Employee Benefits & Compensation Articles
Retaining and attracting the best employees means offering more than competitive salaries. Thoughtful and useful benefits packages set up employees and your business for success. Just make sure you build communications systems that make it easy for your employees to sign up.
Starting next year, Medicare Advantage plans will be able to add restrictions on expensive, injectable drugs administered by doctors to treat cancer, rheumatoid arthritis, macular degeneration and other serious diseases.
Manufacturing, construction, service, hospitality, and other blue-collar industries are among those with large workforces unlikely to spend the workday sitting at a desk with ready access to email and for whom scheduling large group meetings to present employee benefits offerings and open enrollment procedures is next to impossible.
This isn't just a time to change your health insurance (but checking into your options for switching policies is always smart). Open enrollment gives you a chance to change other insurance coverage or opt-in to programs your employer offers that can save you more money.
Thanks to the efforts of plan sponsors, advisors, HR, and executives, companies can improve their 401(k) plans. Here are 5 industries where efforts succeeded.
General Motors on Monday inked a deal with Detroit-based hospital system Henry Ford Health System to provide a new direct-to-employer healthcare option to 24,000 of its salaried employees and their dependents in Southeast Michigan.
While women overall caught up on April 10 this year, black women were still working—until August 7—just to catch up.
There’s no question worker engagement in benefits remains a struggle for employers. As the market expands and options increase, employees are shutting down when it comes to benefit understanding and usage.
Decision-support tools are great at helping employees find the right health insurance and other benefits options for them, but how do they work? Different tools use different algorithms to determine the best options for their users. Understand how they work, and you’ll know what to expect from yours.
The law ushers in bold patient protections and blockbuster realignment of claims-handling processes.
Professional Employer Organizations (PEOs), which provide outsourced HR services such as payroll, benefits, workers’ compensation and 401(K) administration, can be a terrific option for smaller companies without an in-house human resources team. But how do you know whether you’ve outgrown that solution?
Many employers are nudging their employees to be savvy health insurance consumers through strategies like expanded choice of plan options, defined contribution funding, HSA education and cost transparency tools.
Humans are creatures of habit and routine. Consistency and reliability are reassuring. Even little changes like the coffee cart moving to a different hallway can throw employees off and send productivity into a downward spiral. Having an employee benefits resource portal that’s consistent for the entire team—whether they’re new hires in the middle of onboarding or tenured employees approaching open enrollment season—is invaluable for helping to improve enrollment rates and employee engagement with benefits materials.
Open enrollment (OE) meetings are intended to educate employees about their benefits in an effective and efficient setting. Perhaps meetings were once the best approach. But times change, and today employers typically offer many more benefit choices, with more complex variables, and the potential for far greater employee financial liability.
Once upon a time, the employee benefits package was (more or less) standardized. Employees were given a base salary, typically two weeks of vacation, health insurance, and a retirement plan… maybe a year end bonus (if you were lucky)… but times have changed.
There's one nerve-wracking, yet vital part of the on-boarding process recent grads need to master: negotiating salary and benefits. 43 percent of workers are still asked about salary history during job interviews. Future employers may base their proposed pay on a candidate's previous salary level.
At the top of many employee benefits and compensation plans is usually a retirement plan. The most common retirement plan these days is still the good old 401(k). Why is it so popular and how does it work?