The Importance of Benefits
According to a recent survey, about one-third of all job seekers begin their search to find better pay and benefits. This not only indicates the importance of well-structured benefits when it comes to recruiting top talent, but also when it comes to retaining the talent you already have.
In my last post, I talked about the benefits of beginning your employee benefits renewal process today. It seems soon, but restarting your renewal cycle now will give you time to perform a deep analysis of your current programs and effectively increase employee engagement with your offerings.
We are celebrating our third consecutive year as a finalist in the St. Louis Business Journal’s Best Places to Work Awards.
It’s common for employee benefits renewals and analysis to sit at the bottom of business leaders’ to-do lists until the deadline approaches. And most brokers agree that this is the best time to start drilling into the data and gathering information from the carriers.
On Monday, March 5, 2018, the IRS announced that the maximum family contribution limit to a Health Savings Account (HSA) has been reduced from $6,900 to $6,850 for 2018.
The Internal Revenue Service (IRS) has increased the annual dollar limits for various welfare and retirement plan limits for 2018, including HDHPs, HSAs, FSAs and 401(k) plans.
The late comedy legend Joan Rivers used the catchphrase “Can we talk?” in discussing various topics. She explained her use of the phrase, saying “I always try to be very honest. My humor is truly stripping everything. Bam!” she explained. She went on to describe her approach: “Let’s stop the nonsense.”
One area of Corporate America that could use a similar approach is the area of employee benefits. Insurance companies and consultants would like to talk trends, utilization, probabilities and the like. But what is missing from the conversation is the person. Not “employees,” but the individual person. How the person thinks, what he or she fears, how and what he or she will choose and why.
Self-funding has been used as a tool to maintain the cost of health-related employee benefits for many years.
Historically, this approach has been utilized by groups of 100 or more employees.
However, due to the Affordable Care Act (ACA), a new market is being created for smaller groups allowing them to take advantage of self-funding health care plans to save money and gain control over costs. As an employee benefits administration company, we’re here to help you understand the different approaches to health care.
How to Launch a Wellness Program
Approximately, 80% of the US population is in the workforce or linked through family relationships/retirement putting employers in a key role for health and wellness issues. People spend the majority of their week at the workplace, making the worksite and excellent place to conduct a wellness program. Launching a worksite wellness program doesn’t always mean spending large amounts of money by installing fitness facilities and hiring an on-site wellness coach. However, in order to launch a successful wellness program there are some key steps and planning required. Read More
- Coronavirus (COVID-19) – Update for Employers
- HR Update: Coronavirus Information
- Webinar: FLSA Update – Changes to the Overtime Rules
- Employee Benefits: Your Biggest Recruiting (and Retaining) Tool
- Welcome to Our 2019 summer Interns!
- Webinar: 10 Most Common OSHA Violations
- What You Should Be Doing 6 Months Before Renewal
- Cornerstone Named 2019 Best Place to Work Finalist
- Webinar: Aggregate Data and What to Do With It
- The Best Time to Begin Your Renewal Process (Hint: It Isn’t When You Think)