Why Employee Engagement Matters – and 4 Ways to Build It Up

An engaged employee is a productive employee. Employee engagement is a very important piece of a company's operations. They are some of the best assets a company can have and without engaged employees, your company's operations could be negatively impacted. Take a look at this great article by Joe Wedgewood from The Happiness Index and check out some of the helpful tips on how you can boost engagement across your organization.

Organizations with high employee engagement levels outperform their low engagement counterparts in total shareholder returns and higher annual net income.” — Kenexa.

Your people are undoubtedly your greatest asset. You may have the best product in the world, but if you can’t keep them engaged and motivated — then it counts for very little.

By making efforts to keep your people engaged, you will maximize your human capital investment and witness your efforts being repaid exponentially.

The benefits of an engaged workforce

Increase in profitability: 

Increasing employee engagement investments by 10% can increase profits by $2,400 per employee, per year.” — Workplace Research Foundation.

 There is a wealth of research to suggest that companies that focus on employee engagement will have an emotionally invested and committed workforce. This tends to result in higher profitability rates and shareholder returns. The more engaged your employees are the more efficient and productive they become. This will help lower operating costs and increase profit margins.

An engaged workforce will be more committed and driven to help your business succeed. By focusing on engagement and investing in your people’s future, you will create a workforce that will generate more income for your business.

Improved retention and recruitment rates:

“Replacing employees who leave can cost up to 150% of the departing employee’s salary. Highly engaged organizations have the potential to reduce staff turnover by 87%; the disengaged are four times more likely to leave the organization than the average employee.” — Corporate Leadership Council

Retaining good employees is vital for organizational success. Engaged employees are much less likely to leave, as they will be committed to their work and invested in the success of the company. They will have an increased chance of attracting more qualified people.

Ultimately the more engaged your people are, the higher their productivity and workplace satisfaction will be. This will significantly reduce costs around absences, recruitment, training and time lost for interviews and onboarding.

Boost in workplace happiness:

“Happy employees are 12%t more productive than the norm, and 22% more productive than their unhappy peers. Creating a pleasant workplace full of happy people contributes directly to the bottom line.” – Inc.

Engaged employees are happy employees, and happy employees are productive employees. A clear focus on workplace happiness, will help you to unlock everyone’s true potential. On top of this, an engaged and happy workforce can also become loyal advocates for your company. This is evidenced by the Corporate Leadership Council, “67% of engaged employees were happy to advocate their organizations compared to only 3% of the disengaged.”

Higher levels of productivity:

“Employees with the highest levels of commitment perform 20% better than employees with lower levels of commitment.” — The Society for Human Resource Management (SHRM).

Often your most engaged people will be the most dedicated and productive, which will give your bottom line a positive boost. Employees who are engaged with their role and align with the culture are more productive as they are looking beyond personal benefits. Put simply, they will work with the overall success of the organization in mind and performance will increase.

More innovation:

“Employee engagement plays a central role in translating additional job resources into innovative work behaviour.” — J.J. Hakanen.

Employee engagement and innovation are closely linked. Disengaged employees will not have the desire to work innovatively and think of new ways to improve your business; whereas an engaged workforce will perform at a higher level, due to increased levels of satisfaction and interest in their role. This often breeds creativity and innovation.

If your people are highly engaged they will be emotionally invested in your business. This can result in them making efforts to share ideas and innovations with you that can lead to the creation of new services and products — thus improving employee profitability.

Strategies to increase employee engagement

Communicate regularly:

Every member of your team will have valuable insights, feedback and suggestions. Many will have concerns and frustrations too. Failure to effectively listen and respond to everyone will lower their engagement and negatively affect the company culture.

Create open lines of communication and ensure everyone knows how to contact you. This will create a platform for your people to share ideas, innovations and concerns with you. It will also bridge gaps between senior management and the rest of the team.

An effective way to communicate and respond to everyone in real-time is by introducing pulse surveys — which will allow you to gather instant intelligence on your people to help you understand the sentiment of your organization. You can use this feedback to create relevant action plans to boost engagement and make smarter business decisions.

Take the time to respond and share action plans with everyone. This will ensure your people know that their feedback is being heard and can really make a difference.

Recognize achievements:

“The engagement level of employees who receive recognition is almost three times higher than the engagement level of those who do not.” — IBM Smarter Workforce Institute.

If your people feel undervalued or unappreciated then their performance and profitability will decrease. According to a survey conducted by technology company Badgeville, only 31% of employees are most motivated by monetary awards. The remaining 69% of employees are motivated by job satisfaction, recognition and learning opportunities.

Make efforts to celebrate good work and recognize everyone’s input. Take the time to personally congratulate people and honor their achievements and hard work. You will likely be rewarded with an engaged and energized workforce, that will make efforts to impress you and have their efforts recognized.

Provide opportunities for growth:

Career development is key for employee engagement. If your people feel like their careers are stagnating, or their hard work and emotional investment aren’t being reciprocated — then you can be certain that engagement will drop.

By meeting with your people regularly, discussing agreed targets and time frames, and clearly highlighting how they fit into the organizations wider plans, you can build a “road map” for their future. This will show that their efforts and hard work aren’t going unnoticed.

Improve company culture:

“Customers will never love a company until the employees love it first.” — Simon Sinek.

Building a culture that reflects your brand and creates a fun and productive working environment is one of the most effective ways to keep your employees engaged. It’ll also boost retention and help recruitment efforts. If your culture motivates everyone to work hard, help each other, become brand ambassadors, and even keep the place clean — then you have won the battle.

An engaged and committed workforce is a huge contributor to any organization’s bottom line. The rightculture will be a catalyst to help you achieve this.

Here’s how you can improve the company culture within your organization:

  • Empower your people: Empowered employees will take ownership of their responsibilities, solve problems and do whatever it takes to help your company succeed. This will drive your company culture forward. Demonstrate you have faith in your people and trust them to fulfill their duties to their best of their abilities. This will ensure they feel valued, which can lead to empowerment.
  • Manage and communicate expectations: Your people may struggle to understand your cultural vision. By setting clear and regular expectations and communicating your vision via posters, emails, discussions and leading by example, you will prevent confusion and limit deviation from your desired vision.
  • Be consistent: To sustain a consistent culture, you must show uniformity with your actions and communications. Make efforts to have consistent expectations and standards for all your workers, and communicate everything in the same way.

By focusing on employee engagement and investing in your people, they will repay your efforts with an increase in performance, productivity and — ultimately — profit.

See the original article Here.

Source:

Wedgewood J. (2017 June 8). Why employee engagement matters - and 4 ways to build it up [Web blog post]. Retrieved from address http://www.hrmorning.com/employee-engagement-ways-to-build-it-up/


How data analytics is changing employee benefit strategies

As technology continues to grow and expand, more employers are turning to digital platforms when it comes to managing their employee benefits program. With more access to technology, employers can use data accumulated from their employees to better personalize their employee benefits package to fit each individual's needs. Take a look at this column by Eric Helman from Employee Benefit Advisor and find out some more tips on how you can better leverage the data from an employee benefits program to fit your employees'es needs.

In the realm of employee benefits, surveys, focus groups and anecdotes about specific employee encounters with the benefits program typically drive the discussions about how that program should evolve in the future. Unlike the situation at Outback, it is difficult to “observe” how people actually consume benefits and tailor a program that is attractive to them.

Fortunately, recent developments in data analytics have unlocked the potential of using consumer behavior insights to drive employee benefits strategy.

Leading practitioners are beginning to leverage these developments to change the annual renewal process. The technologies that support data aggregation, normalization and reporting have been aggressively developed to support the provider and payer communities. Only now have these advancements been made available to employers and their advisers.

The most successful practitioners point to the value of standardized claims reporting based upon credible data. By combining current claims data with industry benchmarks and predictive analytics, employers gain insight into the ongoing performance of their benefit plans. They “see” for themselves what industry professionals have been telling them for years. Plan performance is based upon claims, both in terms of the number of units of healthcare consumed and the price of those units. In recent surveys, benefit professionals report the difficulty they have in convincing CFOs and CEOs to make the necessary changes to benefit programs. Standardized reporting from a credible analytics platform can greatly enhance the ability for benefit professionals to communicate their agenda.

But standardized reporting is not the panacea. Benefits are complex. And the relationship between risk and consumption of healthcare add to the complexity. Even in the best reporting environments where executives are well informed about the performance of their plans and how the key metrics compare to industry norms, they are often perplexed about what to do with the information. Advancements in the realm of “actionable analytics” are beginning to address this problem as well.

While artificial intelligence or AI is all the rage, the underlying concept of having a computer suggest a course of action based upon data is not a new idea. The new application to employee benefits is the ability to provide “suggestions” in the context of standardized financial reporting. The number of ideas to bend the cost curve are numerous. The challenge is matching these ideas with the appropriate populations, convincing decision makers to invest and engaging the appropriate cohorts of employees to take specific actions necessary to realize the return on investment for these initiatives.

New systems are now available to close the gaps on this execution continuum. The foundation for these new systems is a robust analytics platform. But actionable analytics build upon this foundation by evaluating the employer’s data to discern whether a specific cost-saving initiative might generate savings worthy of the investment. These new systems present the output of that analysis in an easy to understand graphical format for benefit consultants and HR professionals to effectively communicate the potential of cost savings initiatives to decision makers.

Targeted engagement maximizes compliance and ROI
Getting executives to commit to intentional actions to affect the rising costs of benefits solves one half of the problem. The second half of the problem is one of focus. Rather than attempting to engage all employees with generalized messaging, these new systems use analytics to focus their engagement on a specific cohort of individuals in order to drive the greatest impact. This focus allows for a concentration of resources on the targeted populations, resulting in increased compliance and larger return on investment. The best implementations are integrated with benefits administration platforms and can incorporate multiple initiatives simultaneously. Point solutions, from an engagement perspective, have been proven to result in single-digit compliance. The power of an integrated engagement solution allows for initiatives that, because they are both focused and automated, can be executed simultaneously.

Advancements in technology have created a new era in which the democratization of big data allows for non-technical professionals to access detailed information and convert that information into intelligence. According to a recent survey, more than 65% of employers confess they are not strategic when it comes to benefits cost management. In spite of the many cost savings ideas available, more than 40% say they are not engaging in any new initiatives in the upcoming year. While the future of healthcare reform is in doubt, the potential for actionable analytics to significantly change the trajectory of the employer’s benefits costs is certain.

See the original article Here.

Source:

Helman E.  (2017 September 5). How data analytics is changing employee benefit strategies [Web blog post]. Retrieved from address https://www.employeebenefitadviser.com/opinion/closing-the-execution-continuum-on-employee-benefit-cost-savings


Preparing for 2018 Open Enrollment

As open enrollment season nears, make sure you are staying compliant and up-to-date with everything that is happening in ACA. Here are some great tips by Carl C. Lammers from Benefit News on what you need to know to prepare yourself for open enrollment this upcoming year.

Open enrollment for employer-sponsored health and welfare benefits comes every year; usually with little fanfare as employers generally have a system in place to seamlessly handle enrollments.

This changed with the passage of the Affordable Care Act in 2010, but now seven years later, employers again mostly have open enrollment standardized. This year brings a new challenge – the Summary of Benefits and Coverage document that was created by the ACA has undergone its first major restructuring since 2012 when employers were first required to provide the SBC.

The new SBC template must be used for open enrollments that occur on or after April 1, 2017. For calendar year plans, the upcoming 2018 open enrollment is the first open enrollment where the new SBC templates must be used.

If you need a quick refresher, the SBC summarizes group health plan coverage for employees, describing many important plan features, such as deductibles, co-pays, co-insurance, and services covered, so that employees can better understand and make more informed choices about the available coverage options.

SBCs have a required uniform format and must contain certain information and examples, so that employees can compare an employer’s coverage options and options from more than one employer.

The uniform standard definitions of medical and health coverage terms and the required SBC template are distributed by the IRS, DOL, and HHS.

While the insurance carrier or third party administrator normally provides the SBC to an employer for distribution with open enrollment materials, employers are ultimately responsible for the SBC’s accuracy and distribution and for the recently increased penalties – of $1,087 per failure – for failure to distribute the SBC.

Employers should review the SBC’s provided for the upcoming open enrollment to be sure they have changed to reflect the new rules. Employers should also distribute the Section 1557 nondiscrimination notice with the SBC to avoid potential penalties.

The new finalized guidance on SBCs was issued by the Departments in April of 2016. The guidance states that while all prior formatting must still generally be complied with; SBCs can now have certain language and formatting alterations, such as differing font styles and margins in order to maintain the four page requirement. Definitions were also added to the Uniform Glossary, and the Departments state that SBCs may hyperlink the terms to a micro-site that HHS will maintain.

The required content of the SBC has also changed, with some of the most significant changes being:
A description of what an SBC is and where consumers can find more information, located at the beginning of the SBC.

A description of how family members must meet their own individual deductibles before the overall family deductible is met, and what services are covered.

  • Changing of the term "person" to "individual."
  • A statement that copays may not be included in out-of-pocket limits.
  • The removal of the definitions of copayments and coinsurance.
  • Change of the "Limitations & Exceptions" column to "Limitations, Exceptions, & Other Important Information" which must now include:
  • When the plan does not cover a certain service category, or a substantial portion of a service category.
  • When cost sharing for covered in-network services does not factor into the out-of-pocket limit.
  • Visit and/or dollar limits.
  • When services require preauthorization.
  • Note: cross-referencing is allowed if including all information in this section would cause the SBC to exceed four pages.
  • New language about minimum essential coverage, minimum value, and language access services.
  • The addition of a third Coverage Example about costs for a fracture, and slightly altered formatting to the Coverage Examples section.
  • A statement regarding whether abortions are covered by the plan.

One thing that is not part of the new SBC guidance is also important for employers: SBCs are likely considered "significant communications" for purposes of the nondiscrimination rules found in Section 1557 of the ACA, and the notice required by Section 1557 should be included with the SBC.

The Section 1557 notice must be included with all “significant communications” involving the medical plan. It is not clear whether the Departments have considered the addition of the Section 1557 language and its impact on the four page SBC limit.

We suggest including the 1557 notice with the new SBCs, but not as part of the new SBCs, in order to maintain the four-page length. Be sure to review any draft SBCs prepared by your insurer or TPA before distribution to ensure they meet the new formatting requirements.

See the original article Here.

Source:

Lammers C. (2017 July 31). Preparing for 2018 open enrollment [Web blog post]. Retrieved from address https://www.benefitnews.com/opinion/preparing-for-2018-open-enrollment


IRS Issues Strong Warnings About ACA Compliance: Should HR be worried?

With all the confusion surrounding the ACA over the past few months, employers have been wondering if the IRS was gonna enforce the ACA reporting mandate. The IRS  has just recently released the ACA employers' and individual mandates to make sure everyone is in compliance for the healthcare reporting for 2017. Take a look at this article published by Jared Bilski from HR Morning hightlight eveything you need to know about reporting your healthcare information with the IRS.

Despite lots of warnings, the IRS has yet to impose any non-compliance penalties on employers during the two years the ACA reporting provisions have been mandatory. And with all of the efforts to kill or water down Obamacare, many employers are wondering if they should even make ACA compliance a priority at all.

Now, the agency is reminding folks that the ACA reporting mandate is still in full effect and compliance isn’t optional. It’s also assuring skeptical businesses it’s ready to start issuing penalties.

So should you believe the feds?

It sure sounds like it.

Most recently, the agency released four information letters about the ACA’s employer and individual mandates, and reminding employers exactly what they have to do to stay in compliance.

In addition, IRS sure warned employers it’s primed and ready to collect reporting penalties in a recent government report the folks at FreedomCare called a “game changer.”

Sweeping noncompliance tool

The Treasury Inspector General for Tax Administration (TIGTA) just released a report titled “Assessment of the Efforts to Implement the Employer Mandate under the Affordable Care Act.”

You can view the entire report here.

If you don’t have time to scour a 43-page document, here’s the one key fact: IRS has a new system in place for identifying potentially non-compliant employers, and the system has a very wide reach.

The feds’ ACA Compliance Validation System (ACV) will not only identify potentially non-compliant Applicable Large Employers, it will also calculate the “A” penalty under the Employer Mandate. Plus, the system will allow the feds to mass identify non-compliant employers and send notices to those non-compliant firms for any and all reporting years.

Questions and answers

By this point, you’ve probably got a few questions about the IRS’ new Obamacare compliance weapon, like:

When will the system be in place and ready?

Answer: According to the feds, the ACV should be ready by May 2017. Once it’s up and running, IRS should be able to start issuing large scale penalties.

Hasn’t IRS said it’s ready to start imposing ACA penalties before? Why should we believe them this time?

Answer: Granted, IRS has stated it planned to start penalizing firms before, but this seems different. Initially, the feds have been developing this ACV system since July 2015 and planned to have it ready by January 2017.

But as the report said, “the implementation of the ACV System has been delayed to May 2017.”

With the release of this detailed report, it’s clear the feds are ready to start collecting on all the noncompliance penalties that are long overdue. IRS has stated it expects to pull in $228 billion in ACA penalties.

Plus, with ACA repeal efforts currently on hold, now is a very good time for the agency to come after firms that have been pushing their compliance obligations to the back burner.

Bottom-line: Employers can’t afford to operate as if the delay in IRS reporting penalties is a permanent situation. If you’ve put this task on hold, now is the time to get everything in order.

Key correction steps

So what should employers do if they’ve already missed ACA reporting deadlines? File ASAP.

The sooner you correct an issue, the less likely you’ll wind up in a long, drawn out federal audit. Plus, as employment attorney David M. Pixley points out, IRS has a number of different penalties depending on how late the ACA reporting actually is.

For example, correcting a reporting failure within 30 days of the due date cuts the penalty to $50 per return, with a $532,000 cap.

When firms correct reporting failures after 30 days, but on or before August 1, the penalty is $100 per return, and the cap is $1,596,500.

And of course, late-filing is much safer (i.e., less costly) than not filing at all.

Reason: The standard per return penalty of $260 (max $3,193,000/year) jumps drastically for violations due to “intentional disregard” to a per-return penalty of $530 (no penalty cap).

See the original article Here.

Source:

Bilski J. (2017 August 16). IRS issues strong warning about ACA compliance: should HR be worried? [Web blog post]. Retrieved from address http://www.hrmorning.com/irs-issues-strong-warnings-about-aca-compliance-should-hr-be-worried/


Avoid these 12 Common Open Enrollment Mistakes

Open enrollment season is right around the corner. Check out this great column by Alan Goforth from Benefits Pro and find out the top mistakes employers and HR have made during open enrollment and what you can do to avoid them.

E very employer or human resources professional has made mistakes during open enrollment.

Trying to accommodate the diverse needs of the workforce in a short timeframe against the backdrop of increasing options and often bewildering regulations, can be a challenge even in the best-run companies.

Avoiding mistakes is impossible, but learning from them is not. Although the list may be limitless, here are a dozen of the most common pratfalls during open enrollmentand how to avoid tripping over them.

1. Failing to communicate

"What we've got here… is failure to communicate." – Cool Hand Luke

This mistake likely has topped the list since open enrollment first came into existence, and it will probably continue to do so. That's because enrollment is a complex procedure, and few challenges are greater that making sure employers, employees, brokers and carriers are on the same page.

Employers have both a stick and a carrot to encourage them to communicate as well as possible. The stick is the Affordable Care Act, which requires all employers subject to the Fair Labor Standards Act to communicate with employees about their health-care coverage, regardless of whether they offer benefits.

As a carrot, an Aflac study found that 80 percent of employees agree that a well-communicated benefits package would make them less likely to leave their jobs

2. Neglecting technology

The integration of new technology is arguably the most significant innovation in the enrollment process in recent years.

This is especially important as younger people enter the workforce. Millennialsrepeatedly express a preference for receiving and analyzing benefits information by computer, phone or other electronic devices.

The challenge is to make the use of technology as seamless as possible, both for employees who are tech-savvy and for those who are not.

Carriers and brokers are making this an emphasis, and employers should lean on them for practical advice.

See the original article Here.

3. Over-reliance on technology

At the other end of the spectrum is the temptation to rely on technology to do things it never was meant to do.

"Technology is so prevalent in the enrollment space today, but watch out for relying on technology as the one thing that will make or break enrollment," says Kathy O'Brien, vice president of voluntary benefits and nation client group services for Unum in Chattanooga, Tennessee. "Technology is great for capturing data, but it won't solve every problem and doesn't change the importance of the other work you need to do."

4. Succumbing to inertia

It can be frustrating to invest substantial time and effort into employee benefit education, only to have most of the staff do nothing.

Yet that is what happens most of the time. Just 36 percent of workers make any changes from the previous enrollment, and 53 percent spend less than one hour making their selections, according to a LIMRA study.

One reason may be that employees don’t feel assured they are making the right decisions.

Only 10 percent felt confident in their enrollment choices when they were done, according to a VSP Vision Care study. One good strategy for overcoming inertia is to attach dollar values to their choices and show where their existing selections may be leaving money on the table.

5. Cutting too many corners

One of the most difficult financial decisions employers make each year is deciding how much money to allocate to employee benefits.

Spending too much goes straight to the bottom line and could result in having to lay off the very employees they are trying to help. Spending too little, however, can hurt employee retention and recruiting.

Voluntary benefits offer a win-win solution. Employees, who pick up the costs, have more options to tailor a program that meets their own needs.

In a recent study of small businesses, 85 percent of workers consider voluntary benefits to be part of a comprehensive benefits package, and 62 percent see a need for voluntary benefits.

6. Not taking a holistic approach

"Holistic" is not just a description of an employee wellness program; it also describes how employers should think about employee benefit packages.

The bread-and-butter benefits of life and health insurance now may include such voluntary options as dental, vision and critical illness. Employers and workers alike need to understand how all of the benefits mesh for each individual.

Businesses also need to think broadly about their approach to enrollment

"Overall, we take a holistic approach to the customer’s enrollment program, from benefits communication to personalized benefits education and counseling, as well as ongoing, dedicated service," says Heather Lozynski, assistant vice president of premier client management for Colonial Life in Columbia, South Carolina. "This allows the employer to then focus on other aspects of their benefits process."

7. Unbalanced benefits mix

Employee benefits have evolved from plain vanilla to 31 (or more) flavors.

As the job market rebounds and competition for talented employees increases, workers will demand more from their employers.

Benefits that were once considered add-ons are now considered mandatory.

Round out the benefits package with an appealing mix of standard features and voluntary options with the objective of attracting, retaining and protecting top-tier employees.

8. Incomplete documentation

Employee satisfaction is a worthy objective — and so is keeping government regulators happy.

The Affordable Care Act requires employers who self-fund employee health care to report information about minimum essential coverage to the IRS, at the risk of penalties.

Even if a company is not required by law to offer compliant coverage to part-time employees, it still is responsible for keeping detailed records of their employment status and hours worked.

As the old saying goes, the job is not over until the paperwork is done.

9. Forgetting the family

The Affordable Care Act has affected the options available to employers, workers and their families.

Many businesses are dropping spousal health insurance coverage or adding surcharges for spouses who have access to employer-provided insurance at their own jobs.

Also, adult children can now remain on their parents' health policies until they are 26.

Clearly communicate company policies regarding family coverage, and try to include affected family members in informational meetings.

Get to know more about employees' families — it will pay dividends long after open enrollment.

10. Limiting enrollment options

Carriers make no secret about their emphasis on electronic benefits education and enrollment.

All things considered, it is simpler and less prone to copying and data-entry errors.

It would be a mistake, however, to believe that the high-tech option is the first choice of every employee.

Be sure to offer the options of old-fashioned paper documents, phone registration and face-to-face meetings. One good compromise is an on-site enrollment kiosk where a real person provides electronic enrollment assistance.

11. Letting benefits go unused

A benefit is beneficial only if the employee uses it. Too many employees will sign up for benefits this fall, forget about them and miss out on the advantages they offer.

Periodically remind employees to review and evaluate their available benefits throughout the year so they can take advantage of ones that work and drop those that do not.

In addition to health and wellness benefits, also make sure they are taking advantage of accrued vacation and personal days.

Besides maximizing the return on their benefit investment, it will periodically remind them that the employer is looking out for their best interests.

12. Prematurely closing the 'OODA' loop

Col. John Boyd of the U.S. Air Force was an ace fighter pilot. He summarized his success with the acronym OODA: Observe, Orient, Decide and Act. Many successful businesses are adopting his approach.

After the stress of open enrollment, it's tempting to breathe a sigh of relief and focus on something else until next fall.

However, the close of enrollment is a critical time to observe by soliciting feedback from employees, brokers and carriers.

What worked this year, and what didn't? What types of communications were most effective? And how can the process be improves in 2017?

"Make sure you know what is working and what is not," said Linda Garcia, vice president for human resources at Rooms to Go, a furniture retailer based just outside Tampa. "We are doing a communications survey right now to find out the best way to reach each of our 7,500 employees. We also conduct quarterly benefits surveys and ask for their actual comments instead of just checking a box."

Source:

Goforth A. (2017 Aug 22). Avoid these 12 common open enrollment mistakes [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/08/22/avoid-these-12-common-open-enrollment-mistakes?ref=hp-in-depth&page_all=1


Benefits Technology: What do Employers Want?

Do you know which technology will be the most beneficial for your employee benefits program? Take a look at this article by Kimberly Landry from Benefits Pro on what employers should be looking for when searching for the right technology for the benefits program.

It’s no secret that we are in the midst of a revolution in how employers manage their insurance benefits. Enrolling and administering benefits was once a manual process involving plenty of paperwork, but much of this work has now shifted to electronic benefits platforms. A recent LIMRA survey, Convenient and Connected: How Are Employers Using Technology Today?, found that 59 percent of employers are now using a technology platform for insurance benefit enrollment, administration, or both. In addition, more than 1 in 3 firms that do not use technology are currently looking for a platform.

Brokers can provide value to their clients by helping them find a technology system that meets their needs. In fact, over one quarter of employers say their broker should have primary responsibility for researching and evaluating possible technology solutions. However, to do this successfully, it is necessary to understand what problems employers are trying to solve with technology.

The advantages of benefits technology tend to fall into two categories: improving the experience for HR/benefits staff and improving the experience for employees. While employers see the value of both aspects, it is clear that the desire for technology is driven more by HR needs such as reducing costs, improving management of benefits data, and reducing the time and resources needed to administer benefits, rather than employee needs (Figure X). In seeking technology, employers are, first and foremost, trying to make their own lives easier.

This provides insight into some of the key features employers are seeking in technology, many of which revolve around greater convenience in managing benefits. For example, 80 percent of employers say it is important for a technology platform to be accessible all year so they can use it for ongoing administration and updates, rather than a “one-and-done” enrollment system. Ongoing access is one of the top features employers look for in a platform, with sizable portions also specifying that they want a system that can enroll new hires and support ongoing life event and coverage changes.

I would love to find a product … that would allow us to reduce the amount of time that we spend during the enrollment process and also during the course of a year, adding employees or terminating employees.

—Employer with 65 employees (Voice of the Employer,LIMRA, 2016)

Similarly, 77 percent of employers want a technology system that can manage all of their benefits on the same platform, regardless of which carriers are providing the products. Consolidating benefits on one platform helps employers save time and allows them to quickly get a complete view of their overall benefits package in one place. In fact, employers that currently manage all of their benefits on one platform are more satisfied with their technology than those that don’t have this capability. Moreover, roughly 1 in 6 employers say the ability to handle all benefits in one place would motivate them to switch technology platforms.

Employers also want the convenience of a platform that integrates smoothly with other technology systems, including carrier, payroll, and HRIS systems. When it comes to carrier systems, employers want to feel confident that no errors are occurring in the data transfer and don’t want to spend a lot of time checking for mistakes.

Our HR benefits administrator has spent an exorbitant amount of time trying to, literally person by person, dependent by dependent, go through each little piece and figure out why somebody's kid is getting dropped…So I think I'd like to see those communications [work] a little bit better.

—Employer with 320 employees

Employers also want technology to integrate with their payroll and other HRIS systems so they do not have to make changes in multiple systems, which is perceived as time-consuming and inefficient.

And those two systems...they don't communicate with each other... Without that communication, it's almost like double work because if there's an address change or anything like that, you have to go to one system, then go to another, and that just seems broken to me.

—Employer with 32 employees

While employers are primarily seeking convenience for their own HR staff, it is important to note that they would like this value to extend to their employees as well. Overall, 85 percent of employers think it’s important that an enrollment platform be easy and intuitive for their employees to use. In fact, user-friendliness is often one of the first priorities that comes to mind when employers describe their ideal platform.

I want to make sure it's easy, as simple as possible, as fast as possible, and I don't want it to be a burden every year.

—Employer with 30,000 employees 

When it comes to selecting benefits technology, it is clear that convenience is key. By guiding employers to technology solutions that will make it quicker and easier to administer benefits, brokers can improve the experience for everyone involved and help the industry move into the future.

See the original article Here.

Source:

Landry K. (2017 July 21). Benefits technology: what do employers want? [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/07/21/benefits-technology-what-do-employers-want?kw=Benefits+technology%3A+What+do+employers+want%3F&et=editorial&bu=BenefitsPRO&cn=20170721&src=EMC-Email_editorial&pt=Daily&page_all=1


Alternative Facts: The Alarming Trend Impacting 85% of Hiring Managers

Are you going through the process of hiring a few new employees? Make sure you are not getting caught up in the "fake news" supplied by a few of the applicants. Here is a great article by Jared Bilski  from HR Morning on how you can spot if an applicant is telling the truth or giving you "fake news".

Planning on adding staff some time in the near future? It appears that there’s some new urgency to double- and triple-check those resumes and ask plenty of follow-up questions during the interview process. 
Reason: A staggering 85% of employers discovered lies on job applicants’ resumes in the past year, according to a recent 2017 Employment Screening Benchmark Report by HireRight.

That’s  a huge jump from the 66% of employers that said they found lies on resumes just five years ago.

While lying on a resume is nothing new, the steep jump hiring managers uncovering untruths in such a short time frame is certainly disturbing.

Won’t hold gaps against you

Why the jump?

Mary O’Loughlin, the vp of global customer experience at HireRight, thinks the increase in resume lies could be attributed to a recent wave of Baby Boomers retiring. Hoping to cash in on Boomers’ former roles, roles that generally required greater skills and experience than the rest of the labor force, job hopefuls are inflating their credentials and skills, O’Loughlin says.

Another possible reason: Job applicants may have been out of work during the Great Recession and don’t want those years to go missing on their resumes.

Of course, being caught in a lie is far worse than explaining a gap in employment. As O’Loughlin put it:

“In reality, most employers are going to be more upset about the lying than someone not having a job for a period of time. Employers understand that there were a number of people who were unemployed during that period or at some point during their career and most won’t hold it against [them].”

 3 lies to look for

So what should HR pros do to avoid falling victim to a lying job candidate. As we’ve covered previously, the best defense is being aware of the more common resume lies.

Here are three of the more common resume tweaks, according FakeResume.com, a Web site that advises job seekers on how to bend the truth and get away with it:

1. Covering up employment gaps

Many candidates are concerned about explaining periods when they were out of work. FakeResume’s recommendation: Pretend you were volunteering.

It’s a lot tougher to verify volunteer work than employment history. But if you’re suspicious, don’t just brush past the issue. Ask probing questions about the work and, if possible, check references at the organization.

Another tactic to cover employment gaps or inflate experience is the so-called “functional resume,” which lists experience and accomplishments grouped by type, followed by a list of previous employers, rather than a chronological list of past positions. Not everyone who uses a functional resume is lying — but it might put you on alert.

2. Fake references

Most resume lies can be caught by checking references — so candidates who are serious about their dishonesty will provide references that are fake or impossible to check.

FakeResume recommends candidates provide the name and phone number of a fictitious supervisor at a large company. The number actually belongs to a friend who pretends to be an admin and tells the caller the company only provides references via letter. The candidate then mails a fake reference letter.

Candidates also place “typos” in a former employer’s address or phone number, hoping HR won’t bother when they can’t contact the person.

If you’re concerned about the references someone gives, experts recommend finding the company’s Web site and contacting the supervisor through the main phone number.

3. Phony responsibilities

Most fraudulent resumes don’t contain outright lies. More often, candidates stretch the truth, beefing up previous titles and exaggerating the responsibilities they had in previous positions.

The best way to catch those fibs is to ask detailed questions and not let the candidate off easy if you get vague or suspicious answers. Another tactic: Bring in somebody who’s already doing a job similar to the one the person’s applying for. Dishonest applicants will try to fake their way through an interview using buzzwords and generalities but break down when someone who’s actually experienced in the field asks for details.

See the original article Here.

Source:

Bilski J. (2017 May 10). Alternative facts: the alarming trend impacting 85% of hiring managers [Web blog post]. Retrieved from address http://www.hrmorning.com/alternative-facts-the-alarming-trend-impacting-85-of-hiring-managers/


Safety Focused August 2017

When traveling for work, even for short periods of time, it is important to take precautions to protect yourself from cyber criminals.

Cyber Tips for Traveling

Staying safe while traveling involves more than simply locking your valuables in a hotel safe. Today, cyber crime is just as prevalent as conventional crime. In fact, your digital property may be more valuable to criminals than your personal property. Before packing for your next business trip, take the following precautions to protect yourself and your belongings while away:

  • Turn off home and work computers before you leave. Computers that are always left on are more vulnerable to hacks.
  • Back up all data. Store sensitive files either on a removable storage device locked in a safe or in a secure facility in the cloud.
  • Be cautious when using public Wi-Fi. If it is necessary to go online in public, use a secured connection. If you have to use an unsecured connection, avoid checking bank balances or visiting any site that asks you for personal information, which can be easily stolen.
  • Enable a pass code on your smartphone. This can prevent hackers from accessing sensitive information should you lose your phone.
  • Use a credit card instead of a debit card for purchases. A cyber criminal can deplete your bank account with your debit card.

How to Avoid Distractions While Driving

Driver distractions have joined alcohol and speeding as leading factors in crashes that cause fatal and serious injuries. However, cellphones aren’t solely to blame. Anything that takes 100 percent of your attention away from driving is a distraction. There are three main types of distractions:

  • Visual—Taking your eyes off the road
  • Manual—Taking your hands off the wheel
  • Cognitive—Taking your mind off of driving

Whether driving for work or for personal reasons, it is important to remember that any activity that you engage in while driving is a potential distraction that increases your risk of crashing. Taking the following precautions can help you avoid distractions while driving:

  • Silence your mobile devices and keep them away from you while driving to avoid being distracted by incoming calls or texts. If you must receive phone calls while on the road, pull over before answering, even if using a hands-free device.
  • Set destinations in navigational devices before you depart.
  • Make a playlist on your smartphone before you leave to avoid the temptation to change radio stations.
  • Avoid eating while driving. Take proper breaks to allow yourself time for meals.
  • Speak up if you’re a passenger of a distracted driver. Offer to take over the driving responsibilities if possible.
  • Review ’s safe driving policy to ensure that you are fully aware of the best practices when it comes to road safety and know what to do in an emergency.

To download the full article click here.


Reduce Employee Financial Stress

Are your employees struggling to reach their financial goals? Here is a great article by Heather Garbers from SHRM on what employers can do to help their employees reduce their financial stress and reach their monetary goals.

More American workers are living paycheck to paycheck than ever before, just making ends meet. Nearly three-fourths have less than $1,000 saved; and 34 percent have nothing in savings. Student loan debt totals over $1.3 trillion among some 44.2 million borrowers in the U.S. Unexpected expenses are not budgeted for and people are placing themselves at great financial risk.

As HR practitioners, we need to recognize that people are struggling financially – and that it is taking a toll not only on them personally, but also in the workplace. There are innovative benefit options and strategies that can help relieve financial stress on employees:

Student loan assistance. Today’s Millennials are challenged to get their lives going despite the crushing burden of student loan debt, and trust their employers for advice on how to manage it. Doing so can make you stand out in attracting the best talent and help win loyalty.  Programs are available that not only assist Employees in refinancing and managing their debt, but also allow you to make contributions to loan balances, and assist Employees in setting up a 529 savings plan.

Employee Purchasing Programs (EPP). When people are experiencing financial stress and are confronted with unexpected expenses, they may take on high interest credit card debt or a payday loan. Employee purchasing programs are a great way for them to avoid amassing high interest rate charges when purchasing consumer goods.

Low Interest Installment Loans and Credit. A major danger for financially stretched employees is the ease with which they can get payday loans or cash advances on their credit cards without fully understanding the risk. The exorbitant interest rates only worsen the vicious cycle of debt. There are services, however, that underwrite low-interest rate installment loans well below the going rates and allow Employees to make payments through payroll deduction. Employers can sponsor the service at no cost as a voluntary benefit, and Employees can use the funds however they need to – whether it is paying a medical bill or purchasing a new air conditioner.

Financial planning and wellness services. Whether offered as one-on-one, personal coaching or online resources with interactive money management tools, everyone appreciates when employers offer resources to help them understand how to repair or build their credit and better manage their money. By offering these services, you have the opportunity to occupy a position of trust and cement long-term employee loyalty.

See the original article Here.

Source:

Garbers H. (2017 July 17). Reduce employee financial stress [Web blog post]. Retrieved from address https://blog.shrm.org/blog/reduce-employee-financial-stress


How to Build Financial Wellness into a More Holistic Wellness Program

Are you looking for new ways to help your employees increase their financial wellness? Check out this great article by Michelle Clark from SHRM highlighting what HR can do to help employees engage with the company's benefits program to improve their financial situation.

The majority of HR professionals give their employees a financial health rating of “fair” and nearly 20 percent report that their employees are “not at all” financially literate according to a national SHRM survey.

That’s an issue. Because when employees are stressed about money they don’t turn their worry off at work – and the price is paid in lost productivity.

You can help fix the problem. Everyone wins when traditional employee wellness programs are recast in a more holistic, well-rounded way – with financial wellness an important cornerstone.

There is no cookie cutter solution. But if you build a customized program that’s responsive to specific requirements and comfort levels of different employee groups, it can be rewarding and valuable.

First, review your employee demographics to get an idea of what their financial situations may look like. For example, it’s understood that the majority of today’s workforce is comprised of three age groups: Baby Boomers, Generation X and Millennials. Each has different financial stressors and preferences on how they prefer to receive assistance:

  • Boomers on the verge of retirement are wondering if they can afford it or even want to retire. If they need to work, they are worried they’ll have a hard time finding a job.
  • Generation X can barely think about retirement planning when they’re trying to cover the mortgage, raise kids, save money for college and shoulder responsibilities for aging parents.
  • Millennials are burdened by student loan debt while trying to stretch their paychecks so they can live on their own instead of with their parents.

There also are vastly different ways each accesses support. Boomers may be okay with online resources and one-on-one coaching. But Millennials and Gen Xers may want more high-tech resources such as websites offering basic money courses and worksheets to help with budgets, housing or investment planning.

Once a solution has been established, the next step is getting people to partake. You don’t want to target employees, since privacy is a major consideration. Offering options allows employees to engage privately on their own terms. That’s why the online solutions are ideal for individual financial issues, offered in tandem with more on-site sessions on general concerns. And there’s always the potential of offering one-on-one financial counseling or financial wellness coaches to round out your program.

See the original article Here.

Source:

Clark M. (2017 June 16). How to build financial wellness into a more holistic wellness program [Web blog post]. Retrieved from address https://blog.shrm.org/blog/shrm-blog-june-2017-how-to-build-financial-wellness-into-a-more-holistic-we