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- May 2012 (1)
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- November 2011 (1)
Every company wants healthier employees. Good health reduces absenteeism and promotes higher productivity at work. According to the Thompson Reuters Workforce Wellness Index, the incremental cost of poor health habits equates to about $670 per worker, per year. For privately insured employees, roughly 14% of incremental direct healthcare costs are attributable to six “behavioral risk factors,” including:
- Body Mass Index (BMI)
- Blood Pressure
- Blood Glucose
- Total Cholesterol
- Using Tobacco
- Using Alcohol
- Corporate Wellness Initiatives
To encourage a healthier, more productive workplace, many companies have implemented corporate wellness initiatives. These programs aim to help employees better manage any existing chronic health conditions and make healthier lifestyle decisions that help them avoid developing other devastating illnesses. Most corporate programs offer health information, coaching, and other support for employees who are trying to stop smoking, lose weight, or get more exercise. Some also offer disease-specific services, such as nutritionist or nurse consultations to help control diabetes or high blood pressure.
Click here for more information.
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As Benefits Packages Shrink, Could Telecommuting Be the Ace Up Your Sleeve?
Many employee benefits have been impacted by the recession. According to a recent survey by the Society for Human Resource Management (SHRM), one of the hardest hit is relocation programs. Prior to the recession, 42% of employers reported providing relocation and housing benefits for newly-hired workers. In the report released by SHRM at its annual conference in late June of this year, the number of employers providing this benefit dropped sharply, to just 25%.
One of the few “benefits” of the recession for employers has been greater access to top talent due to the higher unemployment rate. But potential candidates, regardless of their current employment status, are considerably less eager to relocate without a “package”. In fact, the housing market in many areas may make it virtually impossible for some candidates to relocate. Click here for more information.
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Healthcare Reform (HCR) was a big topic in the news again in the final months of 2011. In early November, a U.S. appeals court for the District of Columbia affirmed a lower court’s opinion that the law’s minimum coverage is constitutional. This decision is in conflict with that of two other federal courts that have found the same “individual mandate” provision to be unconstitutional. Click here for more information.
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In 2011, the value of medical Flexible Spending Accounts (FSAs) was impacted by the exclusion of over-the-counter items as qualified expenses under these plans. As a result, many employees chose to reduce their contributions with an expectation that they would have fewer qualified expenses. In 2013, a new change will go into effect when the maximum contribution to a medical FSA will be capped at $2,500.
If your FSA plan currently allows for a higher contribution amount, be sure to remind employees of the coming change to limits in 2013. Plan year 2012 will be the last year employees can contribute more than $2,500 to their FSA. Employees who have bigger planned medical expenses pending, such as braces or Lasik eye surgery, may elect to have these procedures in 2012, when they can pay for more of the expense with pre-tax funds. Click here for more information.
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Even in today’s job market of high unemployment, organizations are finding it difficult to attract and retain qualified talent for key organizational roles. Various studies are showing trends in grey- to white-collar industries indicating that the workforce is increasingly becoming more dissatisfied and disloyal, shifting jobs/careers as often as every two years, where historically five years has been the norm. The most compelling “wake-up call” from national surveys suggest one in three employees hope to be working for another organization within the next twelve months. While employers are focusing on their business environment challenges, they are mistakenly assuming high levels of employee job satisfaction translate to greater employee retention. Click here for more information.
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In recent years, strategic management of operational costs has been at the forefront for many organizations. Fringe cutbacks are commonplace alongside of scaling to maximize efficiencies. Nationally, managing benefits costs is one of the paramount business objectives for employers this year. Yet, benefits packages are always a significant way to support business goals, such as attracting talent, productivity, employee retention, and adding an employer-employee bond. Since the impact of the recession, offering a wide range of employer- and employee-sponsored benefits—especially those that financially protect employees and their families—is more important than ever to current and prospective employees. Click here for more information.
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Understanding the implications of the new Healthcare Reform legislation will be critical in developing a successful strategic plan for providing medical benefits to employees. Historically, employers have taken a short-term strategic view to providing healthcare benefits. However, the long-term implications of Healthcare Reform will now require an extended view as decisions made now will have a definite impact on medical costs and on your employees’ overall benefits package down the road. Click here for more information.
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Because employees are becoming increasingly savvy about planning for the future, one of the key benefits they look for in an employer is a good retirement plan. They value the opportunity to work for a company that provides employee benefits such as access to special financial programs like 401(k) plans. In fact, employee benefit programs like these can be a key factor in recruiting and retaining the best employees. Click here for more information.
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Now that Healthcare Reform has been signed into law by President Obama, Florida-based small businesses are understandably asking: “What does this mean to me?” The ultimate answer to this question is complex and depends on a variety of factors related to the business in question. These factors include the number of full-time employees, industry, current health coverage, business objectives and more. There is, however, one undisputable area which will impact all businesses – the significant administrative burden that will be required to navigate the new regulations associated with Healthcare Reform. Click here for more information.
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