What will Workplace Wellness Look Like in 2020?
What will 2020 have in store of workplace wellness? Currently, all indicators are pointing toward a rapid evolution of the workplace wellness industry. Read this blog post to learn more about what wellness will look like in 2020.
As we look toward 2020, all indicators point towards a rapid evolution of the U.S. workplace wellness industry characterized by innovative solutions for managing health care costs that serve the increasing need for proactive ownership of well-being. However, are advances in related disciplines being leveraged optimally, cohesively and creatively to provide for maximum benefit to both the employee and employer?
The corporate model of wellness programs ranges from education programs, to a more evolved model of on-site fitness facilities, incentive programs and HR driven wellness initiatives as part of an overall health and benefits offering. The 2014 SHRM Survey of Strategic Benefits - Wellness Initiatives shows that 76 percent of all surveyed companies had some form of wellness programs/resources. Among those companies two-thirds offered some form of incentive or reward program.
The results of these types of programs have already demonstrated the positive impact of a collaborative responsibility partnership between employer and employee in implementing a wellness approach and the reduction of medical costs.
Several key performance indicators have been used for evaluation, including reductions in monthly medical cost spend, hospital admissions and employee absenteeism. According to SHRM, of the 30 percent who conducted a cost analysis of their wellness programs, 93 percent noted their programs were somewhat or very effective in cutting costs.
This certainly demonstrates a return on investment (ROI) to the employer. In addition, the positive qualitative effect on the organizational culture cannot be understated, with direct impact on talent and team spirit as well as other variables that are incremental to the quantitative benefits measured.
This is particularly important given that variables such as an increasingly aging workforce (by 2020, the number of Americans in the 55 to 64 age group will have grown by 73 percent since 2000), an increase in predominant disease states (by 2030, 40.5 percent of the US population is expected to have some form of cardiovascular disease) and rapidly changing regulations added to the equation, employers are evaluating best and "next" practices to determine if these programs are truly optimized to realize their full potential of impact.
For the next iteration of workplace wellness, the lessons learned can be leveraged from the evolution of the traditional health benefit offering to a health exchange model or to the advances and learnings in personalized therapeutic medicine. The current opportunity requires a creative and innovative approach to health and wellness ownership. Coupling a predictive, proactive and fact-based wellness management approach with employee-owned and led wellness decisions can provide a powerful and personalized platform.
By maintaining this initiative in a structured and sustainable manner, employers are able to provide a more targeted approach of spending proactive wellness dollars for maximum ROI and decreasing the reactive spend on medical costs.
These personalized programs will enable companies to better track and monitor costs and ROI with the goal to have more than 30 percent of the companies properly monitoring cost efficiencies. This is further supported by the fact that 90 percent said they would increase their investment in wellness programs if they could quantify the ROI.
Targeted Wellness
Traditional medical treatment has evolved significantly from standard diagnostic evaluations to increased utilization of scientific advances, specifically in terms of personalized medicine. Medical decisions and treatments are tailored to an individual patient through a data-based approach to drive the efficiency and effectiveness of patient treatment.
Similarly, there is an opportunity for the employee - within the framework of privacy regulations - to leverage this fact-based approach to optimize the value derived from a wellness offering. Two-thirds of employers involved in wellness initiatives typically provide some type of defined contribution or incentive towards wellness (e.g., fitness rebate); however, an opportunity exists to focus this spend on the desired health outcomes. This would provide the maximum benefit to the employee from a well-being standpoint, as well as to the employer for its investment.
While the powerful combination of data analytics and segmentation analysis allows a human resources team to facilitate a fact-based decision-making approach to right-fit an organization with the right individual in the right role at the right time, an organization can effectively manage the time and money dedicated to workplace wellness by creating a tailored program based on the individual employee's current needs and critical influencing factors.
Wellness Exchanges
Employers have made the journey from self-funded managed health care to the growing trend of providing employees with a "shopping mall" of health insurance options, and on to formal health exchanges - gradually increasing the patient-centric involvement of employees in managing their own health care choices.
The value drivers for this organizational transition include increased price competition based on the marketplace model as well as cost savings influenced by employers not overbuying health care coverage for their employees. This is exemplified by the vast majority of participants switching to cheaper plans in their first year of choice coverage.
This undertaking by an organization is by no means a small effort, and it requires a good amount of diligence and change management - not only in creating the road map for the transformation journey, but also in properly structuring, executing and sustaining this approach. In a well-planned and structured implementation journey, the return on investment can be well recognized.
Similarly, a workplace wellness exchange can offer a suite of proactive health program choices designed to give the employee the responsibility to make an informed and impactful decision that is tailored to drive specific health outcomes.
A marketplace approach can also drive competitive offerings from wellness solution providers and encourage a spirit of innovative and cost-conscious platform options - further maximizing use of wellness dollars. This model will encourage individuals to leverage their own personal health ecosystem information (e.g., current state baseline, lifestyle, environmental factors and disease state predisposition) to choose a solution that may help reduce reactive health care dollars spent based on disease state prevention and risk factor reduction.
According to SHRM, year-over-year employee participation has remained flat. An innovative and personalized approach could help motivate and boost participation and would also continue to ensure that the individual employee's wellness responsibility is shared in partnership with the employer. This would require an independent review of the process, structure and plan design, specifically as it relates to patient privacy and the impact to the holistic benefits offering.
Regardless of a company's ability to track ROI, an overwhelming majority (72 percent) think their wellness initiatives are very or somewhat effective in reducing health care costs and 78 percent thought they improved the overall physical health of their employees.
As the impact of reactive medical claim costs on employers continues to increase due to a variety of influencers, proactive workplace wellness will likely evolve and become an inherent component of an organization's benefits offering.
This presents an opportunity to leverage recent learnings from other initiatives in the life sciences vertical to create an effective and efficient workplace wellness platform that is data-driven and tailored to the needs of the employee - providing a marketplace for choice and competition, and reinforcing the shared partnership responsibility between the employer and employee.
SOURCE: Pervaaz, V. (Accessed 01 November 2019) "What will Workplace Wellness Look Like in 2020?" (Web Blog Post). Retrieved from https://www.corporatewellnessmagazine.com/article/workplace-wellness-in-2020
10 trends that will shape HR in 2019
HR professionals across many industries have common challenges to face this year. Some of the biggest headlines of 2018 involved HR-related topics such as discrimination, harassment, diversity and workplace culture. Read this blog post from HR Dive to learn more.
As HR executives turn the page on a new year some will pause to reflect on just how much — and how little — has changed in the span of 12 months.
Increased attention on topics traditionally considered the realm of HR — discrimination, harassment, diversity, workplace culture — made workplaces the convergence point for some of the biggest storylines in 2018. Calls for equal pay, worker protections and better solutions for harassment and discrimination swirled through the boardrooms and shop floors of Google, Tesla, Amazon and CBS, among others.
In the U.S., political figures debated the historic number of people finding work and the policies driving that trend. Experts warned about the opportunities and consequences of artificial intelligence, robotics and other technologies. HR wasn't just an observer in all these developments — it had a lead role, both when things went wrong and when experts searched for success stories.
And through all that turbulence, some elements of the industry remain unchanged. "We're still the stewards of information and our people," Jewell Parkinson, senior vice president and head of human resources at SAP, told HR Dive in an interview. "That is going to be our role."
HR executives and teams across many industries have common challenges to face in 2019. Below, we've recapped what real HR practitioners and industry observers seeing on the horizon.
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The talent acquisition panic
For Ceridian's Chief People and Culture Officer Lisa Sterling, this year's challenging recruiting scene will haunt her into the new year. "The thing … that literally keeps me up at night continues to be the focus on attracting world-class talent to our organization," she told HR Dive in an interview. Sterling isn't the only one vexed by the talent acquisition panic.
"I've been in the industry 22 years, and I've had the most interesting year in 2018," said Scott Waletzke, head of enterprise recruitment strategy at Adecco Staffing, USA. "The utilization of technology is going to make it that much better."
Applications and resumes flooded recruiters' inboxes at alarming rates last year and technology has emerged as a much-needed solution to the deluge. "Tech is allowing our recruiters to have more valuable conversations with those candidates," Waletzke said. With these tools, hiring managers can place candidates in the positions where they are the best fit, according to Waletzke.
Of course, with hordes of candidates and low unemployment comes heavy turnover. And, as Sterling said, organizations need to find and lock down not just any workers, but the best talent for their business. This means companies need to provide a top-notch employee experience, starting with the application process.
"People are sharing on social media what those experiences are like, and in a tight labor market, retention is top of mind," said Jodi Chavez, group president, Randstad Professionals, Randstad Life Sciences, Tatum. Organizations can improve retention rates by amping up company cultures, offering training and creating a robust HR department to manage such initiatives, Chavez said.
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AI as a partner, not a threat
As Waletzke monitored conversations about tech throughout the last two years, he observed a radical shift. "The overall temperature of conversations completely changed. 2017 was robots are going to steal our jobs … now there is starting to be this embrace of technology," he said.
For HR, technology has transformed recruitment, in particular. "We're really looking at ways we can use AI or machine learning to automate the talent acquisition experience so we can dive deeply into the one-on-one relationships," Sterling said. Job search platform CareerBuilder has used machine learning to add a touch of personalization, CEO Irina Novoselsky said in an interview. Those searching on CareerBuilder for jobs at Disney might see the word "client" replaced with the term "guest," a standard swap of lingo for the entertainment company.
"It really is early in that curve of HR users having to become technologists," Novoselsky said. "That really shifts the conversation they're having and what they're looking for."
While these developments may speed up what can be slow, painstaking work, Triplebyte Co-founder and CEO Harj Taggar pointed out that the tech may make the process more efficient, but it does not address everything. "It doesn't help with bias — and in fact, it exacerbates [it]," he told HR Dive in an interview.
That's perhaps why some practitioners endorse a more steady, careful approach to new technologies. "It takes time to figure it out, so I think as recruiters and HR professionals we have to really embrace this change, go with it, try things, fail at times, figure it out, but be comfortable with it," Larry Nash, director of recruiting at EY, told HR Dive.
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Data insights continue to evolve
HR is by now familiar with the calls for data-driven insights — but those insights have to keep people at their core and can't just focus on financial or other success measures.
"It's not good enough to just reduce cost anymore," Art Mazor, human capital practice digital leader and the global leader for HR strategy and employee experience at Deloitte, told HR Dive in an interview. "That's old-school thinking."
Employers have learned the hard way that while working toward a metric may feel modern and effective, the results can be anything but if the focus is solely on improving the number and not on making real, substantive improvements or addressing the underlying issues.
More employers have opted to use data in an effort to better track their workforces, Sam Stern, principal at Forrester, told HR Dive in an interview. "But the problem is, usually the shortest path to success on that metric is to game the system. And to me, to be surprised by that is to be delusional. That's human nature."
Data has its limits, too. An employer can only slice and dice the numbers so many ways, and insights alone don't lead to a lot of change, Jim Barnett, CEO at Glint, told HR Dive in an interview. It's about what HR leaders do with those insights; change happens at the manager and individual team levels. For example, employers can monitor the employee lifecycle from onboarding to exit to get a clear view of why people leave — but without a deeper understanding of who is leaving and why, HR could miss key insights.
"Fundamentally, it comes back to understanding how your team is doing," Barnett said. "These fundamental things haven't changed over the decades."
The pendulum will likely swing back toward qualitative analysis partly to avoid the "paralysis by analysis" that some companies are experiencing, Chavez said.
"You could have all the data in the world and still have high turnover," she added. "There's still a human element. Do exit interviews. You won't see that on a data point."
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More pressure to become 'agile'
Organizations are increasingly being asked to shape internal operations in a way that mirrors external business trends. To that end, executives have taken to terms like "agile," with more than 80% of C-level executives in one survey calling agility the most important characteristic of a successful organization. But what exactly does that mean?
The term can lend itself to many definitions, but Cecile Alper-Leroux, vice president of HCM innovation for HR technology company Ultimate Software, said in an interview with HR Dive that in an HR context it's closely related to another idea that became popular in the HR world last year: flexibility. Agile organizations embrace contingent work forms, like contracting, to cover particular gaps that employee models may not be able to address. Ultimate Software has experimented with "flex teams," for example, that address business problems as they come up rather than focusing on one specific task.
There's an element of the gig economy in these arrangements; "People want to control their own destiny," Alper-Leroux said, explaining that an agile organization allows workers to do that to some extent, which means it also points to a new way to measure worker satisfaction. "We have to embrace a new set of metrics other than traditional results."
But teams don't always form organically. "There's a push to ensure the work can get done with the fewest barriers and how best to onboard people alongside their new counterparts in the workplace," Mazor said. Those "counterparts" won't always be people, either. "What can we do to influence positively that drive to productivity of the enterprise?"
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The role of culture in employer brand
Consumers are value-driven — meaning employees are now, too, Stern said. Employees and applicants are aware not only of an employer's advertising campaigns and brand communications, but the charitable giving an employer does, the messages it sends and the way it treats its partners and contractors. That info is simply more available now, Stern added, and people want to align with companies that share their values.
Societal shifts have partly enabled the rise of the employer as an "institution of trust," as well, Stern said. Some institutions have betrayed that trust in high-profile incidents, meaning employees are looking to companies to be less passive and to "show up" to certain moral events.
"The contract used to be an employer gives a job for life and a pension, so employees give their heart and soul and expect nothing else. And employers broke that contract," he said. "And employees have wised up. 'I need you to support my lifestyle because who knows how long we will have this relationship.'"
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A new focus on where the work is being done
As employers turn their focus to employee experience, more are considering exactly how and where employees do the work that needs doing, Mazor said. Do workers gather on a campus or at multiple, scattered locations? Do people use virtual tools, like video, to connect and collaborate? HR pros must keep these questions in mind as they design culture.
"It's no longer about redesigning process. It's really around reimagining the work," Mazor said. "How do we blend this mix of workers from so many different sources and blend those with the varieties of tech that are available to us in the HR space and more broadly?"
But that means HR may be held accountable for more aspects of the employee experience than it may have been in the past, including a functional tech experience — something more traditionally the purview of IT.
"Is it needed for the day to day and is it current? Is it glitchy? Does it shut down every three days?" Chavez said of employee tech. "Those are things people are leaving their organizations for." In other words, HR would be remiss to overlook the day-to-day tasks of the frontline employee.
And more employers are keeping an eye on the challenges facing their frontliners, from the work environment, to the tools used and beyond. HR managers will put themselves in workers' shoes in 2019 to ensure no part of the experience is overlooked. Because for all the fancy tech a company can employ — "if it doesn't work right, it won't matter," Chavez said.
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Potential for wage growth, but recession fears loom
The wage conversation will continue into 2019, Waletzke said. While employers may remain conservative concerning wage increases, some industries may “flex their wages up” because they are heavily competing for talent; either way it will be a topic of discussion in 2019.
"I think ultimately the focus then will shift to creating potentially other ways to attract talent, be it through different benefit packages or vacation time — alternative benefits to help attract people to the workforce," Waletzke added.
But as more outlets begin to speculate about a potential coming recession, that instinct to keep wages steady in the face of upheaval may feel justified, especially as automation and tech adoption enable some industries to phase out certain jobs entirely. Recession remains speculation, especially for 2019. The real question for employers is how they will approach the talent market in a potential economic downturn.
Some organizations will double-down on ensuring their employees will be more resilient and productive, Stern said, but "I think that will be a minority." A large cohort may instead go after automation and incorporate AI to streamline the work — and reduce the need to hire at all.
"It's less about people losing their jobs to robots and more people never getting jobs because robots already have them," he said.
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Leveling the playing field for women and minorities
Certainly, the push for gender equality was a dominating theme within the overall employment conversation of 2018. As that dialogue continues in 2019, that theme will likely extend, but may take on different forms. "I think you're going to see more on that," Sterling said. "Not so much on the #MeToo piece, but in neutralizing, leveling the playing field."
With this may come the continued examination of the C-suite. In 2018, the number of female Fortune 500 CEOs plummeted by 25%, according to Fortune. Addressing this disparity may cue the change Sterling predicted. Many experts have recommended that organizations with systemic gender bias or ongoing incidences of sexual harassment trigger a cultural revamp starting at the top. The theory goes like this: If the board of a company features a diverse set of executives who are compensated fairly, teams are more likely to imitate the example.
Even as the #MeToo movement fades, the impetus it gave to issues surrounding sexual harassment and gender parity will likely continue to spark discussions and change. One report found that closing the worldwide gender gap will take 108 years, but initiatives like equal pay laws, better parental leave policies and stricter sexual harassment laws may zip up that gap more speedily.
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Empowering managers to help employees
In 2019, HR execs can't afford to overlook one of their biggest tools in building an engaging culture: front-line managers. Employers will be looking for ways to put insights in managers' hands so they can lead to their teams to greatness. This shift in perspective is one reason why performance reviews have moved away from annual affairs and toward consistent, forward-looking talks, Barnett said.
"Now companies have really realized, it isn't about surveys or getting the number up. What this is really about is empowering managers to have thoughtful conversations with their teams," he added.
To ensure success, managers must be trained to have the right conversations. It's easy to tell employees they are doing well; it's considerably harder to get a problematic employee to change their ways, Barnett said. HR has an opportunity to educate and create real transformation in an organization through management personnel.
In turn, businesses are "really shifting [their] approach to workforce experience and how HR runs to drive those business outcomes. Not to support. To drive."
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Development and training to fill important gaps
Skills gaps have spurred employers, non-profits, universities and even local governments to enter the business of upskilling talent. Such efforts are essential to keeping demand in check and may even involve bringing those who once left certain areas of the job market back into the fold.
"What we are also seeing, too, is this idea of what we would call 'encore careers' — people who exited and want back in," Waletzke said, "those individuals will also need to be reskilled, and I think that is a huge topic that we need to stay at the forefront of. Those jobs can't be left vacant."
The focus on employee development has also changed the way managers talk to workers, Taggar said. Those in charge are pressured to provide increasingly continuous and structured feedback. "I think in general everyone wants that, but people aren't happy getting a standard review anymore. People want access to coaching… and all these things to develop their skills more than ever."
But skills deficits also mean recruiters can't rely on the same criteria to fill out their payrolls in 2019. That's a lesson Nash believes has been crucial to staying competitive."In addition to having some of these hard, technical backgrounds, it's really important [candidates] have certain mindsets that will enable to them to grow and change," Nash said. "Just having a growth mindset that things aren't static — they constantly change, and you have to embrace that change."
SOURCE: Moody, K. Golden, R. Clarey, K. (27 August 2019) "10 trends that will shape HR in 2019" (Web Blog Post). Retrieved from https://www.hrdive.com/news/10-trends-that-will-shape-hr-in-2019/545343/
7 employee engagement trends gaining momentum
According to a Gallup survey, organizations with highly-engaged employees outperform the competition by 147 percent in earnings per share. Read this blog post for seven employee engagement trends that are gaining momentum.
Employee engagement is top-of-mind in the HR industry these days. In many ways, it might be one of employers’ biggest pain points. In this tight job market, it’s easier for employees to jump ship — and that’s a big headache for HR. Employers now are working more diligently to retain their key talent who are apt to go elsewhere to seek the working environment they desire.
According to the Society for Human Resource Management, it costs a company, on average, six to nine months of an employee’s salary to replace her. So, for an employee making $40,000 a year, that’s $20,000 to $30,000 in recruiting and training expenses. Others predict the cost is even more: That losing a salaried employee can cost as much as twice their salary, especially for a high earner or executive-level employee.
Think about it. Salary and benefits are important, sure. But in this job market, employees can find what they are looking for in a compensation package. So, what makes the difference? It’s employee engagement — the extent to which an employee’s personal goals and interests align with the vision and goals of the company.
Organizations with highly-engaged employees outperform the competition by 147% in earnings per share, according to Gallup. More companies are realizing the effect that improved employee engagement is having on employee performance, retention and productivity. A G2 Crowd survey reported that in 2019, companies will increase their spending on employee engagement by 45%.
This year has all the makings of being a pivotal year for employee engagement with retention being equally, or even more as important, as recruitment. HR professionals, and companies as a whole, need to review employee engagement practices to make sure their strategy impacts retention, production and performance.
What’s ahead in 2019 for employee engagement? Here are my predictions.
Employers will put much more focus on employee engagement. An analysis from PwC says the new standard for employee engagement is fulfillment — the feeling people have when their work and their motivations are aligned and they gain a sense of meaning and purpose as a result. Others say it’s the employee experience — that it’s more than better perks and benefits. It’s ensuring that employees have positive, meaningful interactions with the organization at every step. Whether it’s employee engagement, fulfillment or experience, 2019 is going to see more employers, and the industry itself, paying much more attention to employee engagement.
Flexibility will be all-important. Millennials, the largest generation in the workforce, have made it loud and clear that they want more workplace flexibility including the ability to shift work hours (such as starting the day earlier or later) and working from home one or two days a week. Turns out that non-millennials are saying the same thing. Look for companies to incorporate more flexibility into company policies this year.
The annual performance review continues to be on its way out. The trend away from the annual performance review in favor of more frequent, real-time reviews and informal feedback will start to take hold in 2019. Ongoing communication is a much more effective tactic. Millennials, in particular, like at least monthly review format/commentary. In addition, steps for development, growth and mentoring can influence an employee’s satisfaction and desire to stay with the company.
Employee appreciation will move to a year-round activity. Call it what you want — recognition, appreciation, etc. But it’s not about an end-of-year holiday party or an employee of the month recognition. And it doesn’t have to always be about the cost of doing it — a manager’s thanks and lunch brought in at the end of a big project can go a long way. This year will see more attention to demonstrating employee appreciation on a year-round basis and rethinking the ways in which we can show it.
Companies will add benefits that satisfy employee lifestyle needs. Employee engagement no longer is one-size-fits-all. Employees have various lifestyle needs that companies can address that show they care about employee life stages. For example, more attention is being paid today to the needs of nursing mothers, and many companies are providing lactation services. For example, Goldman Sachs last year started paying for nursing mothers to ship breast milk to their homes when they travel. PwC introduced a phased return-to-work program following parental leave. Look for companies to identify and add more unique benefits in 2019 that show their employees they care about their life stages.
Employers will take a much more holistic approach to wellness. Gone are the days when employee wellness meant providing a gym membership and orchestrating an internal health fair. In recent years we have seen companies start broadening their wellness approach. Happy, healthy employees are generally engaged employees and that involves addressing all aspects of wellness. According to the University of Maryland, there are eight mutually-interdependent dimensions of wellness — physical, mental, emotional, social, occupational, financial, purposeful and environmental. They don’t have to be equally balanced, and employers likely can’t address all of them. 2019 will see employers studying the holistic wellness approach and making changes that fit their particular organization and their employees the best.
Gamification will be adopted more widely. Whether it’s for onboarding, benefits communication/understanding, wellness programs or other employee engagement tactics, gamification will be considered and adopted more widely this year. Gamification techniques can be used as well to increase use of intranets, social media platforms and mobile communication. Look for employers this year to create more apps and digital games to increase employee engagement.
Employees who feel their companies care about them are more engaged and dedicated to company success. Those of us in HR need to pay as much attention to employee engagement this year as we do to compensation and benefits in order to succeed with employee retention.
SOURCE: Roberts, R. (13 February 2019) "7 employee engagement trends gaining momentum" (Web Blog Post). Retrieved from https://www.benefitnews.com/opinion/these-employee-engagement-trends-are-gaining-momentum
Top 4 HR trends to watch this year
HR departments are now looking to implement innovative strategies to better engage employees and maximize productivity. Continue reading this blog post for the top HR trends of 2019.
HR professionals can no longer rest on their laurels. They are now looking to implement innovative strategies to better engage employees, improve the company’s brand both internally and externally, maximize productivity and increase the organization’s profitability.
So how can HR professionals go about making this happen? The success of HR will largely be based on staying nimble, evolving their organization’s policies and leveraging technological advances to ultimately reshape their workplace practices.
With that in mind, here are the top HR trends that will take center stage in 2019.
The gig economy and the importance of flexibility. The gig economy, which is comprised of individuals with short-term or temporary engagements with a company, is substantially important to employers. Here, workers are seeking increased flexibility and control over their work environments. Since many questions remain unanswered regarding worker classification issues and the application of existing laws in the gig economy, look for the Department of Labor to issue an opinion letter or guidance in 2019 detailing how a company may compliantly work within the gig economy and not run afoul of existing independent contractors.
Flexibility also is important for all employees — not just for the gig economy. While telecommuting and remote positions are not new, they are being emphasized again to better engage employees and increase retention metrics.
The tech effect on future of HR. The strategic and consistent use of workforce data analytics to predict and improve a company’s performance has exploded over the last several years, with additional momentum expected in 2019. While most HR professionals rely on metrics for basic recruiting and turnover rates, more in-depth analytics and trend spotting has become the norm.
Once trends are identified in, for example, turnover rates, an HR professional should have the tools to dive into the data and analyze root causes, such as the need for manager training, review of compensation strategies or a change in the company’s culture. Using predictive analytics in the HR space is helping companies make better informed, dynamic and wiser decisions based on historical data, as well as placing HR on the level of other data-driven company departments, such as finance and marketing.
The collection of this enormous amount of data also poses challenges and potential risks to companies, including negative perceptions among employees about how their data is being used, employee privacy laws and potential security breaches. Strong and comprehensive security policies, protocols and controls are necessary to ensure employers are keeping their employees’ data safe. In 2019, a steady flow of communications to employees regarding advanced security and usage policies is key to prevent data misuse or misunderstanding regarding how information is collected and used.
Artificial intelligence also will continue to be a significant focus driving improvement in the HR arena. Determining which data to collect, analyze and protect will provide opportunities for AI to assume a larger role in HR. Also, in some large organizations, AI already is being used for more than just automating repetitive HR tasks, such as onboarding new employees. The future of AI for most companies will include creating more personalized employee experiences as well as supporting critical decisions. From analyzing performance data to eliminating biases when screening candidates, AI will continue to be a pivotal HR tool.
Strategies for successful recruitment. Running an effective talent pipeline should be the objective of all hiring endeavors. Pipelining is consistently gaining traction as a recruitment tool for new employees. The concept employs marketing concepts to ensure that companies have a diverse group of strong recruits waiting to be hired. Pipelining reduces time to hire and leads to better quality candidates.
Health, wellness and adequate employee training. Another area of importance is multi-faceted wellness programs, which focus on an employee’s total well-being, from nutrition to financial wellness. These programs often include a comprehensive employee assistance program, training and activities during worktime. The training can focus on anything from physical health to development of employees’ knowledge base and technology-focused education. A greater emphasis also is being placed on workplace communication coaching, such as collaboration and negotiation, which are critical to success in the workplace.
Continued training and heightened prevention of sexual harassment and discrimination will be another trend this year. Organizations big and small must ensure that compliant policies are in place and employees are trained on the policies. Several states including California, New York, Connecticut and Maine already mandate that private employers must provide harassment training to workers, and the number of states requiring this training is expected to increase in the coming years.
SOURCE: Seltzer, M. (29 January 2019) "Top 4 HR trends to watch this year" (Web Blog Post). Retrieved from https://www.benefitnews.com/opinion/top-4-hr-trends-to-watch-this-year?feed=00000152-a2fb-d118-ab57-b3ff6e310000
New analytics tool helps employers dig deep into turnover trends
A new analytics tool aims to help employers troubleshoot what might be causing issues with your hiring and talent retention. Continue reading this blog post to learn more.
One HR software provider is aiming to help employers better understand why workers fly the coop.
Namely has added a machine learning and data analytics product to its suite of offerings for HR departments, the company said Wednesday. Its tool, dubbed Benchmarking Package, allows HR teams at midsize employers to take a deeper dive into what might be causing issues with a company’s hiring and talent retention.
The machine learning technology distills company turnover data and compares it to information from similar employers in the system, says Eric Knudsen, manager of people analytics at Namely. The comparison data is taken from the more than 1,000 employers and 175,000 employees using Namely’s platform.
“Midsize companies who have historically lacked the skills to uncover these insights are getting a new view on the workplace that they’re building,” he says.
The turnover data is anonymous.
Reviewing termination data can give employers insight into the types of employees who are leaving and potentially lead to broader insights on workplace diversity. It also can help employers better understand how they stack up against the competition and whether the company has a healthy turnover rate, Namely says.
Lorna Hagen, chief people officer at Namely, says information like this can help employers get a sense of issues that may arise in the future.
“If I’m seeing pockets of people come from a certain area of work background with higher levels of attrition, what does that mean to my recruiting strategy; what does that mean to my product strategy? It impacts how you think about your company’s future,” she says.
HR departments are placing a higher value on data analytics, and HCM software developers are taking note. For example, Paychex recently added a data analytics feature to Paychex Flex, its HCM and payroll administration platform. The feature also provides users with data on hiring and turnover trends, and companies can anonymously compare data with similar employers.
During beta testing of Namely’s benchmarking product, Knudsen says the company was able to identify certain trends by looking at employer data. In particular, he says, Namely found a notable uptick in job abandonment, or ghosting. The rates of abandonment were higher for companies in the retail and real estate industries, he says, and lower for those in the non-profit sector. The company also found that managers with eight or more direct reports had higher rates of turnover.
Hagen says that employers who look at granular data are better able to understand why workers are leaving, which can help them take steps to reduce turnover immediately.
“It’s a much more interesting conversation, quantifying what is happening with your people,” she says. “The rolling 12 month turnover rate is an interesting metric but it’s not actionable. The ability to look by level or by department — those are ways to start thinking about action.”
Namely says the benchmarking package is available to all current clients, including identity access management provider OneLogin, retailer Life is Good, financial services company The Motley Fool and recruiter software company JazzHR. The price of the product varies based on company size, but typically varies per employee per month.
SOURCE: Hroncich, C. (16 January 2019) "New analytics tool helps employers dig deep into turnover trends" (Web Blog Post). Retrieved from https://www.benefitnews.com/news/new-analytics-tool-helps-employers-dig-deep-into-turnover-trends?feed=00000152-a2fb-d118-ab57-b3ff6e310000
Artificial intelligence enthusiasm outpacing adoption
A new survey by the RELX Group reports that adoption of artificial intelligence and machine learning is lagging among key decision makers. Read this blog post from Employee Benefit News to learn more.
Artificial intelligence and machine learning have become essential for organizations to stay competitive. But adoption is lagging even among key decision-makers championing change.
That is the finding of a new survey by the RELX Group, a global provider of information and analytics. The company surveyed 1,000 U.S.-based senior executives across government, healthcare, insurance, legal, science/medical and banking in September 2018, and found that 88% agree that AI and machine learning will help their businesses be more competitive.
While the value of the technologies is clear to executives, only 56% of organizations use machine learning or AI. In addition, only 18% of those surveyed plan to increase investment in these technologies.
“Organizations [that] can successfully use emerging technologies such as AI and machine learning to provide their customers with better products and advanced analytics can emerge as the leaders of the future,” said Kumsal Bayazit, chairman of RELX Group’s Technology Forum.
“While awareness of these technologies and their benefits is higher than ever before, endorsement from key decision makers has not been enough to spark matching levels of adoption,” Bayazit said.
The study showed that AI and machine learning are making their mark, with 69% of those surveyed saying the technologies have had a positive impact on their industry. Machine learning and AI are helping solve challenges by automating decision processes (cited by 40%); improving customer retention (36 percent); and detecting fraud, waste and abuse (33%).
SOURCE: Violino, B. (2 January 2019) "Artificial intelligence enthusiasm outpacing adoption" (Web Blog Post). Retrieved from https://www.benefitnews.com/news/artificial-intelligence-enthusiasm-outpacing-adoption?feed=00000152-a2fb-d118-ab57-b3ff6e310000
Employee benefit trends to watch in 2019
Are you looking ahead to 2019? As the year comes to an end, employment rates are continuing to rise and the economy is still showing signs of growth. Continue reading for employee benefits trends to watch in 2019.
As we close out 2018, the economy is still showing signs of tremendous growth and employment rates continue to rise.
For employers looking ahead to next year, the health of the economy will play a part in how they begin thinking about which benefits to implement. Not only can employees be more selective about the companies they apply to work for, but companies will have to differentiate themselves with their benefits catalog to attract the best candidates.
Along with a shifting political climate, the impacts of the Affordable Care Act will still need navigating in 2019 as health care costs remain a prominent issue.
Shifting health care costs
Health care costs are on track to eclipse $15,000 per employee per year in 2019. In an effort to reduce these costs, employers are shifting their attention to finding alternative health care options for employees.
Expansion of telemedicine and virtual care are at the top of the list for employers looking to reduce their health care costs.
Additionally, after the passing of the Affordable Care Act, many employers shifted their attention to offering consumer-direct health plans (CDHPs) as the sole option at their organization.
These plans combined high-deductibles with health savings accounts. By asking employees to pay for their doctor's visits with a savings account, they’re likely to seek out cheaper coverage, thus saving the company money overall.
The popularity of CDHPs was driven in large part by a proposed 40 percent tax on high-value health care plans. Employers quickly moved to CDHPs to save money, but the proposed tax has yet to take effect and employers are less eager to shift to CDHP options so quickly.
Custom communications
Personalized communications to employees about their benefits are becoming more prevalent.
Every employees’ benefits journey is different and their communications should be too.
As employees show interest or a need for a certain type of benefit, benefits platforms are gearing up to be able to communicate directly with employees to help.
For employees who prefer to communicate via text message or calendar reminders, platforms will begin to integrate more closely with employees’ lives to deliver the guidance they need.
Employers should focus on partnering with providers who are delivering customized messaging to employees to maximize engagement and adoption rates. 2019 will likely see employers not only offering more customized and personalized benefits, but also more robust communications that speak directly to employees’ needs.
Benefits over salary
Hiring efforts have been made difficult by a strong job market and economy. Employers in almost every industry are struggling to attract talent because of stiff competition.
Basic benefits like paid vacation and a 401(k) aren’t enough to break through the noise anymore. People are able to be more selective about which jobs they apply for based on the benefits being offered.
In 2019, employers will need to focus on making their entire benefits package more enticing—including offering help with things like student loans, tuition reimbursement, and college savings plans.
Rise of voluntary benefits
Voluntary benefits, while supplemental to core benefits like health insurance, are a way to address the unique needs of employees and allow employees to personalize their rewards.
Voluntary benefits are appealing to employees because they offer a nice flexibility to their compensation package. As employers are discovering that benefits are not a one-size-fits-all package, voluntary benefits provide a cadre of solutions that can be built for the employee base.
Attractive benefits can make the difference between whether a prospective employee accepts a job offer or not. In 2019, employees will demand more from their benefits packages and the addition of voluntary benefits will be used as a factor in recruitment.
As 2018 comes to a close, employers should focus on talking to employees about their benefits and where they’d like to see improvement. Start conversations with your IT team about security measures you can work towards in 2019 and try to begin the conversation with your benefits providers about how to communicate more directly with your employees to stay competitive in the current job market.
SOURCE: Whitlow, C. (29 November 2018) "Employee benefit trends to watch in 2019" (Web Blog Post). Retrieved from https://www.benefitspro.com/2018/11/29/employee-benefit-trends-to-watch-in-2019/
DISCOVER THE WELLNESS TRENDS FOR 2019
Did you know: A clear space equals a clear mind. Minimalism is one of the new wellness trends for the New Year. Read this blog post for more 2019 wellness trends.
It’s that time of year again when we cast our minds forward and bring you our predictions for the wellness trends that are set to relax, improve and make us feel better about ourselves in 2019. And let’s be honest it feels as if there’s a new trend every week at the moment, so we’ve sifted through the trend trough to tell you ALL about the ones you absolutely need to know about!
Reconnecting With Nature
As a predecessor to the digital detox trend of last year (although heaven knows we still haven’t mastered that one yet!) 2019 is all about shifting our backsides off of the sofa and actually *gasp* leaving our homes to reconnect with nature. The focus is very much on disconnecting i.e. leaving your phones and even your fitness trackers (sorry you’ll have to manage without the steps for this one) in order to reconnect. You see exercising outside is all well and good, but it starts to become detrimental when we begin putting too much pressure on ourselves to hit the next PB or when we become obsessed with comparing ourselves against our friends on the Fitbit leaderboard.
Hey, I’m all for healthy competition and that heady endorphin rush when you smash out an all-time best, but to truly enjoy the benefits of what nature can do for our health we need to unplug and pay attention to what is out there – without the distractions!
From moonlit yoga on the beach to forest bathing in the sensual shadiness of the beautiful English woodland, learning to embrace your inner mother nature is all about fine-tuning the senses. It’s essentially another branch of mindfulness that allows us to break free from the stressful trappings of the modern world and find inner peace and gratitude for the world around us.
Soothing Sounds
You must have that one song that makes you feel amazing? That song that no matter how down in the dumps you are, when you hear those first notes you’re up dancing and feeling as if nothing can stop you. Music’s funny like that isn’t it? It evokes all kinds of emotions in us – from positive uplifting vibes, sorrow and sadness, motivation and drive, right through to silliness and freedom of expression – music has a power over us like no other.
And the sound, of any description, is no different. Think about when you visit a spa, often there will be sounds of the rainforest, birds chattering in trees or that peaceful drift you off to sleep music, floating over the space, creating a calm and serene ambiance and helping you to relax and switch off.
Sound therapy works through the healing power of sound vibration and frequencies. All of us have our own natural frequencies and when we are exposed to the external frequencies of singing bowls, gongs, tuning forks, drums etc. and allow them to wash over us and resonate with us, natural healing of both the body and mind can begin to occur. For example, Tibetan singing bowls can help people to experience a deep sense of relaxation, which can relieve pain, help lower blood pressure, reduce stress, improve circulation and blood flow, balance the Chakras, create focus and emotional clarity and leave people feeling at peace and happy with themselves.
Everyone has the ability to connect with the healing power of sound and most important of all it gives us that chance to focus on just one of our senses, which in a world where our senses are continually blasted with information overload, this is one of life’s most simple of luxuries. Sound classes are becoming increasingly popular for this very reason and many also incorporate the practices of yoga and meditation within them to further aid the wellness experience.
Color Therapy
Do you have a favorite color? There’s a good reason why you are drawn to one color over another and it’s all to do with energy and the way it makes you feel.
Color is energy that is transmitted on different wavelengths and frequencies to create different colored light. There are seven shades of visible light, the rainbow colors, then there is white which contains all of the 7 shades, black which absorbs light and therefore appears void of color, and then there are literally millions of invisible colors that our eyes cannot see. Color therapy, or Chromotherapy to give it its official name, is all about using color to enhance our health and wellness in certain ways. Each color has its own vibrational frequency that relates to different physical symptoms and emotions.
BLUE – This is a calming color that is used to ease symptoms of pain, anxiety, depression and can even aid sleep. Yes I know we’re told the blue light emitted from our screens is bad for us, but that’s a synthetic digital light, so I’m afraid scrolling through Instagram in bed won’t have the same effect! Research has also shown that blue light can help lessen inflammation, lower fevers, reduce high blood pressure and relieve migraines, due to it’s cooling almost anesthetic style energy.
RED – The fiery, powerful color that denotes passion and confidence. It’s bold and powerful and will give you balls when you need it most. And as such, it is thought that being exposed to red light will increase your pulse, raise your blood pressure and increase your breathing rate. Doesn’t necessarily sound too good, right? But red is the color to energize, to motivate and to put yourself out there and show people you mean business. Infrared therapy is also used to activate collagen cells, stimulate the skin to help reduce the appearance of fine lines and wrinkles and can speed up the healing process.
YELLOW – This bright cheerful color does as you would expect; it uplifts, invokes optimism and a real sense of self love in a person.
GREEN – The color of nature, green is associated with harmony and it provides a neutral, positive and calming effect.
ORANGE – This color can raise energy levels and help improve mood, I mean who can’t but raise a smile when you see something bright orange!?!
PURPLE – The mean and moody one, the color of royalty, richness and luxury. Purple is the color for tranquility and works well in a detox sense, stripping the body and mind of impurities and can help patients deal with that sense of mind over matter when dealing with chronic pain.
And then there’s Colorstrology – a bit like astrology, but this is the idea that each birth month has its own color, which is a reflection of your personality. To find out yours go to the Pantone website and pop in your birth date.
2019 sure is set to be a colorful one that’s for sure!
Sleep Hygiene
We all need sleep to survive, it’s a chance for our body and mind to rest, recharge, repair and grow. However, there aren’t many of us that are a) getting enough sleep and b) getting good quality sleep. 2018 saw the rise in good sleeping practices, with power naps and sleep yoga hitting the wellness scene. But 2019 is set to move on from this by teaching us the ways in which we can employ these good habits at home. And it’s much more about quality rather than quantity. Because yes we should be aiming for around about 7 hours of shut-eye a night, but surely 4 hours of quality sleep is way more beneficial than 8 hours of disrupted sleep?
Sleep hygiene is about being ‘clean’ with your sleep, which means setting good practices and routines such as the following:
- Avoiding caffeine late at night.
- Switching off screens and other devices at least an hour before going to bed – and ideally, you don’t even want them in your bedroom.
- Get the temperature just right- not too hot and not too cold.
- Ensure the room is dark – blackout blinds are your new best friend.
- Keep noise to a minimum, or if that’s impossible due to noisy neighbors or yapping dogs then try listening to white noise which will drown out the other sounds and has a calming, sleep-inducing effect.
- Comfort is key to ensure you have a good mattress, a duvet tog that you’re happy with and good supportive pillows.
You may well think that you can catch up on any missed sleep during the week at the weekend, but irregular sleep is far more damaging. Instead aim to finish work by a set time and give yourself a deadline to be in bed, even if you’re up there and reading for half an hour beforehand, that will help you relax and unwind from the day.
And if you’re someone who struggles to switch off and get to sleep try having a warm bath, drinking a hot milky drink, meditating, or practicing some deep breathing exercises before settling down for the night. These are all things that help induce sleepiness and should see you dozing off in no time.
Ultimately if you eat well, exercise regularly and keep those stress levels down then your sleep hygiene should be pretty damn clean. If you don’t… then perhaps that’s something you could work on in 2019!
Less Is More
Minimalism, the KonMari method, decluttering… call it what you like, but essentially all you need to know is that a clear space equals a clear mind.
Go on, try it.
Choose just one cupboard in one room of your house, drag everything out and then set to work sorting out what you do and don’t need. It’ll be tough, especially when you start finding long lost treasures or useful kitchen gadgets you’d forgotten about, or that top you wore back in 1992 that made you look like a bohemian princess, but you need to set yourself limits. Marie Kondo, the queen of clutter-free living, theorizes that we should only hang onto possessions that ‘spark joy’, those that don’t only serve to hold us back and bring negativity into our lives. And it’s certainly a good place to start. Can you honestly say that vegetable peeler shaped like a pencil sharpener brings you joy? Or does it annoy you because every time you go to open the drawer it catches and makes the drawer jam? And that book you’ve clung onto from your days at uni, the one riddled with post-it notes and pencil scrawled study notes… does it bring you joy? You can’t ever read it properly again, it’s probably out of date and so therefore no longer suitable as a study guide for anyone else and all it’s really doing is taking up space and gathering dust on your bookshelf.
The thought of getting rid of your belongings is a scary one. Objects become security blankets, but they are restrictive and oppressive and are preventing you from living your best life. Existing in a tidy and clear space, whether it’s within the work or home environment, can help reduce stress levels, conserve mental energy, give us clarity, make us more productive and most importantly of all can make us feel in control. And when you’re in control you can achieve anything!
Clean Air
As much as we’re all for clean air outside, is it actually doing us any good if our home or work environment is riddled with all kinds of chemicals – yes I’m deffo thinking of those plug-in air fresheners!!
Whether you fill your rooms with plants (they’re amazing at purifying the air and look pretty spesh too!), pay more attention to the ingredients used in your cleaning sprays etc. or even download an app that can tell you how pure the air is – yes really! – 2019 is 100% about living clean. We’ve done the clean eating thing, started to adopt the clean sleeping thing, so it was only a question of time before clean breathing became a thing.
Sales of air purifying plants have more or less tripled over the past year as people strive for that natural air in their homes. If you listened to your Biology teacher at school, you’ll know that plants are capable of turning carbon dioxide into vital oxygen, but they are also great at absorbing unwanted nasties such as formaldehyde, benzene, ammonia, acetone etc. which are found in so many of the items we have in our homes and workspaces.
Crystal Clear Water
Crystals were everywhere in 2018, helping us with their energizing vibes and well they just look so pretty don’t they!?! And don’t worry, they’re not going anywhere, they’re just infiltrating other areas of our lives, namely… our water bottles. Yep, that’s right, you’ve seen the fruit, veg and herb infuser water bottles, now it’s time for the crystal infused ones!
Not only does it take a good Instagram picture (these are beautiful things peeps!) but the crystal gets to work its magic by pouring out all of its positive energy into the water you’ll be sipping on. Crystal gurus have been doing this for donkey’s years, but for us newbies, crystal-infused water is big news. It’s basically creating an essence and so it is up to you which crystal to insert in your water bottle for any given day.
One thing you must, must, MUST make sure of is that any crystal you use is safe to be put in water. Certain stones may dissolve, whilst others may contain lead or corrosive chemicals. A quick Google search is all that should be needed to confirm whether a crystal is safe in water or not and it’s worth keeping a list of the ones you can and cannot use and storing them in different places so you don’t get confused.
It certainly takes drinking crystal clear water to a whole different level, doesn’t it!?!
SOURCE: Stafferton, B. (11 July 2018) "DISCOVER THE WELLNESS TRENDS FOR 2019" (Web Blog Post). Retrieved from https://artofhealthyliving.com/discover-wellness-trends-2019/
Healthcare waste is costing billions — and employers aren’t doing anything about it
Providing your employees with healthcare insurance is expensive. A large chunk of healthcare costs is being wasted by the healthcare industry, according to a new survey. Read on to learn more.
Providing the workforce with healthcare coverage is expensive, but a new survey of 126 employers suggests a large chunk of that cost is being wasted by the healthcare industry on treatments patients don’t need.
The healthcare industry wastes $750 billion per year on unnecessary tests and treatments, according to a survey from the National Alliance of Healthcare Purchaser Coalitions and Benfield, a market research, strategy and communications consulting firm. Some 60% of employers don’t take steps to manage their healthcare plan’s wasteful spending, despite the fact that the same percentage of employers view it as a problem, the survey says.
“While waste has long been identified as a key concern and cost contributor, employers are operating blind and need to look at a more disciplined approach to address top drivers that influence waste,” says Michael Thompson, National Alliance president and CEO.
Employers are under the impression that prescription drugs are the culprit behind the spending waste, and they are, just not as much as other services. Around 54% of health spending waste is caused by unnecessary medical imaging tests, such as MRIs and X-rays, the survey says. Specialty drugs, unnecessary lab tests and specialists referrals are also major money pits.
However, the survey data isn’t suggesting these procedures and treatments shouldn’t be covered by employer health plans. The tests and treatments are potentially life-saving, they’re just used more than they should be. Sometimes previous test results can help with a current diagnosis, but medical staff don’t always check patient files before ordering new tests.
Most employers don’t monitor unnecessary healthcare spending. The 34% of employers who do rely entirely on their healthcare vendors to do it for them, trusting that it’s being taken care of.
“The idea of reducing waste in the healthcare system can be overwhelming,” says Laura Rudder Huff, senior consultant for Benfield. “While employers ask themselves: ‘Where to start?’ this is an issue where even small steps matter. Employers can begin by collecting data to identify where the inefficiencies are in their workforce and community and use assets such as vendors and organizations like coalitions to realize market improvements.”
The survey also recommends employers enlist the services of Choosing Wisely, an organization that counsels patients and employers on healthcare plans and medical treatments.
SOURCE: Webster, K. (7 November 2018) "Healthcare waste is costing billions — and employers aren’t doing anything about it" (Web Blog Post). Retrieved from https://www.benefitnews.com/news/healthcare-waste-is-costing-billions-and-employers-arent-doing-anything-about-it
5 employee benefits trends for 2017
Interesting article about emerging trends in employee benefits for 2017 by Marlene Satter
As the old year ticks down toward a new year filled with a drastic change in Washington that will no doubt have plenty of ripple effects throughout the country, the employee benefits sector will also be in for plenty of changes.
Based on its 14th Annual U.S. Employee Benefit Trends Study and other industry indicators, MetLife has prognosticated five trends it believes will be key in 2017.
Employers might be surprised by some, and are probably already wrestling with others—but here’s what to watch for in the year to come.
5. Customization.
If there’s one thing that’s clear in benefits, it’s that everybody is not happy with the same cookie-cutter benefit package.
And as the job market improves and employers have to work harder to attract and retain top talent, one way to do that is to provide benefits that satisfy needs that might be a little out of the ordinary. Employers that can satisfy their employees’ diverse needs, the study found, “will emerge clear winners in the talent war.”
What’s more, employees are becoming more focused on specific benefits.
The study revealed that 28 percent of all generations agree that critical illness insurance is a must-have, but it doesn’t stop there—different generations want different things. For instance, about 14 percent of millennial employees consider pet insurance a must-have benefit.
And don’t forget about benefits communications. No rubber-stamp information wanted here—employees want communications about their benefits customized to them.
4. Enrollment.
Here’s an area where employees are not happy—so change will have to come if the situation is to improve.
The study found that only about a third of employees say that their company’s benefit communications are easy to understand—and that leads many to assume they don’t need many of the benefits they’re offered. That’s definitely not a good situation.
The good news: 71 percent of employers say that by working with an enrollment firm they were able to improve communication, including explaining and clarifying nonmedical benefits.
For employers to stay ahead of the curve, they’ll have to join the movement to better educate their employees on enrollment.
3. Financial stress.
The biggest single source of stress for employees is financial stress, which weighs not only on employees but on employers’ bottom lines as well. And that situation screams to be addressed.
While financial wellness programs help employees to better manage their personal finance situations, cutting stress as a result, employers so far haven’t jumped on the bandwagon.
In fact, some of the few who offered them have quit doing so, with just 31 percent of employers having provided financial wellness programs this year. That’s down from 39 percent last year, according to the study.
If employers wise up and provide help with financial wellness, employees will sleep better at night and work better during the day. And so will their employers.
2. Data security.
Whether it’s hackers or phishers, more threats to data security arise every day—not just for consumers but for companies and their employees.
Losses from hacked, hijacked or ransomed data can drive a company out of business, but employers also have to be as protective of their employees’ data as they are of their customers’.
One way to do that, the study pointed out, is to shore up the digital support chain by moving to a single benefits carrier; that can help to limit the exposure of employee data.
With the average cost of a large-scale data breach sitting at approximately $4 million, according to a study conducted by the Ponemon Institute, it’s a smart investment.
1. Legal services.
If you’re looking for a new lure to attract top talent, this could be your ticket. MetLife has characterized legal services as the “best-kept secret of benefits.” SHRM adds that it has doubled in popularity over the past 10 years.
At some point, the study pointed out, just about everyone is going to have to deal with a legal issue. Major life events, such as buying a home, getting married, having a baby or caring for an aging parent, all have important legal implications.
According to MetLife insights, “For about $20 a month, a legal plan can help,” adding that the benefit is of particular importance to millennials. Of adults that are offered a legal plan through work, a Harris poll found that nearly 70 percent of those aged 21–34 are enrolled.
See the original article Here.
Source:
Satter M. (2016 December 7). 5 employee benefits trends for 2017[Web blog post]. Retrieved from address https://www.benefitspro.com/2016/12/07/5-employee-benefits-trends-for-2017?page_all=1
