Benefit planning inevitably involves tradeoffs between an ideal package and one that will maximize the desired impact at a price that can be afforded. These articles will provide how to information on managing the wide variety of benefits including health care, life, and disability insurance, and retirement benefits.
| Thursday, April 3rd, 2014
"In yesterday’s Advisor, we presented the first set of results from our 2014 Retirement Benefits Survey. Today, more survey results plus an introduction to the all-things-compensation-in-one-place website, Compensation.BLR.com"
Our survey shows that 9.8% of employers plan to add or make changes to their 2015 retirement benefits package, 64.9% of employers have no additions or changes planned, and 25.3% are not certain at this point in time.
For those that are planning to add or make changes to their retirement benefits, 27.4% are planning to add a defined contribution plan such as a 401(k), 403(b), or Roth 401(k), and 20.8% are planning to increase their employer match to their existing defined contribution plan, while 6.6% are planning to reduce the level of their employer match.
| Wednesday, April 2nd, 2014
"Results are in for our 2014 Retirement Benefits Survey. Here are some highlights: "
- 86.6% of the employers responding to our 2014 survey offer either a 401(k) or 403(b) retirement savings plan to employees.
- 60.3% of the employers responding to our survey that offer a 401(k) or 403(b) plan to their employees also provide a matching contribution.
- 41.4% of employers match employee contributions dollar-for-dollar. 31.3% go 50 cents on the dollar.
- Other retirement benefits offered by our survey participants include: defined benefit plans (23.7%), Roth 401(k) (33.2%), 457 plan (13%), profit sharing (22.7%), stock options (3.9%), employee stock ownership plan (7.2%), union-sponsored pension plan (2.6%), and/or SIMPLE or SEP (4.3%).
| Friday, March 7th, 2014
"Employment branding, “Best Place to Work,” retention and engagement—a lot of it comes down to perks. Will the perks you offer help recruit and retain the best and brightest? How do your perks stack up against the competition’s?"
Help us find out!
Please participate in our brief survey and see how what you are doing stacks up against what other successful companies are doing.
Who’s offering what perks out in the real world?
- Life, Accident, Pet Insurance?
- Flex, Child care, Telecommuting?
- Financial Planning, Legal Assistance, EAP?
- Tuition Reimbursement?
- What else?
| Thursday, February 6th, 2014
This infographic via Mercer indicates that employers are increasingly willing to invest in health management — and they believe their programs are making a difference. “US employers believe that health management is helping to slow medical trend, and they are putting more emphasis on these programs,” says Beth Umland, Director of Research for Mercer’s Health & Benefits business. “Now more than half of large employers provide employees with financial incentives to participate, and a fifth reward employees for achieving or maintaining specific health targets. They’re also making health improvement more fun with contests and challenges, and providing mobile apps to track activity.”
| Tuesday, January 7th, 2014
"Yesterday’s Advisor featured attorney Susan Fentin’s tips for managing employees with chronic health conditions. Today, how your managers’ compassionate impulses can lead to “regarded as” claims, plus an introduction to the audit guide that helps you find wage/hour problems before the feds do."
The Two Problems
Fentin, who is a partner in the Springfield, Massachusetts, law firm, Skoler, Abbott & Presser P.C., points out the two sometimes opposing desires of dealing with employees with chronic illnesses:
Supporting the employee with chronic illness, and
Managing the employee with the chronic illness.
| Monday, January 6th, 2014
"It might be HR’s toughest balancing act—how to manage your compassion for a chronically ill employee with your legitimate business concerns."
As an HR person, you care about people, says attorney Susan Fentin. Your impulse is to help; however, if the problem is driving the business down, you may not be able to help. You need to balance these sometimes-competing interests, and that’s not often easy.
What are the issues when an employee is chronically ill? Typically, says Fentin, we see:
| Tuesday, December 31st, 2013
"Yesterday’s Advisor featured consultant Carla McCormick’s tips for moving toward Value-Based Benefits Design (VBBD). Today, she offers a case study in VBBD plus we introduce the all-things-comp-in-one-place website, Compensation.BLR.com."
McCormick, a consultant with Fallon Benefits Group in Atlanta, made her remarks at BLR’s Advanced Employment Issues Symposium, held recently in Las Vegas.
Case Study in VBBD
Some facts about the client:
- Global presence with more than 7,000 covered lives
- Employee population includes office staff, manufacturing, and drivers
- Average employee age: 45 years
- Very low turnover
| Monday, December 30th, 2013
"Value-Based Benefits Design (VBBD) is where we’re headed in benefits, says consultant Carla McCormick. If you are not evaluating it for your company, you should be, she adds."
What is VBBD? It’s about taking a comprehensive approach to helping employees to be healthier—and helping the company to save money. McCormick, a consultant with Fallon Benefits Group in Atlanta, made her remarks at BLR’s Advanced Employment Issues Symposium, held recently in Las Vegas.
| Friday, December 20th, 2013
According to the annual National Survey of Employer-Sponsored Health Plans by Mercer employers expect the rate of growth in the per-employee cost of coverage to rebound in 2014. View the infographic below for a summary of the findings.
| Thursday, December 5th, 2013
"Yesterday’s Advisor offered consultant Mike Miles’ take on the advantages of offering voluntary benefits to employees. Today, more on benefits, plus an introduction to the all-things-compensation-in-one-place website, Compensation.BLR.com."
Employees may think that they can’t afford a big policy, but it’s often a good idea to join the plan at the lowest level and cost, even if the policy is not large, says consultant Mike Miles. That gets your foot in the door and often ensures that you can “buy up” in the future on a guaranteed issue basis should something happen that would make you uninsurable.