Any good employer knows the importance of having a competitive benefits package to offer their employees. As health insurance costs continue to rise, many businesses are rethinking their health insurance plans. There are two primary types of plans to consider— fully-insured plans and self-funded plans, and understanding how both of these health plans work can help your company immensely. So, what’s the difference between a fully-insured and self-insured health plan? Let’s take a look! Fully-Insured Health Plan A fully-insured health plan is the more traditional way to structure an employer-sponsored health plan. As the employer you often feel less of the effects of rising medical
Many employers feel like leave of absence (LOA) abuse is difficult to stop because there are so many laws that protect employee rights. Typically, when employees request leave for family, medical, bereavement or other reasons, their requests are legitimate. However, on occasion some employees may try to take advantage of leave benefits. Fortunately for employers, there are several tools available to combat LOA abuse. Here are some strategies to help you prevent leave abuse. Require that employees complete a written leave request form for all absences. Although an employer cannot deny an employee leave of absence, by requiring them to complete a written leave request
Change can be a scary thing, but it doesn’t have to be! Especially when it comes to health insurance. If you recently had a major life change— like getting married, having a baby, or losing health coverage— you are eligible for a Special Enrollment Period (SEP), allowing you to enroll in health insurance outside the yearly Open Enrollment Period. Doesn’t that sound reassuring? With certain life changes you qualify for a SEP and have up to 60 days following the event to enroll in a health insurance plan. If you miss that window, you have to wait until the next Open Enrollment Period to apply.
For most businesses, performance reviews are used to support decisions related to career development, compensation, promotions and employee terminations.1 They generally consist of setting clear and specific performance expectations that would be addressed in the following years’ review. However, many companies are replacing annual performance reviews with quarterly performance reviews— and for good reason! Waiting a year to get feedback from your manager can sometimes cause the employee to get further off-track than they would be if they had a quarterly check-in. With more frequent reviews, employees can address mistakes and learning opportunities in real-time. In addition, managers can see how employees performed relative to
Do you want to retain employees and recruit better talent at little to no cost to your business? How? By offering voluntary benefits. Voluntary benefits are like “a la carte” insurance products that can be added to a benefit plan such as life, vision, dental, disability or travel accident insurance. Employees want more customization with their benefit plans so voluntary benefits allow them to add on specific services tailored to their wants and needs. One of the best things about voluntary benefits is that they are cost-effective. They are typically paid for by the employee and cost less when offered in a group or employer
It’s that time of year again— time for HR to prep for a successful open enrollment! Starting to plan for your company’s open enrollment now, can result in a smoother process. As employee satisfaction becomes an increasingly large factor to attract talent and maintain retention, employers are looking for more ways to exceed their benefit expectations. As you start planning, it is important to consider how you can make the open enrollment period more successful. Let’s dive in! Reflect The first step to success is looking back on last year’s efforts and evaluate what worked and what didn’t work for you and your employees. Each
Employee benefits is a wide-ranging topic that can boost engagement, productivity and your business’ bottom line, so it is very important to carefully consider your employee benefits management. This can be a challenging task for many businesses with each employee having a unique situation, questions they want answered and doctors they want to see. As part of our services, we help manage all aspects of the employee benefit onboarding and enrollment for you— making your job a little less stressful. In today’s job market, employers are tasked with structuring employee benefit programs that keep the business competitive and employees motivated. Here are 5 ways to
A health insurance provider network is a list of doctors, health care providers, and hospitals that are contracted to a specific health insurance plan (PPO, POS, HMO or EPO). In these plans, the insurance company creates an entire list of doctors and facilities from which you have to choose. When you go to the doctor, you want to stay within your provider network to keep medical costs down. Health plans work to ensure that consumers have access to high-quality, effective care. Consumers benefit from peace of mind when receiving in-network care because it assures the provider meets quality care standards and has lower cost sharing and
You’ve probably heard the terms, exempt and non-exempt, but do you know how to classify the two? The differences between exempt employees and non-exempt employees can cause a lot of confusion for both workers and employers. Whether or not you are entitled to minimum wage and/or overtime pay for working more than 40 hours per week depends on your exemption status, as governed by the federal Fair Labor Standards Act (FLSA). In order to adhere to FLSA, it’s important to correctly classify your employees as exempt vs. non-exempt. What’s the difference between these types of workers and the jobs they hold? Let’s take a look!
Managers often find disciplining employees and making termination decisions challenging. Most HR professionals must deal with these sensitive matters from time to time, while ensuring the business complies with a host of employment laws to prevent the risk of a lawsuit. By implementing a clear plan of action, you can prevent making costly mistakes. Here are a few tips for effectively managing employee discipline and terminations to prevent future problems in the workplace and improve your management skills. Most employees want to be productive and succeed in their jobs, so the proper use of discipline and guidance is important. Each disciplinary and discharge situation is