Posted by Roger Howell on Thu, May 17, 2012 @ 04:36 PM
Panelist Juanita Phillips, member of the Society for Human Resource Management (SHRM) and HR director at Intuitive Research and Technology Corporation, stated that SHRM does not believe a federal mandate requiring a set minimum employer-paid leave would be the best approach. Although families and employees may face challenges that workplace flexibility might help to solve, Phillips suggested that encouraging employers to offer more options may be a better approach.Experts recently testified before the U.S. Senate Committee on Health, Education, Labor and Pensions (HELP), discussing paid leave and workplace flexibility options and laws.
Panelist Juanita Phillips, member of the Society for Human Resource Management (SHRM) and HR director at Intuitive Research and Technology Corporation, stated that SHRM does not believe a federal mandate requiring a set minimum employer-paid leave would be the best approach. Although families and employees may face challenges that workplace flexibility might help to solve, Phillips suggested that encouraging employers to offer more options may be a better approach.
What flexibility policies are a good fit varies between employees and positions, the expert suggested. Human resource and employee benefit consultants can help companies tailor their policies to the industry and their particular needs.
Wyoming Senator Mike Enzi, a ranking member of the committee, suggested that it might be wise to test new policies and requirements by implementing them for federal contractors first. Assuming they prove effective and do not cause problems, they could then be expanded to the private sector.
Posted by Roger Howell on Thu, May 17, 2012 @ 07:36 AM
Aside from failing to save, the report also indicates many Americans have incomplete or incorrect knowledge about IRAs, which may be hindering their financial planning. Companies which offer 401(k) or other retirement options may wish to enhance the education efforts of their employee benefit plan administration in order to help workers plan more effectively and make informed choices. Almost half of Americans are not contributing to any retirement plan, according to a new survey.
Of respondents between the ages of 18 and 34, 56 percent were not saving, compared to 49 percent of all those surveyed. The research, conducted by LIMRA, did find that younger workers and those with higher incomes were more likely to be thinking about contributing to an IRA in the next year, however.
"It was especially troubling to see that a larger portion of younger Americans - who are less likely to have a defined benefit plan - are not saving for retirement in IRAs or defined contribution plans," said Matthew Drinkwater, associate managing director of LIMRA Retirement Research. "In order to have the adequate savings necessary to meet their financial needs in retirement, which could last 20 or more years, it is critical that these individuals begin saving systematically early in their working years."
Aside from failing to save, the report also indicates many Americans have incomplete or incorrect knowledge about IRAs, which may be hindering their financial planning. Companies which offer 401(k) or other retirement options may wish to enhance the education efforts of their employee benefit plan administration in order to help workers plan more effectively and make informed choices.
Posted by Roger Howell on Wed, May 16, 2012 @ 07:35 AM
The benefits of time and attendance softwareHuman resource managers might choose automatic systems to track employees' time and attendance, but choosing the most efficient software can be difficult. Dozens of options are available, so knowing what to look for may save companies vast amounts of time and money.
With employee benefit consultants, businesses can receive top-notch support with time and attendance systems. These experts serve companies by providing information about employee management software available to human resource departments, and will answer any questions and concerns. Using an HR management system effectively might prove challenging to human resource professionals new to time and attendance software, and consultants possess extensive experience to provide high-quality support.
For example, human resource software experts may offer data and research about the features of a variety of time and attendance options. An effective tracking system to monitor when employees start and finish their work shifts provides several benefits to human resource departments.
Not only can business professionals save money and time, but they can also examine workplace productivity based on the number of hours employees work. This could prove helpful as organizations develop budgets and reports to review monthly and annual production statistics.
Additionally, many time and attendance programs include enhanced scheduling features that suit the needs of organizations. Human resource supervisors might create bullet schedules for employees who work different schedules every week. Using criteria such as employees' availability, certifications or skills allows managers to put their workers in the best position to succeed, which can enhance an organization's productivity.
There could be a substantial impact on an organization that uses time and attendance software, and human resource professionals can learn more about it with assistance from employee benefit services. Employ experienced human resource software consultants to examine how effective programs like time and attendance software could improve an organization's bottom line.
Posted by Roger Howell on Wed, May 16, 2012 @ 07:35 AM
Healthcare costs are still increasing.As the cost of healthcare continues to grow. industry analysts say that the rate of expansion has started to slow.
The firm Milliman reviewed the average healthcare costs for a family of four covered by an employer-sponsored healthcare plan this year, and found an average total cost of more than $20,000.
That figure represented an increase of 6.9 percent from the year before, which is the lowest percentage jump in recent history. However, it's still a bigger rise in terms of raw dollar value than the year before.
"The average rate of increase this year dips below 7 percent for the first time since we began analyzing these costs, but the total dollar increase is still the highest we have seen," said Lorraine Mayne, principal and consulting actuary for Milliman. "This helps illustrate the challenge of controlling healthcare costs."
The firm said that the average employer covered about $12,000 as part of workers' employee benefits, while the rest of the costs were borne by consumers through either payroll deductions or out-of-pocket expenses.
The firm also found sharp differences in healthcare costs between cities. Average healthcare costs in Miami were nearly $25,000, while expenses in Phoenix were less than $18,500.
Posted by Roger Howell on Tue, May 15, 2012 @ 07:35 AM
Survey finds employee benefits create loyalty and drive growth.A review of high-performing companies by the Harvard Business Review Analytic Services found that those who provided strong employee benefits packages engendered loyalty which had a positive impact on growth.
Of the employers surveyed, more than 70 percent said the benefits offered had a signficant impact on both employee loyalty and retention. In addition, the majority said they provided a competitive advantage, helped with recruitment and improved employees' feelings of security.
"As one HR director puts it, you can't have customer satisfaction without employee satisfaction. A good benefits program’s connection to employee security, motivation and performance couldn't be more clear," said Angelia Herrin, research and special projects editor of Harvard Business Review.
Many companies also continued to add to their benefits offerings over the past several years. More than 70 percent of companies have added some sort of wellness programs, while many others have changed their healthcare programs.
Employee retention can help significantly reduce costs associated with turnover. Data from the Society for Human Resource Management found that it cost more than $3,000 to replace one employee making just $8 per hour.
Posted by Roger Howell on Mon, May 14, 2012 @ 04:35 PM
What makes a wellness program successful?There are many elements to successful employee wellness programs, and companies can take advantage of services from employee benefits consultants to learn more about them. Let's take a look at some of the characteristics a human resource manager can use to evaluate his or her organization's health initiatives for employees.
Health coaching
It's one thing to give workers documents that promote healthy behaviors, but it's an entirely different vehicle to facilitate achievements. Businesses could offer health coaching as an incentive to participate in an employee wellness program, and this gives workers the chance to have direct consultations with a trainer or other experienced professional. This expert can help raise awareness of a worker's health concerns and work collaboratively with the employee to develop personal goals.
Stress management
According to the American Psychological Association, job pressure, money and health are among the top three reasons employees suffer from stress in the workplace. There could be severe consequences if employers ignore stress, including possible worker burnout and high employee absenteeism rates. Additionally, employers might become a less appealing option to job candidates if they fail to take the time to help workers manage stress. Employee benefit consulting professionals may offer a variety of options for human resource supervisors to create stress management programs for workers across an organization.
Nutrition counseling
An apple a day might keep the doctor away, but companies that provide more sufficient nutrition counseling could teach employees additional healthy eating habits. This could serve employees in several ways. Not only might workers employ the habits and techniques to their personal lives, but they could share this knowledge with their family members and friends, potentially creating healthier workplaces across the country.
Posted by Roger Howell on Fri, May 11, 2012 @ 04:35 PM
Researchers also examined two health access indicators and found them declining. About 5 percent fewer adults received a routine check-up, while the number making dental visits dropped by 3.9 percent. In both cases, as with the first indicator, the impact was greater on the uninsured. The accessibility of basic healthcare services to U.S. adults has decreased in almost every state over the past decade, according to new research.
The percentage of adults who had an unmet medical need because of expenses increased by six points from 2000 to 2010, according to the Urban Institute and the Robert Wood Johnson Foundation. Among uninsured Americans, it rose by about 10.8 percent. Taking those increases into account, about 11.2 and 48.1 percent of insured and uninsured adults, respectively, had a health need go unmet because of cost, the report indicates.
Researchers also examined two health access indicators and found them declining. About 5 percent fewer adults received a routine check-up, while the number making dental visits dropped by 3.9 percent. In both cases, as with the first indicator, the impact was greater on the uninsured.
The effects varied by state, with residents of Tennessee, Georgia and Florida affected the worst. A total of 42 states experienced an increase in the number of adults who had unmet medical needs and 49 states posted a significant decline in at least one of the three metrics examined.
This growing dilemma may have a major impact on the shape of government policies toward health insurance and employee benefits, and suggests more individuals might see employer-sponsored coverage as valuable than in the past.
Posted by Roger Howell on Fri, May 11, 2012 @ 04:35 PM
The advantages of a self-funded feasibility analysisIf an organization invests in employee benefit consultants, it will have access to a collection of services that could help lower costs. For example, human resource managers could complete self-funded feasibility analyses to present recommendations to decision makers in their companies.
This type of evaluation gives HR professionals the opportunity to review financial goals. Employee benefit experts will act as contracted liasions between a business and insurance carriers, third party administrators (TPAs) or other vendors to ensure a company saves as much money as possible on its annual expenses.
A day in the life of a human resource supervisor is demanding, so having highly qualified experts to handle the discussions between a company and its vendors could prove valuable. Not only might HR professionals conserve money, but they could also save time they could use in other areas. Meanwhile, consultants may complete the legwork necessary to ensure the quality of an accurate, in-depth feasibility analysis.
Experts handle challenging matters such as securing catastrophic reinsurance bids, administrative services fees and claims fiduciary liability protection options from vendors. These trained professionals understand the criteria to determine if a vendor is competent and financially stable, and can invest their attention and time to guarantee human resource professionals can develop detailed presentations for their superiors.
Additionally, liaisons provide assistance with any matters that could arise from companies that change their health plans from fully insured to self-funded options. More businesses are reviewing the viability of self-funded programs when traditional insurance initiatives fail to meet their budgets and expectations. With employee benefit consulting experts, companies can explore their options with an in-depth financial analysis.
Human resource managers have the opportunity to receive written recommendations that feature benefit plan design options and employee premium contribution alternatives when they invest in employee benefit services. Take the steps to examine various financial options with top-of-the-line services available with these consultants.
Posted by Roger Howell on Fri, May 11, 2012 @ 07:35 AM
Small businesses could receive tax breaks with ACA programThe Affordable Care Act (ACA) offers incentives to many businesses, giving them the opportunity to deliver high-quality medical assistance options to employees. In fact, these benefits may grow in the future thanks to information included in a recent report.
In May 2012, Small Business Majority and consumer group Families USA released a report indicating small businesses that pay for healthcare coverage for their employees could qualify for tax credits under a new program. Researchers revealed small businesses may take advantage of $15 billion the U.S. government has provided in tax credits to save money on medical insurance for their employees.
This could have a tremendous effect on organizations across the country. According to the news source, there are 3.2 million small businesses that employ 19 million workers in the United States. Human resource professionals associated with these companies will want to ensure their organizations can receive every tax incentive possible, and could pursue assistance under the ACA program.
"The tax credits will make it easier for small businesses to offer coverage, which makes their businesses more competitive and boosts their ability to create jobs and drive economic growth," Small Business Majority's John Arensmeyer told the news source.
Employee benefit consultants can assist HR supervisors, defining ACA and examining whether their businesses qualify for these tax credits. The news outlet notes that there are several requirements organizations must meet to receive tax breaks, so reviewing this information with experts could provide tremendous value to small businesses.
It's possible that companies could save substantial amounts of money with assistance from employee benefit services. The total value of tax credits available to small businesses for 2011 totals more than $15.4 billion, which works out to an average of $800 per employee, the news source reports. Find the optimal way to maximize possible tax incentives with assistance from experienced employee benefit professionals.
Posted by Roger Howell on Fri, May 11, 2012 @ 07:35 AM
U.S. physicians performed more MRI and CT scans than any other country that provided data. While researchers noted higher obesity rates might contribute to costs, the U.S. also had fewer smokers and a younger population than most other countries used in the comparison, which might offset that difference. The United States does not enjoy significantly better healthcare than 12 other industrialized countries which spend less, according to a report.
Healthcare expenditures in 2009 came to almost $8,000 per person in the U.S., while countries such as Japan, New Zealand, Norway and Switzerland spent between one- and two-thirds of that amount, The Commonwealth Fund revealed. Expenses come to about 17 percent of GDP, while in other countries that figure was no higher than 12 percent. Japan posted the lowest figure at 9 percent.
The U.S. outperforms others in areas such as breast and colorectal cancer survival rates, but average in-hospital deaths due to stroke and heart attack are little different and preventable death rates from asthma and amputations because of diabetes are high.
"It is a common assumption that Americans get more health care services than people in other countries, but in fact we do not go to the doctor or the hospital as often," said study author and senior research associate David Squires. "The higher prices we pay for health care and perhaps our greater use of expensive technology are the more likely explanations for high health spending in the U.S. Unfortunately, we do not seem to get better quality for this higher spending."
U.S. physicians performed more MRI and CT scans than any other country that provided data. While researchers noted higher obesity rates might contribute to costs, the U.S. also had fewer smokers and a younger population than most other countries used in the comparison, which might offset that difference.
Emulating some of the differences in how these countries operate could reduce the cost of health coverage in the U.S., impacting employee benefits and individual policies. While other countries also face rising costs, they are higher in this country than others by several metrics.