-insure their own health. And HSAs and HRAs are still popular. We see a large uptick year over year over year.
EBA: Any other trends for this year’s open enrollment?
Faber: A few years ago, we joked that overall enrollment was the HR Super Bowl. It happened once a year, it was a three hour event with a bunch of commercials and no one really talked about it a week or two later.
Our clients have asked, what can we do the other 11 months a year? We have seen an increase in requests for interactive PDFs, on-demand video, and interactive guides directing folks to microsites or apps on their phone. We introduce these in April, May or June and if the employee needs this, they don't have to go back into their memory bank and access it, they can get it online. It is that year round learning that engages the customer.
EBA: Is this because employees are bombarded with information during open enrollment?
Faber: Yes and no. There is a lot of information that is required and that is distributed this time of year and there are a lot of decision points that they have to make for themselves and the benefit of their families. We put in place decision helping tools like Jellyvision’s ALEX and some other proprietary tools, that can help employees better make decisions.
But I think it is more toward trying to be a circuit breaker in an employee's head when they are accessing healthcare. That makes them stop and check, “Is this in network, do I have to get pre-authorization? How do I check for a lower cost across the street from a benefit provider?”
These things come out of the workshops this time of year, but if you are not hitting employees where they live at the time of use, you are missing those opportunities for significant cost savings. And not on just on the employer side but the employee side especially with high-deductible plans.
EBA: Is data transparency a big push for this open enrollment season?
Faber: Yes, especially when you consider that standalone imaging facilities are three to eight times less expensive than an in-house hospital facility. Employees need to understand that they will pay 100% of that cost until they meet that deductible in that consumer-driven plan, so there is every effort being made to make sure the employee is checking those transparency tools.
At open enrolment time, we make every effort to employees in the room to ID the nearest urgent care and ER facility, to write those down on a note card and put it in the visor of their car. So, they know at the moment of crisis to know where those places are and make decisions ahead of time.
EBA: Accountants say that from January to April 15, they don't see their families. Is it the same for you during open enrollment?
Faber: (Laughs) I grew up in an accounting family and I can attest to that. It is all hands on deck but our goal is to help clients get their decisions out of the way in Q1 and Q2. We try to help them with decisions that don't require immediacy and don’t have to be made right away, like life and disability insurance, and voluntary and wellness benefits. You can make a lot of those decisions in April, May and June.
Source:
Albinus P. (30 October 2017). "Data transparency, debt consolidation and ID protection lead open enrollment wish list" [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/news/data-transparency-debt-consolidation-and-id-protection-lead-open-enrollment-wish-list-says-hub-international-midwest-coo-jeffrey-faber?feed=00000152-1387-d1cc-a5fa-7fffaf8f0000
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Understanding your Letter 226-J
Letter 226-J is the initial letter issued to Applicable Large Employers (ALEs) to notify them that they may be liable for an Employer Shared Responsibility Payment (ESRP). The determination of whether an ALE may be liable for an ESRP and the amount of the proposed ESRP in Letter 226-J are based on information from Forms 1094-C and 1095-C filed by the ALE and the individual income tax returns filed by the ALE’s employees.
What you need to do
- Read your letter and attachments carefully. These documents explain the ESRP process and how the information received affects the computation.
- The letter fully explains the steps to take if you agree or disagree with the proposed ESRP computation.
- Complete the response form (Form 14764) indicating your agreement or disagreement with the letter.
- If you disagree with the proposed ESRP liability, you must provide a full explanation of your disagreement and/or indicate changes needed on Form 14765 (PTC Listing). Return all documents as instructed in the letter by the response date.
- If you agree with the proposed ESRP liability, follow the instructions to sign the response form and return with full payment in the envelope provided.
You may want to
- Review the information reported on Forms 1094-C and 1095-C for the applicable year to confirm that the information filed with the IRS was accurate because the IRS uses that information to compute the ESRP.
- Keep a copy of the letter and any documents you submit.
- Contact us using the information provided in the letter if you have any questions or need additional time to respond.
- Send us a Form 2848 (Power of Attorney and Declaration of Representative) to allow someone to contact us on your behalf. Note that the Form 2848 must state specifically the year and that it is for the Section 4980H Shared Responsibility Payment.
Answers to Common Questions
Why did I receive this letter?
The IRS used the information you provided on Forms 1094/5-C and determined that you are potentially liable for an ESRP.
Where did the IRS get the information used to compute the ESRP?
The IRS used form 1094/5-C filed by the ALE and the individual income tax returns of your full-time employees to identify if they were allowed a premium tax credit.
Is this letter a bill?
No, the letter is the initial proposal of the ESRP
What do I need to do?
Review the letter and attachments carefully and complete the response form by the date provided.
What do I do if the information is wrong or I disagree?
Follow the instructions in the letter to provide corrected information for consideration by the IRS. The IRS will reply with an acknowledgement letter informing you of their final determination.
Do I have appeal rights?
Yes, the acknowledgement letter that you receive will spell out all your rights, including your right to appeal.
General Information
For more info visit ACA information center for Applicable Large Employers
Here’s an excerpt from the 226J letter, and a link to the official sample.
Source:
IRS (9 November 2017). "Understanding your Letter 226-J" [Web blog post]. Retrieved from address https://www.irs.gov/individuals/understanding-your-letter-226-j
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/