As the Great Recession has worn on, more and more American companies have been forced to downsize their workforces and replace human capital with technology. The result has been a rapid increase in productivity and record corporate profits.
Unfortunately, those pay-offs have come at a price. Many of the remaining employees are being asked to do more for the same compensation. Although unhappy about this arrangement, after seeing their coworkers laid off, these employees accept the unspoken truth: "Be happy that you still have a job at all." As glad as most are to still be working, their level of satisfaction and their loyalty to the firm have eroded. With fears about job security, and few prospects for changing jobs in today's economic climate, these employees "soldier on," biding their time.
For many companies, this may lead to a rude awakening when the economy eventually revives. The 9th Annual MetLife's ! Study of Employee Benefits Trends offers a warning and clear message to employers: "Reprioritize employee loyalty and satisfaction, or economic recovery may arrive with unanticipated setbacks for retention and productivity."
In other words, happy employees now may mean less turnover later.
The MetLife study revealed a startling statistic: "One in three employees hopes to be working elsewhere in the next 12 months." This is a high level of dissatisfaction and implicit disloyalty. But the study also revealed a disconnect. Employers perceive employees to be more loyal than they are. For this reason, most employers are largely oblivious to the looming retention challenge, and uncommitted to addressing it.
Here are the key numbers from the MetLife study:
• Just 44 percent of small business employees felt loyal to their company in 2010.
• By comparison, 62 percent of the same category of employees felt l! oyal in 2008.
• Meanwhile, 54 percent of employers beli eve their employees feel a strong sense of loyalty to their firm.
• Only 22 percent of employers listed retaining employees as their number one concern, with 33 percent saying...
For more in-depth analysis of what this means to you, click here.
Thursday, October 27, 2011
Friday, October 21, 2011
Employers Should Start Preparing to Report Cost of Employer-Sponsored Group Health Coverage
"To comply with this new requirement, employers should start gearing up to make sure systems are in place to track employee coverage and coordinate with their finance, payroll and human resources staff and vendors to ensure accurate reporting." (Snell & Wilmer
Wednesday, October 19, 2011
401(k) Participants Are Ready to Plan
Despite deep economic concerns, retirement plan participants are renewing their focus on retirement savings. Over the past year 41% of participants increased their 401(k) contribution rate (up from 31%); 40% reallocated their portfolios (up from 33%) and 38% reallocated future contributions (up from 29%). In the coming year, participants expect to contribute more to their 401(k) plans. Also, a slightly higher percentage expect to contribute the tax-deferred maximum (11%, up from 8% in 2010).
A resounding 85% of participants are confident in their 401(k) asset allocation; 83% are confident in their investment selection; and 77% are confident in their contribution amount. Thirty-six percent said that a major savings objective is to save for healthcare expenses in retirement, up from 24% in 2010. For more information, visit www.mercer.com.
Gallup-Healthways study shows excessive weight leads to missed work - Articles - Employee Benefit News
WASHINGTON | Mon Oct 17, 2011 11:05am EDT (Reuters) - Full-time U.S. workers who have chronic health troubles or are overweight cost more than $153 billion in lost productivity each year from absenteeism, according to a Gallup-Healthways study released on Monday.
Gallup-Healthways study shows excessive weight leads to missed work - Articles - Employee Benefit News
Gallup-Healthways study shows excessive weight leads to missed work - Articles - Employee Benefit News
Tuesday, October 18, 2011
National Dental Health Month October 2011
October is National Dental Health Month!
Time to get your Dental Health Checkup
Exam
Exrays
Ceaning
ALl plans include these feaures and you can have dental health insurance for very affordable rates.
Time to get your Dental Health Checkup
Exam
Exrays
Ceaning
ALl plans include these feaures and you can have dental health insurance for very affordable rates.
Monday, October 17, 2011
Get Help in understanding your Medicare Options
Find Benefits Programs...
Get all the benefits you deserve. Find and enroll in federal, state, local and private programs that help pay for prescription drugs, utility bills, meals, health care and other needs.
Get Started
Apply for Medicare Rx Extra Help...
If you are one of millions of people with Medicare who have limited income and resources, apply now for Extra Help through Medicare’s Prescription Drug Coverage. At the same time, you can also start an application for the Medicare Savings Programs and find out if you qualify for other valuable benefits programs.
Get Started
Need Help Paying for Food?
The Supplemental Nutrition Assistance Program (SNAP) (the new name for the federal Food Stamp Program) helps low-income individuals and families buy the food they need for good health. Visit the SNAP Application Forms Service to find your local program, get an application to apply, and search for stores to use the card (includes every state, District of Columbia, U.S. Virgin Islands, Puerto Rico and Guam).
Get Started
Get Eldercare Assistance
Caring for aging parents, elders, and loved ones is challenging. Caring.com provides the expert advice, practical information, easy-to-use tools, and person-to-person support you need to make the journey easier.
Tuesday, October 04, 2011
Your free and easy 8-week workforce health program
One extra pound a holiday season: That's what most people gain every year. It may not seem like much, but it adds up. And people who are already overweight tend to gain even more.* Over time, this extra weight can reduce your employees' effectiveness and even lead to major medical risks.
With our free eight-week program, you can cook up some healthy camaraderie from Halloween through New Year's Day. It's an easy way to get your business on the path to workforce health. And it can lead to big changes:
•Higher employee spirit and morale
•Less stress and more productivity
•Lower overall health care costs for you and your employees
Tools to hold off the holiday pounds
In the toolkit, you'll find everything you need to carry out a simple and successful campaign.
•Maintain Don't Gain checklist—a planning tool for you and your wellness team, the checklist includes a calendar and an explanation of the promotional and campaign materials
•Campaign emails (eight in total)—the center of your campaign, each prewritten email shares a challenge, tip, and resource to help your employees stay healthy and maintain their weight
•Promotional materials—get your employees excited about your program with emails and materials you can post around the office
•Employee pledge sheet—allows employees to publicize that they're participating in your program
•Employee tracking tool—gives each employee a place to record their personal progress every week
Download the toolkit (zip file)
With our free eight-week program, you can cook up some healthy camaraderie from Halloween through New Year's Day. It's an easy way to get your business on the path to workforce health. And it can lead to big changes:
•Higher employee spirit and morale
•Less stress and more productivity
•Lower overall health care costs for you and your employees
Tools to hold off the holiday pounds
In the toolkit, you'll find everything you need to carry out a simple and successful campaign.
•Maintain Don't Gain checklist—a planning tool for you and your wellness team, the checklist includes a calendar and an explanation of the promotional and campaign materials
•Campaign emails (eight in total)—the center of your campaign, each prewritten email shares a challenge, tip, and resource to help your employees stay healthy and maintain their weight
•Promotional materials—get your employees excited about your program with emails and materials you can post around the office
•Employee pledge sheet—allows employees to publicize that they're participating in your program
•Employee tracking tool—gives each employee a place to record their personal progress every week
Download the toolkit (zip file)
Saturday, September 24, 2011
How to make smart decisions during health care open enrollment
Sep 13, 2011 08:55 AM EDT
HSAs often accompany high-deductible plans. With HSAs, consumers pay lower premiums in exchange for higher deductibles. (©Hemera/Thinkstock)
Busting the top 9 myths of credit card usageHow to create a budget on a fluctuating incomeHow to make smart decisions during health care open enrollmentWhat the Fair Debt Collection Practices Act means to youWhat to know about retirement planning nowTeach your kids about spending, saving and debtWhen going back to school, hit the books, not the plasticHow to find quality financial adviceHow to save money on bank fees
By Andrew Housser
As autumn approaches, many U.S. workers will be receiving information about open enrollment periods for health care. During these periods, employees can choose to join or change health insurance plans. Whether this applies to you or not, autumn is a good time to evaluate your health insurance coverage and make sure you have the coverage you need. Here are some suggestions for how to make decisions about medical insurance.
1) Know your coverage option.
Learn about different types of health insurance plans to find out what kind of coverage is best for you and your family. Ask your employer's human resources office for information, and search online. The basic types of health insurance plans are:
1.HMO -- Health maintenance organizations, or HMOs, usually charge lower monthly premiums in exchange for having fewer covered doctors and services you can choose among. If you choose this option, check to see if your doctor is available in the network. These plans also cover preventive care such as annual check-ups. If you go outside the network, though, you won't be covered.
2.PPO -- Preferred provider networks, or PPOs, also use a network approach to limit costs. These plans do allow out-of-network care, but it is covered at a lower rate. Premiums are slightly higher than with an HMO. Preventive care might or might not be covered.
3.FFS -- Fee-for-service (FFS) coverage refers to "old-fashioned" health insurance where the doctor bills for individual services and the health insurance pays for services it has specified, at a pre-determined rate. You might have to pay out of pocket and be reimbursed. Some services will be covered and others will not, depending on the contract.
2) Join forces with employer plans.About 44 percent of U.S. workers are covered by employer-sponsored health plans. Another 25 percent receive government-funded coverage (whether from Medicare, military benefits or another source). These plans are often more affordable and might have more extensive benefits than individual insurance. But for some people, individual insurance is the only option -- or is more cost-effective. Review all your options to find the best one.
3) Evaluate an HSA.Health savings accounts (HSAs) often accompany high-deductible plans. With HSAs, consumers pay lower premiums in exchange for higher deductibles. The consumers then save pre-tax dollars in a dedicated HSA. They can cover the cost of deductibles or pay other medical bills from these HSA accounts, tax-free. HSA funds that are not used in one calendar year roll over to the next. Do be aware that today, however, only certain plans qualify for an HSA. Even if the plan has a high deductible, it might not be designated "high-deductible" for HSA purposes. Usually, premiums are lower for non-HSA plans. Compare the tax savings you would receive with an HSA and expected medical costs to the premium savings for a non-HSA plan before making a choice.
4) Compare apples to apples.Understand what your costs could be with each option. A pricier HMO plan that combines low co-payments, covered treatment for a child -- from wellness to winter colds -- and covered prescriptions might pay off in the end. A high-deductible plan's lower premiums look good, but does your cash flow allow enough flexibility to pay a $500 deductible for a procedure if one is needed during the year. Estimate your anticipated costs over a full year with each health insurance option. Don't forget to include premiums, office visit co-payments, prescriptions, alternative care such as massage and chiropractic, and other care such as mental health care that one plan might cover while another does not.
5) Don't forget Medicare.Medicare open enrollment takes place at the end of each year. During open enrollment, Medicare beneficiaries can choose among different health plan options and coverages. As with any health plan, open enrollment is a good time to check up on the coverage you have selected.
6) Use up FSA balances.A health flexible spending arrangement (FSA) is a tax-benefited account that allows employees to be reimbursed for medical expenses. Employees choose an amount to contribute to their FSA account each pay period. The FSA deductions can be taken pre-tax, with no income tax paid on the amount. Employees then submit proof of medical expenses to be reimbursed by the employer or FSA account administrator. If you have an FSA, plan ahead to use up the entire amount you have deducted from your pay during the FSA plan year. If you do not use it, you lose it -- unlike an HSA, these funds do not roll over from year to year. Open enrollment is a good time to check your FSA balance.
7) Negotiate medical costs.If you have medical costs that insurance does not cover, you may be able to negotiate them. Contact the doctor or hospital's billing office and ask what options they provide. For example, some providers will offer a discount for cash payment or will set up a monthly payment plan.
8) Get a second opinion.Of course, a second opinion can help make sure you receive the right care. But it can also help with your medical expenses. Especially for major procedures, check with several providers to be sure you are paying appropriate costs.
Keeping a close eye on your health care costs can help you breathe easier. It can also help you avoid going into medical debt, one of the most common causes of debt problems. Best of all, you can make sure you are able to receive the health care you need -- without breaking the budget
HSAs often accompany high-deductible plans. With HSAs, consumers pay lower premiums in exchange for higher deductibles. (©Hemera/Thinkstock)
Busting the top 9 myths of credit card usageHow to create a budget on a fluctuating incomeHow to make smart decisions during health care open enrollmentWhat the Fair Debt Collection Practices Act means to youWhat to know about retirement planning nowTeach your kids about spending, saving and debtWhen going back to school, hit the books, not the plasticHow to find quality financial adviceHow to save money on bank fees
By Andrew Housser
As autumn approaches, many U.S. workers will be receiving information about open enrollment periods for health care. During these periods, employees can choose to join or change health insurance plans. Whether this applies to you or not, autumn is a good time to evaluate your health insurance coverage and make sure you have the coverage you need. Here are some suggestions for how to make decisions about medical insurance.
1) Know your coverage option.
Learn about different types of health insurance plans to find out what kind of coverage is best for you and your family. Ask your employer's human resources office for information, and search online. The basic types of health insurance plans are:
1.HMO -- Health maintenance organizations, or HMOs, usually charge lower monthly premiums in exchange for having fewer covered doctors and services you can choose among. If you choose this option, check to see if your doctor is available in the network. These plans also cover preventive care such as annual check-ups. If you go outside the network, though, you won't be covered.
2.PPO -- Preferred provider networks, or PPOs, also use a network approach to limit costs. These plans do allow out-of-network care, but it is covered at a lower rate. Premiums are slightly higher than with an HMO. Preventive care might or might not be covered.
3.FFS -- Fee-for-service (FFS) coverage refers to "old-fashioned" health insurance where the doctor bills for individual services and the health insurance pays for services it has specified, at a pre-determined rate. You might have to pay out of pocket and be reimbursed. Some services will be covered and others will not, depending on the contract.
2) Join forces with employer plans.About 44 percent of U.S. workers are covered by employer-sponsored health plans. Another 25 percent receive government-funded coverage (whether from Medicare, military benefits or another source). These plans are often more affordable and might have more extensive benefits than individual insurance. But for some people, individual insurance is the only option -- or is more cost-effective. Review all your options to find the best one.
3) Evaluate an HSA.Health savings accounts (HSAs) often accompany high-deductible plans. With HSAs, consumers pay lower premiums in exchange for higher deductibles. The consumers then save pre-tax dollars in a dedicated HSA. They can cover the cost of deductibles or pay other medical bills from these HSA accounts, tax-free. HSA funds that are not used in one calendar year roll over to the next. Do be aware that today, however, only certain plans qualify for an HSA. Even if the plan has a high deductible, it might not be designated "high-deductible" for HSA purposes. Usually, premiums are lower for non-HSA plans. Compare the tax savings you would receive with an HSA and expected medical costs to the premium savings for a non-HSA plan before making a choice.
4) Compare apples to apples.Understand what your costs could be with each option. A pricier HMO plan that combines low co-payments, covered treatment for a child -- from wellness to winter colds -- and covered prescriptions might pay off in the end. A high-deductible plan's lower premiums look good, but does your cash flow allow enough flexibility to pay a $500 deductible for a procedure if one is needed during the year. Estimate your anticipated costs over a full year with each health insurance option. Don't forget to include premiums, office visit co-payments, prescriptions, alternative care such as massage and chiropractic, and other care such as mental health care that one plan might cover while another does not.
5) Don't forget Medicare.Medicare open enrollment takes place at the end of each year. During open enrollment, Medicare beneficiaries can choose among different health plan options and coverages. As with any health plan, open enrollment is a good time to check up on the coverage you have selected.
6) Use up FSA balances.A health flexible spending arrangement (FSA) is a tax-benefited account that allows employees to be reimbursed for medical expenses. Employees choose an amount to contribute to their FSA account each pay period. The FSA deductions can be taken pre-tax, with no income tax paid on the amount. Employees then submit proof of medical expenses to be reimbursed by the employer or FSA account administrator. If you have an FSA, plan ahead to use up the entire amount you have deducted from your pay during the FSA plan year. If you do not use it, you lose it -- unlike an HSA, these funds do not roll over from year to year. Open enrollment is a good time to check your FSA balance.
7) Negotiate medical costs.If you have medical costs that insurance does not cover, you may be able to negotiate them. Contact the doctor or hospital's billing office and ask what options they provide. For example, some providers will offer a discount for cash payment or will set up a monthly payment plan.
8) Get a second opinion.Of course, a second opinion can help make sure you receive the right care. But it can also help with your medical expenses. Especially for major procedures, check with several providers to be sure you are paying appropriate costs.
Keeping a close eye on your health care costs can help you breathe easier. It can also help you avoid going into medical debt, one of the most common causes of debt problems. Best of all, you can make sure you are able to receive the health care you need -- without breaking the budget
Friday, September 23, 2011
Learn More about health insurance for business
Everything small business owners need to know about offering health insurance. An unbiased resource on cost estimates, tax savings, coverage options, legal rights, and more.
So you’re thinking about buying health coverage for your business, but you’re not sure if it’s the right decision. Here you can find clear, independent information on whether group coverage is a realistic option.
If you’ve decided that insurance is right for you, we help you get the job done here. Step-by-step you’ll get organized, find plans that are best for you, read tips on working with a broker, negotiating the deal, and implementing the plan.
Select a topic for answers to specific questions and useful links to other resources.
Benefits, Providers, and Costs
Benefits of Providing Coverage
Cost-Sharing
Choice of Providers
More…
Purchasing Coverage
Plan Value: Balancing Benefits and Costs
Budgeting and Cash Flow
Brokers
More…
Coverage Types
Preferred Provider Organizations (PPOs)
Health Maintenance Organizations (HMOs)
Health Savings Accounts (HSAs)
More…
Laws and Rights
Rights and Rules for Small Employers
Tax Implications
Guaranteed Issue and Renewal
More…
Eligibility and Enrollment
Coverage Rules vs. Options
Eligible Employees and Dependents
Enrollment Options and Procedures
More…
Other Resources
Tax and Business Resources
Insurer Rating Companies
Health Savings Accounts
More…
Looking to learn more:
So you’re thinking about buying health coverage for your business, but you’re not sure if it’s the right decision. Here you can find clear, independent information on whether group coverage is a realistic option.
If you’ve decided that insurance is right for you, we help you get the job done here. Step-by-step you’ll get organized, find plans that are best for you, read tips on working with a broker, negotiating the deal, and implementing the plan.
Select a topic for answers to specific questions and useful links to other resources.
Benefits, Providers, and Costs
Benefits of Providing Coverage
Cost-Sharing
Choice of Providers
More…
Purchasing Coverage
Plan Value: Balancing Benefits and Costs
Budgeting and Cash Flow
Brokers
More…
Coverage Types
Preferred Provider Organizations (PPOs)
Health Maintenance Organizations (HMOs)
Health Savings Accounts (HSAs)
More…
Laws and Rights
Rights and Rules for Small Employers
Tax Implications
Guaranteed Issue and Renewal
More…
Eligibility and Enrollment
Coverage Rules vs. Options
Eligible Employees and Dependents
Enrollment Options and Procedures
More…
Other Resources
Tax and Business Resources
Insurer Rating Companies
Health Savings Accounts
More…
Looking to learn more:
Thursday, September 22, 2011
More Young People have health care today!
The Department of Health and Human Services announced Sept. 20 that roughly a million more young people between the ages of 19 and 25 have health insurance coverage in the first quarter of 2011 than did in the first quarter of 2010. The National Center for Health Statistics also said the percentage of young people covered has gone up from 66.1 percent to 69.6 percent.
The increase, according to the Department of Health and Human Services, is due to the Affordable Care Act (ACA), implemented in September 2010, that allows children to remain on their parents' health insurance policies until age 26. The act is a provision under President Barack Obama’s health care overhaul, commonly called Obamacare, that was approved last year.
HHS Deputy Assistant Secretary for Health Policy Richard Kronick said because of recent survey results and the sheer number of young people now covered, he feels it’s the ACA that is causing the upswing.
"We feel quite confident in attributing virtually all of this change to provisions in the ACA," he said. “Starting in the fourth quarter of 2010 and continuing in the first quarter 2011, there was a sharp increase in coverage ... At same time coverage was stable or declining slightly for older Americans, ages 26-64. Given that timing ... It's very hard to imagine what else this could be other than the ACA."
What this means is that young adults who were previously dropped from their parents’ insurance in their early 20s – or who were heading toward being dropped because of their age – will now be able to remain covered until their 26th birthday.
Elizabeth Wilson is an aspiring opera singer living in Indiana who was affected by the law and was interviewed by Business Week. When she turned 23, she was dropped from her parents’ health insurance, even though she was in the middle of a health care crisis. At the time she was dropped, she was in the hospital with an inflamed pancreas.
"It means I don't have to spend every penny I make to get health care," said Wilson, who isnow 24. "I can use some of it to further my studies -- or buy food."
The new health care mandates have been nothing if not controversial. Many GOP lawmakers are attempting to repeal the approval of what they call Obamacare, though some of them say they would include the mandate to cover young adults up to age 26 in any replacement legislation that is drafted.
One of the companies that conducted the surveys about the increase in young adults being covered, Gallup, said the age group had been one of the largest groups of uninsured Americans.
"While we did not see a drop-off in any other age group, we did see a drop in this age group," said Frank Newport, Gallup's polling director.
Ads by Google
The increase, according to the Department of Health and Human Services, is due to the Affordable Care Act (ACA), implemented in September 2010, that allows children to remain on their parents' health insurance policies until age 26. The act is a provision under President Barack Obama’s health care overhaul, commonly called Obamacare, that was approved last year.
HHS Deputy Assistant Secretary for Health Policy Richard Kronick said because of recent survey results and the sheer number of young people now covered, he feels it’s the ACA that is causing the upswing.
"We feel quite confident in attributing virtually all of this change to provisions in the ACA," he said. “Starting in the fourth quarter of 2010 and continuing in the first quarter 2011, there was a sharp increase in coverage ... At same time coverage was stable or declining slightly for older Americans, ages 26-64. Given that timing ... It's very hard to imagine what else this could be other than the ACA."
What this means is that young adults who were previously dropped from their parents’ insurance in their early 20s – or who were heading toward being dropped because of their age – will now be able to remain covered until their 26th birthday.
Elizabeth Wilson is an aspiring opera singer living in Indiana who was affected by the law and was interviewed by Business Week. When she turned 23, she was dropped from her parents’ health insurance, even though she was in the middle of a health care crisis. At the time she was dropped, she was in the hospital with an inflamed pancreas.
"It means I don't have to spend every penny I make to get health care," said Wilson, who isnow 24. "I can use some of it to further my studies -- or buy food."
The new health care mandates have been nothing if not controversial. Many GOP lawmakers are attempting to repeal the approval of what they call Obamacare, though some of them say they would include the mandate to cover young adults up to age 26 in any replacement legislation that is drafted.
One of the companies that conducted the surveys about the increase in young adults being covered, Gallup, said the age group had been one of the largest groups of uninsured Americans.
"While we did not see a drop-off in any other age group, we did see a drop in this age group," said Frank Newport, Gallup's polling director.
Ads by Google
Californians Are Unprepared for LTC Challenges
Californians are better informed about long-term care issues than at any other time in the last 17 years. However, but fewer than ever are taking steps to prepare for the need for long-term care, according to a poll commissioned by the Dept. of Healthcare Services’ (DHCS) California Partnership for Long-Term Care.
While Californians are three-times more knowledgeable about LTC costs than at any time since polling began, less than 10% of California seniors have long-term care insurance policies. The following chart lists reasons people give for not purchasing LTC in 1994
companies 2011 1994
59% 60% Policies cost too much
55% 66% Haven’t thought about it
32% 29% Family assets and income will cover long-term care
29% 44% Insurance companies cannot be trusted
28% 26% I will probably never need it
25% 24% Family will take care of me if I need it
21% 27% Too confusing and complicated
19% 28% Existing policies don’t meet my needs
6% 22% Government will take care of me
This question was only asked in 2011 and 2005)
For more information
While Californians are three-times more knowledgeable about LTC costs than at any time since polling began, less than 10% of California seniors have long-term care insurance policies. The following chart lists reasons people give for not purchasing LTC in 1994
companies 2011 1994
59% 60% Policies cost too much
55% 66% Haven’t thought about it
32% 29% Family assets and income will cover long-term care
29% 44% Insurance companies cannot be trusted
28% 26% I will probably never need it
25% 24% Family will take care of me if I need it
21% 27% Too confusing and complicated
19% 28% Existing policies don’t meet my needs
6% 22% Government will take care of me
This question was only asked in 2011 and 2005)
For more information
Employee incentives drive lower-cost health care
USA Today - Julie Appleby - By Joe Raedle, So this year, she rolled out a plan that sets limits on how much the company will pay toward a range of tests and procedures, ... Safeway employees in the San Francisco Bay Area, for example, face higher payments if they choose centers that cost more than $1500 for a routine colonoscopy. And in January, the giant California Public Employees' Retirement System (Calpers) said it ...READ MORE:
Wednesday, September 21, 2011
Key Person Disability Income coverage
Key Person Disablity- This can infuse a sum of cash into a business to deal with a loss of a pertinent member of the staff.
If a business has one, two or more important employees - why not cover them in case they become disabled and leave the office scrambling to cover their loss. This product can pay the business each month - or it can pay one lump sum.
If a business has one, two or more important employees - why not cover them in case they become disabled and leave the office scrambling to cover their loss. This product can pay the business each month - or it can pay one lump sum.
Thursday, September 15, 2011
Why Employees may not care? HR Solutions
Pay only goes so far. Higher salaries are like the bigger house syndrome: Move into a bigger house and initially it feels roomier, but after awhile larger becomes the new normal.
Employees don’t automatically perform at higher levels if wages are higher because commitment, dedication, and motivation are not based on pay. No matter how high the salary, if you treat employees poorly they won’t care — about their jobs or your business.
Here are eight reasons employees don’t care:
1.No freedom. Best practices are definitely important, but not every task deserves a best practice or micro-managed approach. Autonomy breeds engagement and satisfaction. Autonomy also breeds innovation. Even manufacturing and heavily process-oriented positions have room for different approaches or paths. Decide which process battles are worth fighting; otherwise, let employees have some amount of freedom to work they way they work best.
2.No targets. Goals are fun. (I’ve never met anyone who wasn’t at least a little bit competitive.) Targets create a sense of purpose and add meaning to even the most repetitive tasks. Without a goal to shoot for, work is just work.
3.No sense of mission. We all like to feel a part of something bigger. Striving to be worthy of words like “best” or “largest” or “fastest” or “highest quality” provides a sense of purpose. Let employees know what you want the business to achieve; how can they care about your dreams if they don’t know your dreams?
4.No clear expectations. While every job should include decision-making latitude, every job also has basic expectations regarding the way certain situations should be handled. Criticize an employee for providing a refund today even though last week refunds were standard procedure and you’ve lost the employee. (How can I do a good job when I don’t know what doing a good job means?) When standards change, always communicate those changes first — then stick with them. And when you don’t, explain why this particular situation is different.
5.No input. Everyone wants to be smart. How do I show I’m smart? By offering suggestions and ideas. (Otherwise no matter how hard I work I just feel like a robot.) Deny me the opportunity to make suggestions, or shoot my suggestions down without consideration, and I’m just a robot — and robots don’t care. Make it easy for employees to present ideas and when an idea doesn’t have merit take the time to explain why. You can’t implement every idea, but you can make employees feel good every time they make a suggestion.
6.No connection. The company provides the paycheck, but employees work for people. A kind word, a short discussion about family, a brief check-in to see if they need anything… person-to-person moments are much more important than meetings or formal evaluations. Employees want to be seen as people, not numbers. Numbers don’t care. People care — especially when you care about them first.
7.No consistency. Most employees can deal with a boss who is demanding and quick to criticize… as long as she treats every employee the same way. (Think of it as the Vince Lombardi effect.) While it’s okay — in fact necessary — to treat employees differently, all employees must be treated fairly. Similar achievements should result in similar praise and rewards. Similar offenses should result in similar disciplinary actions. The key to maintaining consistency is to communicate; the more employees understand why a decision was made, the less likely they are to assume favoritism or unfair treatment.
8.No future. Every job should have the potential to lead to something better, either within or outside the company. I worked my way through college at a manufacturing plant. I had no future with the company because everyone understood I would only stay until I graduated. One day my boss said, “Hey, let me show you how we set up the job scheduling board.” I looked at him oddly; why show me instead of someone else? In response he said, “Some day, somewhere, you’ll be in charge of production. Might as well start learning now.” Take the time to develop employees for jobs they hope to fill — even if those positions are outside your company. They will care about your business because they know you care about them.
Employees don’t automatically perform at higher levels if wages are higher because commitment, dedication, and motivation are not based on pay. No matter how high the salary, if you treat employees poorly they won’t care — about their jobs or your business.
Here are eight reasons employees don’t care:
1.No freedom. Best practices are definitely important, but not every task deserves a best practice or micro-managed approach. Autonomy breeds engagement and satisfaction. Autonomy also breeds innovation. Even manufacturing and heavily process-oriented positions have room for different approaches or paths. Decide which process battles are worth fighting; otherwise, let employees have some amount of freedom to work they way they work best.
2.No targets. Goals are fun. (I’ve never met anyone who wasn’t at least a little bit competitive.) Targets create a sense of purpose and add meaning to even the most repetitive tasks. Without a goal to shoot for, work is just work.
3.No sense of mission. We all like to feel a part of something bigger. Striving to be worthy of words like “best” or “largest” or “fastest” or “highest quality” provides a sense of purpose. Let employees know what you want the business to achieve; how can they care about your dreams if they don’t know your dreams?
4.No clear expectations. While every job should include decision-making latitude, every job also has basic expectations regarding the way certain situations should be handled. Criticize an employee for providing a refund today even though last week refunds were standard procedure and you’ve lost the employee. (How can I do a good job when I don’t know what doing a good job means?) When standards change, always communicate those changes first — then stick with them. And when you don’t, explain why this particular situation is different.
5.No input. Everyone wants to be smart. How do I show I’m smart? By offering suggestions and ideas. (Otherwise no matter how hard I work I just feel like a robot.) Deny me the opportunity to make suggestions, or shoot my suggestions down without consideration, and I’m just a robot — and robots don’t care. Make it easy for employees to present ideas and when an idea doesn’t have merit take the time to explain why. You can’t implement every idea, but you can make employees feel good every time they make a suggestion.
6.No connection. The company provides the paycheck, but employees work for people. A kind word, a short discussion about family, a brief check-in to see if they need anything… person-to-person moments are much more important than meetings or formal evaluations. Employees want to be seen as people, not numbers. Numbers don’t care. People care — especially when you care about them first.
7.No consistency. Most employees can deal with a boss who is demanding and quick to criticize… as long as she treats every employee the same way. (Think of it as the Vince Lombardi effect.) While it’s okay — in fact necessary — to treat employees differently, all employees must be treated fairly. Similar achievements should result in similar praise and rewards. Similar offenses should result in similar disciplinary actions. The key to maintaining consistency is to communicate; the more employees understand why a decision was made, the less likely they are to assume favoritism or unfair treatment.
8.No future. Every job should have the potential to lead to something better, either within or outside the company. I worked my way through college at a manufacturing plant. I had no future with the company because everyone understood I would only stay until I graduated. One day my boss said, “Hey, let me show you how we set up the job scheduling board.” I looked at him oddly; why show me instead of someone else? In response he said, “Some day, somewhere, you’ll be in charge of production. Might as well start learning now.” Take the time to develop employees for jobs they hope to fill — even if those positions are outside your company. They will care about your business because they know you care about them.
Wednesday, August 31, 2011
Wellness Awards Shrink Healthcare Costs
How can employers encourage workers to stop smoking, watch what they eat, consume less alcohol, and take their medicine? One of the most promising ways is to offer incentives under a corporate sponsored wellness program, according to a study from the Incentive Research Foundation (IRF). The study demonstrates that corporate wellness programs have saved more than $3 for each $1 invested. Wellness programs that don’t offer rewards get fewer than one in five employees to participate while those that do offer rewards get four in five employees to participate.
Rodger Stotz, IRF Chief Research Officer said, “The potential savings through preventative healthcare measures that include workplace wellness programs could be as high as $1.9 trillion per year. And this doesn’t even consider productivity gains or worker quality of life improvements.” To view the paper, select the Research tab at www.
Rodger Stotz, IRF Chief Research Officer said, “The potential savings through preventative healthcare measures that include workplace wellness programs could be as high as $1.9 trillion per year. And this doesn’t even consider productivity gains or worker quality of life improvements.” To view the paper, select the Research tab at www.
Tuesday, August 16, 2011
The easy way to get a disability policy
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Remember that loss of income from a disability is 2 X's grater than an auto accident and 3 X's grater than loss from fire.
All riders available; No blood, urine or exams; No income verification for incomes under $150,000 AND - once the interview is completed - 48 Hour Turnaround!!!! The no hassle disability plan>>>
Remember that loss of income from a disability is 2 X's grater than an auto accident and 3 X's grater than loss from fire.
Wednesday, July 06, 2011
Motivating Employees to Choose Voluntary Benefits
Employers can increase participation in voluntary benefits by providing live assistance to explain benefit options and delivering a clear message on disability risks, according to a survey by Sun Life Financial. The majority of respondents said they spent no time reviewing their benefit options. The only exception was medical insurance, for which at least a quarter of respondents reviewed their benefits options for thirty minutes or more. Benefit participation rises when employees get live assistance to learn about benefits options, and online or print assistance to enroll.
Employees incorrectly believed that they had the same chance of needing life insurance as needing short-term disability and long-term disability insurance. Yet statistically, men are twice as likely to suffer a disability as to die during their working years, while women are three times as likely.
Employees misunderstand how different types of benefits provide different levels of financial protection, ranking dental coverage as protective as both short-term disability and long-term disability. However, a household’s financial loss from disability, or worse, from the death of a breadwinner, generally far exceeds the costs of a dental procedure.
Michael E. Shunney of Sun Life’s Employee Benefits Group advised plan administrators put all verbal and written benefits communications into plain language and use the right communications at different stages in the enrollment process; offer live assistance to help people learn about benefits, but provide the independence of online or print forms to let them enroll. Shunney added, “Finally, devise powerful ways that resonate with employees about a sobering theme — that over the course of a working life, we all stand a far greater chance of becoming disabled than of dying.” For the full report, go to
Employees incorrectly believed that they had the same chance of needing life insurance as needing short-term disability and long-term disability insurance. Yet statistically, men are twice as likely to suffer a disability as to die during their working years, while women are three times as likely.
Employees misunderstand how different types of benefits provide different levels of financial protection, ranking dental coverage as protective as both short-term disability and long-term disability. However, a household’s financial loss from disability, or worse, from the death of a breadwinner, generally far exceeds the costs of a dental procedure.
Michael E. Shunney of Sun Life’s Employee Benefits Group advised plan administrators put all verbal and written benefits communications into plain language and use the right communications at different stages in the enrollment process; offer live assistance to help people learn about benefits, but provide the independence of online or print forms to let them enroll. Shunney added, “Finally, devise powerful ways that resonate with employees about a sobering theme — that over the course of a working life, we all stand a far greater chance of becoming disabled than of dying.” For the full report, go to
GAO Report Highlights Vital Role of Annuities
ANNUITIES
A report by the U.S. Government Accountability Office (GAO) provides a strong endorsement of annuities. For its report, GAO interviewed experts about recommended financial strategies for retirees. The financial experts typically recommend that retirees draw down their savings and convert a portion to an income annuity to cover necessary expenses or choose the annuity provided by an employer-sponsored defined benefit pension instead of a lump sum withdrawal. Experts also recommend delaying Social Security benefits until reaching at least full retirement age and, in some cases, continuing to work and save, if possible.
GAO profiled two with about $350,000 to $375,000 in net wealth. The experts recommended that these households purchase annuities with a portion of savings, drawdown of savings at an annual rate, such as 4% of the initial balance, use of lifetime income from the defined benefit plan, if applicable, and delay of Social Security.
They noted that strategies depend on individual circumstances including anticipated expenses, income level, health, and each household’s tolerance for risks, such as investment and longevity risk.
The GAO found that most retirees rely primarily on Social Security and pass up opportunities for additional lifetime retirement income. By taking Social Security benefits when they turn 62, many retirees born in 1943 pass up increases of at least 33% in their monthly inflation-adjusted Social Security benefit levels available at full retirement age of 66. Most retirees who left jobs with a defined benefit pension received or deferred lifetime benefits, but only 6% of those with a defined contribution plan chose or purchased an annuity at retirement. Those in the middle-income group who had savings typically drew down those savings gradually. Nonetheless, 9% of those 65 or older in 2009 had incomes below the poverty level (excluding any non-cash assistance). That compares to a poverty rate of 14.3% for people of all ages.
To help people make these often difficult choices, policy options include encouraging the availability of annuities in defined contribution plans and promoting financial literacy. Certain proposed policies seek to increase access to annuities in defined contribution plans, which may be able to provide them at lower cost for some people. However, some pension plan sponsors are reluctant to offer annuities for fear that their choice of annuity provider could make them vulnerable to litigation.
In addition to the current emphasis on saving for retirement, other proposed options aim to give consumers a better understanding of the risks and the choices that are available for managing income throughout retirement. Proposed options include providing additional federal publications and interactive tools, having sponsors issue notices to plan participants on the financial risks and choices they face during retirement, and providing estimates on lifetime annuity income on participants’ benefit statements.
What are the tax advantages of an annuity calculator?
What is the future value of an annuity calculator?
A report by the U.S. Government Accountability Office (GAO) provides a strong endorsement of annuities. For its report, GAO interviewed experts about recommended financial strategies for retirees. The financial experts typically recommend that retirees draw down their savings and convert a portion to an income annuity to cover necessary expenses or choose the annuity provided by an employer-sponsored defined benefit pension instead of a lump sum withdrawal. Experts also recommend delaying Social Security benefits until reaching at least full retirement age and, in some cases, continuing to work and save, if possible.
GAO profiled two with about $350,000 to $375,000 in net wealth. The experts recommended that these households purchase annuities with a portion of savings, drawdown of savings at an annual rate, such as 4% of the initial balance, use of lifetime income from the defined benefit plan, if applicable, and delay of Social Security.
They noted that strategies depend on individual circumstances including anticipated expenses, income level, health, and each household’s tolerance for risks, such as investment and longevity risk.
The GAO found that most retirees rely primarily on Social Security and pass up opportunities for additional lifetime retirement income. By taking Social Security benefits when they turn 62, many retirees born in 1943 pass up increases of at least 33% in their monthly inflation-adjusted Social Security benefit levels available at full retirement age of 66. Most retirees who left jobs with a defined benefit pension received or deferred lifetime benefits, but only 6% of those with a defined contribution plan chose or purchased an annuity at retirement. Those in the middle-income group who had savings typically drew down those savings gradually. Nonetheless, 9% of those 65 or older in 2009 had incomes below the poverty level (excluding any non-cash assistance). That compares to a poverty rate of 14.3% for people of all ages.
To help people make these often difficult choices, policy options include encouraging the availability of annuities in defined contribution plans and promoting financial literacy. Certain proposed policies seek to increase access to annuities in defined contribution plans, which may be able to provide them at lower cost for some people. However, some pension plan sponsors are reluctant to offer annuities for fear that their choice of annuity provider could make them vulnerable to litigation.
In addition to the current emphasis on saving for retirement, other proposed options aim to give consumers a better understanding of the risks and the choices that are available for managing income throughout retirement. Proposed options include providing additional federal publications and interactive tools, having sponsors issue notices to plan participants on the financial risks and choices they face during retirement, and providing estimates on lifetime annuity income on participants’ benefit statements.
What are the tax advantages of an annuity calculator?
What is the future value of an annuity calculator?
Healthcare Consumer Confidence Improves
Americans’ confidence in their ability to access and pay for healthcare improved for the second straight month in June, according to survey by Thomson Reuters. The Thomson Reuters Consumer Healthcare Sentiment Index rose from 98 to 99 and is up four points since hitting a low of 95 in April. In June, prospective consumer sentiment jumped to 100, which is three points higher than in May. Consumers predicted that they would be better able to pay for healthcare services and insurance and less likely to cancel or delay services.
The index also tracks whether they postponed, delayed, or cancelled healthcare services and whether they had difficulty paying for medical care or health insurance over the past three months. In June, retrospective consumer sentiment was unchanged from the previous month, remaining at 98. A full report on the June results is available here:
http://healthcare.thomsonreuters.com/Indexes/assets/CHSI_Findings_June_11.pdf
The index also tracks whether they postponed, delayed, or cancelled healthcare services and whether they had difficulty paying for medical care or health insurance over the past three months. In June, retrospective consumer sentiment was unchanged from the previous month, remaining at 98. A full report on the June results is available here:
http://healthcare.thomsonreuters.com/Indexes/assets/CHSI_Findings_June_11.pdf
Thursday, June 23, 2011
Want Performance? Pay for It - Talent Management magazine The Business of Talent Management
Establishing a pay-for-performance strategy can be tough, and many talent managers don’t bother. With the right vehicles in place, it can be done, and it works.
click on the link to learn more.
click on the link to learn more.
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