The COVID-19 pandemic has tested the well-being of employees everywhere. In addition to the physical and mental stress the coronavirus has caused, many workers are experiencing a financial strain as well. As such, employers should continue to consider how their total rewards packages resonate with the current employment market.
In response to the coronavirus (COVID-19) pandemic, many organizations have been faced with making tough decisions—often leading to layoffs, furloughed employees and reduced pay. Post-coronavirus, many employers find themselves torn between balancing fair compensation and the current financial realities of their business—while hoping to return to a new sense of normalcy.
Though most people do not like to think about it, accidents can happen—and they can be devastating. They can occur without warning, and most individuals are not financially or emotionally prepared for them. However, offering a group accident insurance plan as part of your employee benefits package can help your employees in the event of an accident.
An attractive benefits program is vital for your recruiting and retention efforts, but it is also a significant expense. To ensure you are providing a package that is both competitive and economical, you need to know how your offerings compare to others in your industry. Benchmark data can provide valuable insight for evaluating your benefits package, including:
Employer interest in benchmark data has grown over the past decade, as companies look for new ways to manage costs. Analyzing how other companies are structuring their plans and the strategies they are using to cut costs may make your own benefit plan decisions a bit easier.
May is Disability Insurance Awareness Month. Every year, The Council for Disability Awareness joins forces with others in the insurance industry to raise awareness about the importance of income protection.
Even the most optimistic person will concede that the world won’t be returning to exactly how it was before the coronavirus pandemic. This pandemic has impacted nearly every aspect of life in the United States and beyond: Jobs have been lost, stocks have plummeted and no one is sure when a new “normal” will arrive.
As the coronavirus continues to spread, more people are being asked to self-isolate and many employers are scrambling to put systems in place to allow their employees to telecommute.
Companies that are not set up for telecommuting arrangements have legitimate concerns about productivity, communications, and even the possibility of workers' comp claims stemming from home hazards that may not be typical in the workplace.
But there are steps you can take to make sure that you keep your employees engaged and on task.
Generally speaking, employers are looking to lower their rising health care costs and improve their employees’ overall health. When HR professionals look toward the future, they are evaluating strategies to help manage both short- and long-term costs.
Employers are facing pressure to keep health care costs low for themselves and their employees, particularly in today’s tight labor market. As employers try to attract and retain top talent, they’ve had to get creative, and this is reflected in the following employee benefits trends.
Unpredictable job and investment markets make it difficult to determine how much life insurance to buy. The standard formulas for buying coverage to match a specific percentage of income are often inadequate and fail to take individual circumstances into account.
Whether you’re reviewing the dental options for your employer-sponsored health plan or looking at the options available on the market, you may encounter the acronyms DMO and PPO (also known as a PDN), as well as indemnity plan, in your research.
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