Caregiving Benefits Can Sharpen Your Competitive Edge

Interesting article from the Society of Human Resources about the benefits of leveraging caregiving benefits in your employee benefits program by Hank Jackson

Whether caring for an aging parent, welcoming a newborn child or handling family medical situations, life events can create some of the most stressful and demanding challenges in our personal and work lives. For those without employer-provided paid leave, the burden is even heavier. People often need extended periods of time off to cover responsibilities at home, but many are forced to rely on the federal floor of unpaid leave guaranteed by the Family and Medical Leave Act.

High costs are cited as the biggest barrier to paid leave, but now, more than ever, companies risk losing great talent to rivals with more robust policies—here and abroad. In addition, employers struggle with a growing patchwork of state and local leave laws that hinder innovation and add compliance costs. This is why SHRM is advocating for public policies that would provide relief to employers while guaranteeing paid leave and expanded flexibility options for full-time and part-time employees. The issue of paid leave is a hot one—featured during the presidential campaign and poised to be a focus of congressional consideration in 2017.

Last year, more than two dozen large U.S. employers—including American Express, Deloitte, Ernst and Young, Campbell’s, First Data and Etsy—announced they would significantly strengthen paid family leave benefits. Their approaches vary, ranging from extending the time employees can take paid leave to broadening categories of eligible individuals and covered situations. But in all instances, a powerful business case was behind the decision. They believe it is a winning strategy and are promoting it widely to stakeholders and shareholders.

A carefully analyzed and applied family leave benefit can be a differentiator in today’s hyper-competitive talent marketplace. Even medium-sized and small enterprises can offer budget- and family-friendly policies, such as flexible schedules. The important thing is to develop a workplace where an employee’s work-life needs are valued and supported, balanced with the right benefits, rewards and adaptability across an employee’s life cycle.

Paid parental leave and other work-flexible programs are not only about competing or compliance. They are about doing the right thing for the organization and the employee. As HR professionals, it’s up to us to help our organizations grow a culture where both employees and employers win. This is part of the compact to create the 21st Century workplace employees of all ages want—innovative, fair and competitive with other businesses.

See the original article Here.

Source:

Jackson H. (2017 March 09). Caregiving benefits can sharpen your competitive edge [Web blog post]. Retrieved from address https://blog.shrm.org/blog/caregiving-benefits-can-sharpen-your-competitive-edge


Why employers should rethink their benefits strategies

Has your employee benefits program grown old and stale? Take a look at the great article from Employee Benefits Advisors about the benefits of upgrading your employee benefits to match your employees needs by Chris Bruce

Historically, employee benefits have been viewed as a routine piece of the HR process. However, the mentality of employees today has shifted, especially among the growing population of millennial employees. Today’s workforce expects more from their employers than the traditional healthcare and retirement options, in terms of both specific benefit offerings and communications about those offerings.

For companies, it’s critical they address the evolving needs of their workforce. With unemployment rates plunging to their lowest levels since before the financial crisis, the search for talent is heating up, and organizations need to work harder than ever to retain top talent in a competitive job market. To do this, I see three steps that organizations need to take when rethinking their benefits strategy and engaging with employees: embrace a proactive rather than reactive benefits strategy, think digital when it comes to employee communications and consider the next generation of employee benefits as a way to differentiate from the competition.

1. Reconsider your benefits evaluation process

The benefits process at most companies is reactive — executives and HR only look to evaluate current offerings when insurance contracts expire or a problem emerges. When the evaluation does happen, the two factors that often concern employers the most are product and price. Employers often gravitate toward well-known insurers that offer the schemes that appear familiar. However, this can often lead companies to choose providers who fall short on innovation and overall customer experience for employees.

This approach needs to be flipped on its head. Companies should be proactive in determining which benefit schemes best meet the needs of their workforce. The first step is going straight to the source: talk to employees. Employers can’t know what benefits would be most appealing to their employee base unless they ask. By turning the evaluation process to employees first, companies can better tailor new benefits to meet the needs of their workers, and also identify existing benefits that might be outdated or irrelevant, therefore saving resources on wasted offerings.

Data and analytics also are playing an increasing role across the HR function, and benefits is no exception. By leveraging technology solutions that allow HR to track benefits usage and engagement, teams can better determine what is resonating with employees and where benefits can be cut back or where they should be ramped up.

2. Put down the brochure and think digital engagement

Employee education is another area of benefits that can often perplex companies. According to a recent survey from Aflac, half of employees only spend 30 minutes or less making benefit selections during the open enrollment period each year. This means employers have a short window of time to educate employees and make sure they are armed with the right information to feel confident in their benefits selection.

To do this effectively, HR needs to move past flat communication like brochures, handouts and lengthy employee packets and look for ways to meet employees where they live — online. By testing out innovations that create a rich experience, while still being simple and intuitive, employers can grab the attention of their workforce and make sure key information is communicated. For example, exploring opportunities to create cross-device experiences for employees so they can interact on-the-go, including augmented reality applications or digital interactive magazines. Additionally, for large corporations, hosting a virtual benefits fair can provide a forum for employees to ask questions in a dynamic setting.

3. Embrace the next-generation of benefits

As organizations become more savvy and nimble, personalization will have a huge impact in encouraging employee engagement and driving satisfaction among today’s increasingly diverse workforce. We have already started to see some companies embrace this new approach to benefits, adding out-of-the-box items to normal offerings — from debt consolidation services and wearable health tracking technology to genome testing and wedding concierge services.

The fact is, the days of “status-quo” benefits are gone, and employees today want benefit options that match their current life circumstances. To best engage employees, organizations need to be proactive in evaluating benefits regularly and using analytics to track usage, identify opportunities to implement digital communication elements and look for ways to introduce new benefits to meet the needs of their employee base. By following these steps, organizations can gain a competitive edge when it comes to attracting and retaining top talent.

See the original article Here.

Source:

Bruce C. (2017 March 10). Why employers should rethink their benefits strategies [Web blog post]. Retrieved from address http://www.employeebenefitadviser.com/opinion/3-steps-employers-can-take-to-rethink-benefits-strategy?feed=00000152-1377-d1cc-a5fa-7fff0c920000


5 reasons why auto accidents are on the rise

Have you noticed more auto accidents lately? Then check out this interesting article from Property Casualty 360 about the reasons why auto accidents are on the rise by Denny Jacob

According to the National Safety Council, traffic deaths increased 6 percent to 40,200 — the first time since 2007 that more than 40,000 have died in motor vehicle crashes in a single year.

The 2016 total follows a 7 percent rise in 2015. Much of this is attributed to continued lower gasoline prices and an improving economy which has increased motor-vehicle mileage.

In addition, the U.S. Department of Transportation’s early estimates show the motor vehicle traffic fatalities for the first nine months of 2016 increased about 8 percent as compared to the motor vehicle traffic fatalities for the first nine months of 2015. Preliminary data reported by the Federal Highway Administration (FHWA) shows that vehicle miles traveled (VMT) in the first nine months of 2016 increased about 3 percent.

All 10 National Highway Traffic Safety Administration (NHTSA) regions experienced increases during the first nine months of 2016. In particular, the South, Southeast and Northeast saw motor vehicle traffic fatalities spike between 11 and 20 percent alone.

Here are 5 factors contributing to the increase in auto accident rates:

More cars on the road and miles driven today

Cheap gas and diesel, plus a stronger economy, has caused high road density with more cars on the road. The Department of Transportation's Federal Highway Administration shows that driving jumped 3.5 percent over 2015, the largest uptick in more than a decade. Americans drove more than 3.15 trillion miles, equivalent to around 337 round trips from Earth to Pluto. The previous record, around 3 trillion miles, was set in 2007.

More distractions

Beyond texting and driving, from Bluetooth to Snapchat, approximately 660,000 drivers are attempting to use their phones while behind the wheel of an automobile. On top of that, we now have sensors and technologies that respond to our every move in vehicles. We have apps that connect to center consoles and more touch-screen technology in vehicles than ever before

Younger, more inexperienced drivers

A new study from AAA Foundation for Traffic Safety show that millennial drivers (more 19- to 39-year-old drivers) are texting, speeding and running red lights. They also think it's OK to speed in school zones. While the statistics improve for older drivers, it’s not by much. From a commercial driver standpoint, the experience (or inexperience) of drivers can lead to more auto accidents overall.

Cost of car repair more expensive

Think about your grandfather’s car. If the engine blew, you went to a mechanic who fixed the problem. Now, everything in a car is connected by a computer. If one fuse blows, it will likely have an impact on other parts of the vehicle. Yes, computers make it easier and quicker to fix, but overall costs tend to be higher, especially because cars on the road are much newer.

Ultimately, we pay for the technology (computers, advancements in bodywork, HVAC, etc.). To diagnose many computer issues and the dozens of sensors requires a scan tool that is capable of accessing the thousands of manufacturer-specific trouble codes and data streams. A good one can cost $7,000 alone.

Injury costs from accidents on the rise

No surprise, the cost of medical care has increased, most of which are spinal and soft tissue injuries. According to the Mayo Clinic, more than 35 percent of spinal cord injuries are caused by vehicle accidents (truck, automobile, or motorcycle). Think about this — medical spending for spinal care per patient increased by 95 percent from $487 to $950 between 1999 to 2008, accounting for inflation.

But think about the full picture, which compounds the issue. You get whiplash (direct medical cost), have to stay home for a few weeks (loss of income) and get physical therapy (cost of post-injury medical care — according to one estimate, about 25 percent of whiplash injury patients end up suffering chronic pain). The costs can triple from an economic and quality-of-life perspective, costing the U.S. $2.7 billion per year.

See the original article Here.

Source:

Jacob Denny (2017 March 02). 5 reason why auto accidents are on the rise [Web blog post]. Retrieved from address http://www.propertycasualty360.com/2017/03/02/5-reasons-why-auto-accidents-are-on-the-rise?page_all=1


5 trends and factors that continue to impact cybersecurity in 2017

Great article from Property Casualty 360 about 5 trends that will impact cybersecurity in 2017 by Gary S. Miliefsky

It’s not unexpected any more: We awaken to learn that yet another national retailer has been hacked, and once again credit-card information for millions of customers is at risk.

Yet, despite all the publicity these security breaches receive and all the warnings consumers hear, cyber criminals still achieve success — and they’re becoming more brazen than ever.

Sometimes it can feel like the cyber criminals are working harder than the people who are supposed to be protecting our information, but when consumers and businesses are vigilant, they can foil those cyber criminals despite all their scheming.

We should be asking ourselves: Why not prevent breaches instead of reacting to them? Corporate America and consumers don’t need to sit around waiting to become cybercrime victims.

To that end, here are some cyber security trends and factors worth knowing about for the rest of 2017 and beyond:

Serious breaches still take too long to discover

As unsettling as it is to think about, the truth is there’s generally a long lag time between when a breach happens and when it’s discovered. The average is 280 days, which means if cyber criminals hack your system today, it could be about nine months before anyone realizes there’s a problem.

 

Employees will continue to be critical to protection

For just about any organization, employees are the first line of defense — and the weakest link. Typically, when a breach happens behind a firewall it’s because someone was tricked into clicking on a link they shouldn’t have. Employees need to be educated to prevent these kinds of attacks.

 

Cyber insurance is hot and growing hotter

A breach can prove costly to companies, which is why cyber insurance is a growing field. Just as homeowner’s insurance doesn’t keep your house from catching fire, though, cyber insurance doesn’t guard against a breach. However, it is important for businesses to adopt a policy that can help the company that’s hit by a breach regain its financial footing.

 

The importance of managing company intranet

Most breaches happen behind firewalls. You’ll need more than antivirus to stop the bad guys. This includes anti-phishing tools, network access control (NAC), zero-day malware quarantining and other next-generation approaches focusing on the root cause of how you get breached.

Without a NAC solution, you won’t be able to tell who is on your network, including if the cleaners are plugging in a laptop at midnight or if a consultant is on the wrong VLAN, like human resources or payroll where you don’t want them to have access.

In addition, you should find and fix all your common vulnerabilities and exposures. You can learn more about them at the National Vulnerability Database at nvd.nist.gov or cve.mitre.org. By finding and fixing your holes, you’ll have a stronger, less exploitable infrastructure.

Consumers’ best protection is still self-protection

Consumers can’t always count on how well their bank or their favorite retailer handles cyber security. Anyone can take steps to be safer. Change passwords frequently. Put a sticker over your laptop’s webcam when you’re not using it. Protect your smartphone by turning off WiFi, Bluetooth, NFC and GPS except when you need them. Delete cookies and your browsing history regularly. When consumers learn the importance of mobile-device “hygiene,” both they and the places they work are at less risk of suffering a data breach or los

See the original article Here.

Source:

Miliefsky (2017 March 03). 5 trends and factors that continue to impact cybersecurity in 2017 [Web blog post]. Retrieved from address  http://www.propertycasualty360.com/2017/03/03/5-trends-and-factors-that-continue-to-impact-cyber?slreturn=1488916705&page_all=1


Progressive benefits are the lure for new talent

There are many different ways to attracted new talent to your workplace. Take a peek at this freat article from Employee Benefits Advisors about which benefits are best for attracting new talent by Paula Aven Glagych

Live trees indoors, pets at work and an in-office happy hour. Underground Elephant is very forward-thinking when it comes to how it treats its employees and the benefits it offers.

From its fun headquarters space in the east village of San Diego to its outside-the-box thinking on workplace benefits, the digital marketing company “wants to really create an environment where employees want to come to work every day and feel like they are being rewarded,” says Amy Zebrowski, HR business partner at Underground Elephant. “It is a very challenging and fast-paced environment.”

Underground Elephant, which was founded in 2008, provides marketing and technology services to financial service and insurance companies. It offers staffers healthcare and retirement benefits but wanted to show them that it is invested in their education and their family’s education by offering a choice between three non-traditional benefits. People who have worked for the company for one year can choose between a student loan repayment program through Student Loan Genius; a 529 college savings plan through Gradvisor; or $2,000 in company stock options.

If they choose the student loan or college savings plan options, Underground Elephant will contribute $1,500 a year to the program.

Gradvisor founder and CEO Marcos Cordero had wanted to offer a student loan reimbursement program for a couple of years. The company hires many entry-level employees straight out of college, trains them and helps them build their careers at the company.

“We know a lot of employees with student loan debt. We wanted to help them address that and support their financial wellbeing. We didn’t want to exclude employees who don’t have student loans. Our goal was to create a more inclusive program,” Zebrowski says.

Student Loan Genius’ platform allows employees to explore different loan repayment options and to find the one that best fits their situation. Employees can also have their student loan payments taken directly out of their paycheck each month.

The Gradvisor 529 college savings plan helps parents and grandparents save money for future educational expenses.

The cost of college

Cordero says that his 529 platform is popular because recent Gallup data shows that “for employees with children under 18, this is their number one financial concern. It supersedes retirement and unexpected medical bills.”

He added that the cost of college is rising faster than any other expense in the home and millennials, in particular, are feeling the pinch. Many of them left college with huge student loans and they want to make sure their children don’t fall into the same trap. Baby Boomers are also intrigued by the 529 plan because they have “more disposable income to help grandchildren save for college,” Cordero says.

He believes that this benefit will continue to grow over the next decade, but currently “more employers offer pet insurance than college savings.” That is in large part due to the state-by-state complexity of the programs. Each state offers a different 529 plan.

The Gradvisor platform takes into consideration an employee’s risk tolerance, financial situation and household tax filing when determining the best 529 plan for them. The company serves as a fiduciary so it takes “all of those inputs and recommends the most suitable and best fit investment option and asset allocation for the client. We don’t get any commissions or sales charges from the 529 plan. Our advice is 100% objective,” he says. Companies pay to offer the program on a per user per month basis.

“If you look at our stats, our customers tend to save earlier. We’re rolling out this really intuitive step-by-step platform that takes a lot of that fear or intimidation away,” Cordero says.

The average parent who takes advantage of Gradvisor starts saving when their child is five years old, compared to seven in the general population, which adds a couple more years of compounded growth. They also save twice as much as the average person.

Both the student debt repayment and college savings benefits programs were introduced to the company’s employees in January for implementation in March.

“The response has been great. All of our employees are excited about it. It can be a huge help with financial expenses if you are paying toward a student loan it is reducing the overall interest of the life of the loan. Overall it is very positive,” Zebrowski says.

The company’s primary goal in offering these three benefits was to retain good employees and to “show we are invested in their education and their family’s education and financial wellness,” she says.

Based on the company’s younger employee base, there are more participants in the student loan program, but there’s also a lot of interest in the 529 plans.

“I think a lot of people are conscious of the future and saving for families down the line. We’ve had a good response to both,” Zebrowski says.

The company offers a 1% employer match on all employee contributions to its 401(k) plan. The company employs 55 people currently and has been listed as one of the fastest-growing companies in its industry.

The benefit of perks

Underground Elephant wants to be innovative with its benefits because California’s tech industry is very competitive. Many people want to live in San Diego, so “attracting talent, in addition to that retention piece, that certainly factors in,” she says.

The company’s new headquarters building is unique in that it has live trees in the middle of the work space.

“The idea is to make it more open to give people the feeling of being connected to the outdoors,” she says. It has pool, ping pong and is setting up a new game room so employees can get together and have fun. It also has an onsite bar where the company offers regular happy hours.

Employees can bring pets to the office and it has a snack area where the company provides breakfast or lunch once a week.

For the past couple of years, the company has participated in a forum program where the company is divided into groups of eight to 10 employees and these groups participate in challenges throughout the year, including cultural challenges, scavenger hunts, community and charitable events.

“Each year we reevaluate our cultural programs to see what is working and what isn’t working; what people enjoy. The goal is to create as much engagement as possible,” she says.

Underground Elephant offers a full suite of health benefits, including full medical, dental and vision, long and short term disability and voluntary life insurance.

“We want to prepare people for success here or outside the company. Ultimately, the goal is to give people the skills and experience to promote within Underground Elephant or to transfer to other jobs as well,” she says. “Our people tend to be very successful.”

See the original article Here.

Source:

Glagych P. (2017 February 28). Progressive benefits are the lure for new talent [Web blog post]. Retrieved from address http://www.employeebenefitadviser.com/news/progressive-benefits-are-the-lure-for-new-talent?feed=00000152-1377-d1cc-a5fa-7fff0c920000


Employers embrace new strategies to cut healthcare costs

Are you looking for a new solution for cutting your healthcare cost? Take a look at the great article from Employee Benefits Advisor about what other employers are doing to cut their cost healthcare cost by Phil Albinus.

As employers await a new health plan to replace the Affordable Care Act and consensus grows that high deductible health plans (HDHPs) are not the perfect vehicle for cutting healthcare costs, employers are incorporating innovative strategies to achieve greater savings.

Employers are offering HSAs, wellness incentives and price transparency tools at higher rates in an effort to cut the costs of their employee health plans. And when savings appear to plateau, they are implementing innovative reward plans to those who adopt these benefits, according to the 2017 Medical Plan Trends and Observation Report conducted by employee-engagement firm DirectPath and research firm CEB. They examined 975 employee benefit plans to analyze how they functioned in terms of plan design, cost savings measures and options for care.

The report found that 67% of firms offer HSAs while only 15% offer employee-funded Health Reimbursement Arrangements. As “use of high deductible plans seem to have (at least temporarily) plateaued under the current uncertainty around the future of the ACA, employer contributions to HSAs increased almost 10%,” according to the report.

Wellness programs continue to gain traction. Fifty-eight percent of 2017 plans offer some type of wellness incentive, which is up from 50% in 2016. When it comes to price transparency tools, 51% of employers offer them to help employees choose the best service, and 18% plan to add similar tools in the next three years. When these tools are used, price comparison requests saw an average employee savings of $173 per procedure and average employer savings of $409 per procedure, according to CEB research.

“What was interesting was the level of creativity within these incentives and surcharges. There were paycheck credits, gift cards, points that could be redeemed for rewards,” says Kim Buckey, vice president of client services at DirectPath. “One employer reduced the co-pays for office visits to $20 if you participated in the wellness program. We are seeing a level of creativity that we haven’t seen before.”

Surcharges on tobacco use has gone down while surcharges for non-employees such as spouses has risen. “While the percentage of organizations with spousal surcharges remained static (26% in 2017, as compared to 27% in 2016), average surcharge amounts increased dramatically to $152 per month, a more than 40% increase from 2016,” according to the report.

Tobacco surcharges going down “is reflective of employers putting incentives in, so they are taking a carrot approach instead of the stick,” says Buckey.

Telemedicine adoption appears to be mired in confusion among employees. More than 55% of employees with access to these programs were not aware of their availability, and almost 60% of employees who have telemedicine programs don’t feel they are easy to access, according to a separate CEB survey.

Employers seem to be introducing transparency and wellness programs because the savings from HDHPs appear to have plateaued, says Buckey. She also noted recent research that HSAs only deliver initial savings at the expense of the employee’s health.

“With high deductible plans and HSAs, there has been a lot of noise how they aren’t the silver bullet in controlling costs. Some researchers find that it has a three-year effect on costs because employees delay getting care and by the time they get it, it’s now an acute or chronic condition instead of something that could have been headed off early,” she says.

“And there is a tremendous lack of understanding on how these plans work for lower income employees, [it’s] hard to set aside money for those plans,” she says.

Educating employees to be smarter healthcare consumers is key. “What is becoming really obvious is that there is room to play in all these areas of cost shifting and high deductible plans and wellness but we can no longer put them in place and hope for the best,” she says. We have to focus on educating employees and their families,” she says. “If we are expecting them to act like consumers, we have to arm them with the tools. Most people don’t know where to start.”

She adds, “we know how to shop for a TV or car insurance but 99% of people don’t know where to start to figure out where to shop for prescription drugs or for the hospital where to have your knee surgery. Or if you get different prices from different hospitals, how do you even make the choice?”

When asked if the results of this year’s report surprised her – Buckey has worked on the past five – she said yes and no.

Given that the data is based on information from last summer for plans that would be in effect by 2017, she concedes that given the current political climate “a lot is up in the air.” Most employers were hesitant to make substantive changes to their plans due to the election, she says. We may see the same thing this year as changes are made to the ACA and the Cadillac Tax, she adds.

“What I was interested in were the incremental changes and some of the creativity being applied to longstanding issues of getting costs under control,” she says.

See the original article Here.

Source:

Albinus P. (2017 March 05). Employers embrace new strategies to cut healthcare costs [Web blog post]. Retrieved from address http://www.employeebenefitadviser.com/news/employers-embrace-new-strategies-to-cut-healthcare-costs?brief=00000152-1443-d1cc-a5fa-7cfba3c60000


Cold & Flu Prevention in the Workplace

With flu season in full swing here are some great tips from Travelers on how to protect the workplace from getting sick.

Every year, without fail, flu season hits. While the influenza virus poses high health risks for individuals, an outbreak at the office can also affect business operations. All it takes is one employee and one sneeze to put others at risk and spread the virus.

According to the Centers for Disease Control and Prevention, flu viruses can spread to people from up to 6 feet away through droplets made by sneezing, coughing or talking.* Even before showing symptoms, an infected employee who sneezes during a meeting or coughs at someone's desk without covering his or her mouth can expose others to the flu.

Small businesses can be even more vulnerable if multiple employees call in sick due to flu-related illnesses. Fewer hands on deck could potentially impact productivity and operations.

Following are Five Tips for Business Owners to Help Reduce the Potential Spread of the Flu:

  1. Make the Flu Vaccine Available for Employees
    The best way to prevent the flu is to get a flu vaccine every year. However, finding time to get the vaccine may be difficult for some. If possible, employers should consider hosting a vaccine clinic onsite. By having it available at work, employees should be able to take care of this simple task quickly and easily.
  2. Keep Work Spaces Clean
    Generally, human flu viruses can survive on surfaces for two to eight hours, so encourage employees to clean their desks regularly. When buying cleaning supplies, read the label to make sure it states that the product is effective against flu viruses, such as Influenza A.
  3. Offer the Option to Go Virtual
    Most people do not realize they can spread the flu virus to others one day before they show any symptoms and up to seven days after becoming ill. Small business owners should make employees aware of this fact and provide opportunities to reduce in-person interactions, as this can help minimize the spread of the flu in the office. There are still ways to get work done so consider giving employees an option to work from home. They can stay connected through emails or phone calls, and conduct meetings online.
  4. Be Open to Deferring Travel
    Small business owners should also be open to rescheduling business trips. If workers are not feeling well before a trip, encourage them to reschedule to a later date so that they are not sick while away from home. If travel plans involve airplanes, fellow passengers will be grateful for that decision as well.
  5. Hand Out the Tip Sheet….Now!
    Even before flu season hits, hand out a short, informative document to employees on ways to help reduce the spread of the flu, such as washing hands properly and regularly and avoiding touching your eye, nose or mouth (entry points into the body for germs). For more information, consult the Centers for Disease Control and Prevention for additional suggestions on preventing the flu and maintaining good health habits.

See the original article Here.

Source:

Author (Date). Cold & flu prevention in the workplace [Web blog post]. Retrieved from address https://www.travelers.com/resources/workplace-safety/cold-and-flu-prevention-in-the-workplace.aspx


Employers adding financial well-being tools for preretirees

Take a peek at this interesting article from Benefits Pro, about the man tools and services employers are starting to offer to pre-retirees by Marlene Y. Satter,

As their employee base ages closer to retirement, employers are adding tools to help those older employees better prepare for the big day.

That’s according to Aon Hewitt’s “2017 Hot Topics in Retirement and Financial Wellbeing” survey, which found that employers are taking action to improve employee benefits and help workers plan for a secure financial footing, not just now but when they retire.

Not only are employers focusing on enhancing both accumulation and decumulation phases for defined contribution plan participants, they’re taking a range of steps to do so—from improved education to encouraging higher savings rates.

Just 15 percent of respondents are comfortable with the average savings rate in their plan; among the rest, 62 percent are very likely to act on increasing that savings level during 2017, whether by increasing defaults, changing contribution escalation provisions, or sending targeted communications to participants.

And only 10 percent of employers are satisfied with employees’ knowledge about how much constitutes an adequate amount of retirement savings, and nearly all dissatisfied employers (87 percent) are likely to take some action this year to help workers plan to reach retirement goals.

In addition, more employers are providing options for participants to convert their balances into retirement income. Currently just over half of employers (51 percent) allow individuals to receive automatic payments from the plan over an extended period of time.

They’re also derisking through various means, whether by adopting asset portfolios that match the characteristics of the plan’s liabilities (currently 40 percent of employers use this strategy, but the prevalence is expected to grow to more than 50 percent by year end), considering the purchase of annuities for at least some participants (28 percent are considering this action) or planning to offer a lump-sum window to terminated vested participants (32 percent are in this camp).

Why are employers suddenly so interested in how well employees are financially prepared for retirement?

According to Rob Austin, director of retirement research at Aon Hewitt, not only do employees not really understand how to convert a lump sum retirement plan balance into retirement income that they can live on, and employers are also worried that employees will mishandle that lump sum when the time comes and end up broke.

So some employers are tackling the issue by folding in more information about 401(k) plans with the annual enrollment process, in an effort to get employees to think more holistically about their benefits packages.

They're also encouraging them to consider increasing contributions to their retirement plan while they’re already enmeshed in other enrollments.

See the original article Here.

Source:

Satter M. (2017 February 13). Employers adding financial well-being tools for preretirees [Web blog post]. Retrieved from address http://www.benefitspro.com/2017/02/13/employers-adding-financial-well-being-tools-for-pr?ref=hp-top-stories


4 Basic Elements of Successful People Analytics

Great article from the Society of Human Resources Managment (SHRM) on how to effectively utilize people analytics for your HR department by David Creelman,
 
You come to a fork in the road. The sign indicates 100 travelers have taken the left fork and 14 have fallen to their death; it also shows that 50 travelers have taken the right fork and 8 have fallen to their death. Which road do you take?
 
Welcome to the world of HR analytics.
 
The answer to this "which path" puzzle is one you probably won’t learn in a statistics class, and it demonstrates something HR leaders need to know: the road to analytics success isn’t always paved with data scientists.
 
Now, back to the decision: which path? The natural reaction is to take the path with a lower percentage of deaths. But wait! You might (correctly) suspect that the difference is not statistically significant. Does this mean it doesn’t matter which way you go? No, it still matters, and the reasoning behind the answer will solve many problems in people analytics.
 
The typical HR professional should be learning methods to enhance decision clarity.
 
What Question Are We Trying to Answer?
 
If you were asking the question, “Is there strong proof that one path is safer than the other?” then the answer would be “no”. But that’s not the question is it? The real question is, “Which path should we chose, given that we have to pick one?” In this case, we can only look at the best available evidence: the percentage of deaths. We should take the path with fewer deaths per traveler even though the evidence we have is weak.
 
If other evidence about path safety comes along, or if one path is more costly than the other, then we may change our decision. In the absence of that additional evidence we still have to forge ahead. We don’t need a calculation of statistical significance to make our choice.
 
This simple story encapsulates four important elements of successful people analytics:
 
  1. We need to be clear about what question we are trying to answer.
  2. We need to gather the best available evidence—which, even if it not good, will be better than no evidence.
  3. We need to assess the quality of the evidence so we can make an informed judgment.
  4. Often, basic math is all we need to inform our judgment.
 
Of these points, it is the first one that matters most. We don’t do analytics as a textbook exercise, we do it to make a business decision. When we are clear about the decision, then the rest follows.
 
What to Do?
In my analytics workshops, HR professionals are often relieved that I’m not teaching statistics. There is a role for statistics, but that’s not what the average HR person needs to learn. The typical HR professional should be learning methods to enhance decision clarity—i.e., be trained in asking the right questions. That’s the single biggest driver of analytics success.
 
Secondly, they should be trained to use the basic math skills they already have. We can go a long way to better decision making with counts, percentages and estimates; people need to recognize the value of this basic math.
 
Finally, they need to understand when to call on extra skills sets for problems that can’t be answered with simple forms of evidence—and this is where we do want unleash the data scientists.
 
HR will find that most of the wins in analytics fall somewhere between the rudimentary world of HR reporting and the exciting world of advanced statistics. To get there the average HR professional just needs a little extra help in bringing rigor to decision making. If they have the confidence to choose the statistically insignificant fork in the road, and explain why they made that choice, then they are on the right path to analytics success.

See the original article Here.

Source:

Creelman D. (2017 February 09). 4 basic elements of successful people analytics [Web blog post]. Retrieved from address  https://blog.shrm.org/blog/4-basic-elements-of-successful-people-analytics


Why wellness needs to be personal

Great article from Employee Benefits News about the importance of employee wellness by Brian M. Kalish,

There is no question that a healthier workforce is a more productive and more engaged workforce. With employers consistently looking to improve effectiveness of wellness programs, advisers agree that making the programs more personal provides a solid road toward increased engagement.

When a wellness program is personal, it is relevant. Employees will see something they are interested in and engage, says Erin Milliken, wellness consultant with EPIC Brokers in Houston.

The benefits of personalized wellness are abundant. Aetna recently ran a pilot program through its innovation lab, in cooperation with personalized health management startup Newtopia, which used a combination of behavioral science and limited genetic testing to build a highly personalized disease prevention and weight management program for Aetna employees at high risk for metabolic syndrome.

Through personalized information, nearly three-quarters of the more than 400 people in the program reported significant weight loss, with an average weight loss of 10 pounds. Additionally, Aetna employees in the programs improved in several of the risk factors associated with metabolic syndrome, including waist size, triglycerides and good cholesterol (HDL) levels.

As a cost savings, average healthcare costs were reduced $122 per program participant per month, according to Aetna.

Making information personal is important because clients and their employees are oversaturated with points of contacts, adds Archana Kansagra, director of health and wellness product and strategy at Aetna in Boston.

Kansagra, who previously worked as a consultant to large employers, says employers are focusing on making access to wellness programs easy for their employees. “It is such a transformational time,” she says. “These [wellness] programs are trying to get pointed to understand the member, what their needs are and how to best communicate with them … with information that is timely and relevant.”

Wellness is becoming personalized through technology, such as through smartwatches and different devices that employees keep with them 24 hours a day, Milliken says.

“Technology will really take wellness and the health management space to another level,” she adds. “We haven’t quite gotten there, but technology will cause this industry to boom and get … employees to engage.”

Working with clients
Although there is little question personalized health programs increase employee wellness and therefore productivity and engagement, it is a fine line for advisers to bring it up with their clients.

Milliken says advisers should be proactive about the conversation because most employers do not know what to do when it comes to wellness. “It is our job to engage them and engage their population,” she says.

But responses remain a mixed bag. “Some employers will come to me or come to my team and say, ‘We want wellness because our claims experience is outrageous,’” she explains. “But some clients don’t know anything about wellness and we [as advisers] have to … build the case.”

It is easier for brokers working with employers who already understand wellness. “For those employer groups who aren’t quite persuaded into believing wellness can work for them, that is a tougher conversation,” Milliken says. “But we can get there and once they understand how wellness can improve their business” they are onboard.

See the original article Here.

Source:

Kalish B. (2017 January 31). Why wellness needs to be personal [Web blog post]. Retrieved from address http://www.benefitnews.com/news/why-wellness-needs-to-be-personal?feed=00000152-18a4-d58e-ad5a-99fc032b0000