6 voluntary benefits your employees want
Multigenerational workforces are no longer finding the run-of-the-mill benefits plans adequate. This is making voluntary benefits more important than ever in this age of the multigenerational workforce and a tight labor market. Read this blog post from for six voluntary benefits employees want.
In this age of the multigenerational workforce and a tight labor market, a one-size-fits-all group benefits model with medical, prescription, dental, vision and a retirement plan just doesn’t cut it. A workforce with Baby Boomers, Gen X’ers, Millennials and Generation Z means that employees are going to find the run-of-the-mill benefits plan inadequate. Ditto for job seekers.
What follows is that voluntary benefits are more important than ever. Offering a range of voluntary benefits can help meet the needs of employees at all life stages.
Voluntary benefits add value to benefit plans and are typically easy to administer. They’re low-to-no-cost because employees pay for them, and maintenance is often handled through a payroll deduction. Many voluntary benefits also offer guaranteed acceptance at a lower rate than medical benefits, so even if a small group within your company chooses a particular benefit, they’ll be covered.
This landscape is changing quickly. Here are six trending voluntary benefits your employees want.
Student loan debt repayment assistance
Debt among college graduates has grown to nearly $1.6 trillion. It’s preventing the largest employee segment at most companies from buying houses or cars, saving for retirement, having kids and getting married. To help employees repay their student loan debt, some employers are helping employees pay down student loan debt through a direct payroll deduction.
Others are offering a new, IRS-allowable retirement plan match swap where an employer can opt to increase its defined contribution match, enabling employees to reduce their retirement match and contribute funds to repaying student loans instead.
Interest in this benefit continues to grow. Employers looking to offer student loan debt repayment should be aware that not all platforms are created equal. Look out for high per-employee, per-month fees.
Individual long-term care
A growing number of people are beginning to understand the value of long-term care insurance because they have taken care of or currently care for a friend or relative who needs round-the-clock care. Long-term care insurance covers home or institutional care if a person is no longer able to perform at least two activities of daily living--eating, bathing, dressing, moving from a bed to a chair or using a toilet.
Employees are interested in buying long-term care insurance through their employer because they can offer better rates for simplified issue plans. If you plan to offer long-term care as an employer-sponsored benefit, I recommended rolling it out with a strategic project plan and a benefit counselor or a technology platform capable of providing decision-making tools for a smooth application process.
Executive reimbursement plans
Employee retention — especially executive retention — is on the minds of many employers in the midst of this thriving economy. Filling gaps in medical and prescription coverage is one way to provide executive teams with premium benefits they may be looking for.
Executive reimbursement plans provide reimbursement for out-of-pocket expenses, access to facilities and level of service not normally covered under most group health plans. Rather than simply increasing compensation to help cover out-of-pocket expenses, premiums for these plans are tax-deductible for the employer, and benefits are non-taxable for employees.
Executive individual disability insurance
Traditional employer-sponsored long-term disability (LTD) is likely not enough coverage for highly-compensated employees or some sales staff who depends heavily on commission and bonuses. Normally, LTD pays employees 50-70% of their salary up to a certain amount.
Employers can carve out additional coverage for employees based on their management level, performance or tenure. Individual disability insurance plans can protect employees until they turn 65; they can also protect job titles or levels until employees are well enough to return to work. Executive individual disability insurance, like executive reimbursement, can be offered as a form of compensation, or a form of financial asset protection for higher incomes.
Telemedicine
The rise of consumer-driven health plans has led to the need for telemedicine. Telemedicine provides a way for employees to see a physician or provider by video and get a diagnosis and/or prescription quickly. The success of telemedicine is leading some carriers to integrate it within their plan. However, standalones still exist and can provide employees with an easy way to get care faster and cheaper than before.
Pet Insurance
Pet parents spend nearly $70 billion on veterinarian costs for their pets, but just 10% of dogs and 5% of cats are covered by medical insurance. As pets begin to play a larger role in our lives, more employers are offering pet insurance to their employees to help defray the cost of unexpected medical expenses.
There are a number of plan options, and setting up a plan for employees’ pets is simple. However, it’s vital that employers do their research to ensure the veterinarian network includes the best vets.
As part of a voluntary benefit offering, be sure to develop a rollout strategy and communications plan so employees are thoroughly educated and you meet group minimums.
SOURCE: Park, N. (25 September 2019) "6 voluntary benefits your employees want" (Web Blog Post). Retrieved from https://www.benefitnews.com/list/6-voluntary-benefits-your-employees-want
The unpaid caregiver crisis is landing on employers’ doorsteps
According to new data, 43 million Americans currently are tending to a family member in need, which can be both physically and emotionally taxing on the caregiver. Read this blog post for more on the unpaid caregiver crisis.
Scott Williams knows firsthand what it is like to support a sick relative. But even after spending 20 years tending to his ailing mother, he didn’t consider himself a caregiver.
“She suffered from multiple chronic conditions, but I never considered myself a caregiver,” he says. “I just thought I was a son who loved his mom.”
Williams, who is vice president and head of global patient advocacy and strategic partnerships at the biopharmaceutical company EMD Serono, realized that because he didn’t think of himself as a caregiver, he wasn’t able to take advantage of the benefit offerings his company had in place for these workers.
“Until I really started to think about it, I didn’t realize how burned out I really was,” Williams says. “I was in that sandwich generation, which is a situation that many caregivers find themselves in sometimes.”
Williams dilemma is not uncommon. There are 43 million Americans currently tending to a family member in need, according to data from LIMRA. AARP estimates that caring for a loved one can cost close to $7,000 out of pocket.
"I never considered myself a caregiver, I just thought I was a son who loved his mom.” Scott Williams
It is also both physically and emotionally taxing — 57% of caregivers need medical care or support for a mental health condition, according to an Embracing Carers survey. About 55% of caregivers say their own physical health has diminished, 54% say they don’t have time to tend to their own medical needs and 47% report feeling depressed.
The caregiving crisis puts employers in a unique position to offer benefits, policies and resources that can ease some of this stress. Indeed, there are some employers that already stepped up. For example, Starbucks launched a new caregiver benefit last year. Amgen and Brinker International, use digital tools to offer caregiving benefits to their workers.
Regardless, the need for employer-provided backup child, adult and senior care options is still largely unmet. Only 4% of employers offer backup childcare services and only 2% offer backup elder care, according to data from the Society for Human Resource Management.
The breakdown of communication between the company and the worker may be keeping the majority of employees from accessing the assistance they need. If employers ignore this issue or simply fail to communicate with employees, it can end up becoming a burden that costs the company money or result in the loss of a worker.
But there are some steps employers can take. The first is to identify the responsibilities of the family caregiver so that employers can better address their needs. One of the biggest responsibilities caregivers face is the amount of time they have to spend transporting loved ones, says Ellen Kelsay, chief strategy officer for the National Business Group on Health citing recent data on the subject. These employees often have to leave work early, come in late or take off to get an ill family member to their doctor’s appointments.
“The financial impact is considerable, many of these employees are paying out of their own pocket to support the medical care of a loved one. So there is financial assistance that they need,” Kelsay says. “When you think about the impact on the employee, they [struggle from a] physical, mental and emotional wellbeing perspective.”
About half of unpaid caregivers work full time outside of their home and many have to take leaves of absence or cut back their work hours due to the demands of caring for a family member, LIMRA research shows. A significant portion of employees had to stop working in order to better care for their loved one — about 22% say they voluntarily quit their jobs, 18% had their employment terminated and 13% chose to retire early.
Unlimited PTO, remote work, shared sick time and an employee resource group are just a few offerings employers can offer staff, Williams says. For instance, EMD Serono created an employee resource group for caregivers, a peer to peer network where employers can find dedicated resources, while also having an exchange with colleagues who are going through similar situations.
But there is still more that can be done, Williams says. Training managers to be more understanding of an employee’s needs can go a long way toward bridging the gap. Another option companies should consider is enhancing employee assistance programs to include caregivers, he adds.
“One of the things we see employers doing that can really help is being able to raise the visibility of [the available] resources,” Williams says. “To really ensure that whether you’re a new employee or an established employee in an unpaid caregiving situation that you have access to them.”
SOURCE: Schiavo, A. (11 July 2019) "The unpaid caregiver crisis is landing on employers’ doorsteps" (Web Blog Post). Retrieved from https://www.benefitnews.com/news/improving-caregiving-challenges-through-the-workplace
7 ways employers can support employee caregivers
Seventy-three percent of employees in the United States act as caregivers for a child, parent or friend, according to research from Harvard Business School. Continue reading for seven ways employers can support employee caregivers.
The number of caregiving adults in the U.S. has reached a tipping point.
As the baby boomer generation gets older, an increasing number of people in the workforce are taking on the role of unpaid caregiver for a family member or friend. Many also are in the midst of raising their own children, which means they’re pulled in many different directions, trying to keep up with work commitments and family responsibilities. In fact, according to researchers at Harvard Business School, 73% of employees in the U.S. are caring for a child, parent or friend.
What do all these statistics point to? They mean that employers have an opportunity to play a role in helping employees balance these often competing priorities.
The Harvard study highlights the impact of employee caregiving responsibilities on the workplace. While only 24% of employers surveyed believed employee caregiving influenced their employees’ performance at work, 80% of the employees who were surveyed admitted that caregiving had an effect on their productivity at work and interfered with their ability to do their best work.
The survey also found that caregiving can affect employee retention, with 32% of the employees surveyed saying they had left a job because of their caregiving responsibilities. In addition, employees who are caregivers are more likely to miss work, arrive late or leave early, which affects not only productivity, but also the employees’ ability to progress in their careers.
Employers can take a proactive role in supporting employees who are caregivers. That support, in turn, can have a positive effect on productivity, morale and employee retention. Here are seven strategies employers should consider.
Create an organization-wide understanding of the challenges caregivers face.
Employees who aren’t sure that their managers and leaders would understand the juggling they’re doing and the stresses they face are more likely to not only have problems at work, but — because they face high stress levels trying to get everything done at home and work — they also are at higher risk for a number of health problems such as depression and heart disease. By creating a culture that allows employees to openly express their challenges and ask for support, employers can not only keep employees healthy and productive, they also can reduce secondary costs associated with decreased productivity and chronic health problems.
Know what challenges employees face.
Regular employee surveys can help employers assess employees’ needs in terms of caregiving and tailor the benefits the organization offers to help meet those needs.
Communicate the benefits that are available.
In many cases, employers already offer programs and benefits that can help employees who are caregivers such as an employee assistance program and referral services for finding caregivers who can help when the employee isn’t able to. However, many employees aren’t aware these programs are available, so it’s important to continuously share information about them in company newsletters, emails and at meetings.
Consider flex time and remote work options.
Depending on the employees’ work responsibilities, employers can offer flexible work arrangements that allow employees to work different hours or to telecommute for a certain number of days per week.
Change the approach to paid time off.
Rather than dividing paid time off into vacation days, sick days and personal days, consider grouping all time off into one category. That allows employees to take time off for caregiving as needed. A growing number of companies, including Adobe, Deloitte, Bristol-Meyers Squibb and Coca-Cola, are also offering paid family leave benefits so that employees can take time off to provide care.
Connect employees with resources.
Beyond an EAP and referral services, employers can offer programs that connect caregivers with resources for both their caregiving role and for the self-care they need to remain healthy and able to handle both job and caregiving roles better. Those resources can include:
Beyond an EAP and referral services, employers can offer programs that connect caregivers with resources for both their caregiving role and for the self-care they need to remain healthy and able to handle both job and caregiving roles better. Those resources can include:
- Advisory services that help employees connect with healthcare providers for their parents, children and themselves
- Nurse managers, case managers and geriatric care managers who can help employees who are managing the care of a family member who’s living with a serious health condition or disability
- Advocates who can help employees who are dealing with complex insurance claims for the person they care for, planning for long-term care, or managing the legal and financial complexities that can arise when a parent or spouse dies
Internal caregiver resources groups that bring together employees who are dealing with the issues surrounding caregiving so that they can share ideas and experiences
Measure how well your support is working.
The first step to supporting caregivers in the workforce is to implement policies, programs and benefits that offer them the tools they need to balance work and caregiving. An equally important second step is to regularly review what is offered, how much the offerings are used, and by which employees. Ask employees for feedback on how effectively what the organization provides is in helping them with issues they face as working caregivers and solicit ideas for new approaches and tools they’d like to have.
SOURCE: Varn, M. (25 March 2019) "7 ways employers can support employee caregivers" (Web Blog Post). Retrieved from https://www.benefitnews.com/list/7-ways-employers-can-support-employee-caregivers