With the recruitment landscape growing increasingly competitive, it's important for employers to offer employees the benefits they want most. Discover the three benefits employees want most.Read More
The CheckPoint HR Blog
When it comes to insurance, few things are as elusive as dental coverage. Buying dental insurance is often looked at as an expense most aren't willing to cover, despite the fact that seventy nine percent of companies today offer medical coverage of some form. Buying dental insurance may not be something you want to do, but there are plenty of options available and offering dental coverage can help you keep your most valued employees, attract new rising stars, and improve morale and satisfaction in the workplace.
A recent USA Today analysis found that employers aren’t offering as much to employees in terms of pay raises, but instead are upping offerings for health insurance and other employee benefits. Due in part to the state of the economy, many employers are straying away from wage hikes and compensating workers with popular benefits such as medical insurance.
During the month of October we celebrate National Work & Family Month (NWFM), which was established in 2003 by WorldatWork’s Alliance for Work-Life Progress. The purpose of NWFM is to encourage workplaces to reflect on the progress made on the journey to work-life effectiveness, celebrate and then raise the bar, moving on to even more pervasive progress. Additionally, the month of October serves as annual recognition of the importance of employer-sponsored work-life programs in attracting and retaining a talented workforce.
Over the past year, employers in the U.S. saw the lowest health care premium rate increases in six years. However, recent findings from Aon Hewitt predict average health care premium increases could jump up to 6.3% nationwide. Additionally, the average health care costs per employee are expected to increase to $11,188, up from $10,522 in 2012 and $10,034 in 2011.
Employees across the country can expect to receive 2013 open enrollment materials throughout the next few weeks. The open-enrollment period offers them the opportunity to make changes to the healthcare benefits they currently receive. Often times, mistakes made during the open enrollment period cost workers, and that wasted money can amount to up to $750 annually, according to a recent survey by Aflac. Many of these mistakes are made as employees attempt to sift through page after page of benefits materials that can be both confusing and overwhelming.
Following Labor Day, this week is National Payroll Week (NPW), which celebrates American employees and employers. National Payroll Week was created in 1996 by the American Payroll Association to celebrate the partnership between the workers of America, their companies, and the payroll professionals who pay them. Additionally, NPW recognizes importance government programs including Medicare, social security, child support, and fair labor standards.
For most small businesses, losing an employee is the equivalent of losing an investment. A significant amount of time and money is spent to bring on new hires. The loss can be critical, should the employee leaving happen to be top company talent and finding an adequate replacement can be a daunting task. Rather than risk losing good workers, employers should focus on what can be done to retain this talent and keep employees happy. According to the recently published Growbiz media Small Business Hiring and Retention Survey, employers noted the number one benefit offered to employees is paid vacation time. Because offering paid vacation doesn’t cost anything out of pocket for employers, this may be a worthwhile option for employers wanting to offer good benefits without having to tack on additional costs.
Voluntary benefits are popular with employees and employers alike because they offer a number of options, many of which are customizable. Employers are able to offer prospective workers the benefits they desire without having to spend more than necessary. Thanks to the payroll tax saving gained from Section 125, administrative costs often associated with voluntary benefits are no longer an issue. Additionally, costs for employees are lower because of group rates, giving employees the benefits they want at an affordable price.
Because we are still in the midst of economic recovery, businesses are continuing to look for ways to cut expenses. It is common, during times like these, for organizations to trim benefits programs, especially in the area of health benefits, due in part to their expensive nature. However, before making any drastic decisions, employers must weigh their options. Are there any alternative cost-cutting options available? If not, lessening the impact of cuts to benefits is of great importance.