Back in the "old days," when companies were less committed to work-life balance, employees might have to schedule a vacation day to help out at their child's school or sports team or even spend the day at the animal shelter. For many workers, those days are over since they now have access to VTO or Volunteer Time Off. VTO means that workers can take time to participate in volunteer activities without using up their personal vacation or sick time. InRead Full Article Here
For any employer trying to attract and retain high-quality employees, keeping up with changes in benefits is an ongoing challenge. It’s clear that workers want to trust their employer to help safeguard their physical and mental well-being, and it’s also apparent that doing so is in the employer’s best interest. But there are always competing interests—fairness, cost, time, and more all need to be juggled to come up with the right combination of employee benefits.
Your insurance policy isn’t a one-and-done deal. And yet, it’s easy to sign the document and put it away in a drawer. In fact, too many people do just that, even forgetting where they left their policies. Then, the first time the policy crosses their minds is when it’s time to renew it or make a claim. Unfortunately, by that time, the damage might already be done. Insurance policies, including life insurance, need some updating now and then. Your circumstances couldRead Full Article Here
Nearly anyone can start a business, but it takes a lot of hard work and dedication to lift it off the ground. A significant milestone for any business owner is offering group health insurance plans to employees, but it also comes with numerous challenges. Navigating health insurance plans is no picnic, especially when choosing a plan for your organization. But providing health insurance to employees is a good business practice and, in some cases, a legal requirement. So, how canRead Full Article Here
Many people say that running a business is expensive. But that really depends on the type of owner you want to be. It’s much cheaper if you don’t offer benefits. Unfortunately, sacrificing employee benefits to save a few bucks means endangering your company’s future. If you want to be a great owner and trusted leader, you must keep your employees happy, loyal, and productive. But doing that will require at least some benefits. In this respect, healthcare is something everyone wants. AndRead Full Article Here
There are two fundamental ways for employers to pay for health care for their employees: Fully insured means buying health care insurance at a fixed cost with no annual opportunity to save money if your employee population experiences low usage. The alternative of self-funding offers the possibility that the company could spend less under some circumstances. In a fully-insured scenario, the employer assumes no risk after paying the premiums negotiated with the insurer. In contrast, self-insured companies mustRead Full Article Here
Benefits, particularly health insurance coverage, are a vital part of the compensation and satisfaction formula for employees. Most companies recognize the importance of providing affordable and comprehensive options for their staff and the need to fulfill their obligations under the Affordable Care Act. Since the ACA requires employers with 50 or more full-time employees (or the equivalent in part-time staff) to offer health insurance and allow dependents to remain on their parents' insurance plans longer than was previously possible,Read Full Article Here
People know that retirement isn’t always easy from a financial standpoint. But there are also plenty of reasons why not enough employees take advantage of retirement plans. Emphasizing the main benefits of retirement plans on employees early in life can help people make better decisions with their money. It can help them develop better spending and saving habits to plan for retirement without making too many sacrifices.
Helping employees save money for their golden years is an admirable effort. But that’s not the only reason to consider offering different types of retirement plans. These days any extra financial benefits aside from salaries are expected by most employees. Serious employers must have several employer retirement plan options when presenting job offers. Of course, workers should have flexibility and be able to choose retirement plan options that benefit their lifestyle, projected earnings, and ability to save. For that reason, it’sRead Full Article Here
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