Steele Benefit Services’ Post

📢 NEW ARTICLE AVAILABLE: Strategies for a competitive and cost-effective employee benefits package 💵 Author: Paula Flores, Brightmine Employee benefits have evolved significantly over the past few years, going beyond basic offerings such as health insurance and annual leave. Today, they can range from perks like wellness programmes to complex offerings such as matching contribution pension schemes. But with budgets stretched and costs rising, how do you make your organisation's money go further - and make sure employees really feel the benefit? To find out the kinds of benefits organisations offer, check out our Benefits A to Z. #HR #EmployeeBenefits

Employers are increasingly providing executive benefits. The use of executive benefits for employer benefit programs has been on the rise in recent years. This is due to a number of factors, the need to attract and retain top talent and the desire to provide employees with a comprehensive benefits package. Executive benefits offer supplemental coverage, that works strategically with your current health benefits program. These are employer-sponsored plans and can be offered to a certain class of employees and is qualified as a non-discriminatory plan. Executive benefits come in many forms, including retirement plans, life insurance, disability insurance, and additional coverage to go along with your existing health benefits. These perks can support key employee's in saving money, safeguarding their families, and making future plans. In addition to providing employees with valuable benefits, executive benefits can also help employers to attract and retain top talent. In today's competitive job market, employees are looking for more than just a paycheck. They want a company that offers a comprehensive benefits package that will help them to live their best lives. By offering executive benefits, employers can show their employees that they are valued and that they are committed to their well-being. This can help to create a positive work environment and boost employee morale. Overall, the use of executive benefits for employer benefit programs is a wise decision to consider for businesses of all sizes. These benefits can help to attract and retain top talent, improve employee morale, and increase productivity. Here are some tips for employers who are considering offering executive benefits: * Determine the needs of your employees. What types of benefits are they most interested in? * Set a budget for your executive benefits program. * Research different types of benefits and find the ones that are the best fit for your company. * Communicate your executive benefits program to your employees. Make sure they know what benefits are available and how to access them. By following these tips, you can create an executive benefits program that will benefit your employees and your company. #executivebenefits #healthinsurance

My perspective on the future of employee benefits: Health care: - many employees continue to grow in their frustration for rising health care costs and lack of ecosystem transparency. Who hasn't received a surprise bill that was way more than they expected? Who has had trouble "price" shopping on different health services? Who feels like the entire system is reactionary in nature? When we could benefit from being more proactive and preventative in our approach? - I see a world where many may leverage tools like an HSA to pay for a functional health membership where they can meet monthly with specialists who understand what it takes to play the longevity game. Regular blood work. Optimization through supplements, exercise and diet plans, etc. - I also see a world where employers may more strongly incentivize employees to engage in these specific programs because of the health care savings that materialize from commitments to these memberships. Retirement: - the average retirement savings for individuals between 55-64 is $537,560. You can't live on the interest on that amount. If you spend $50k/year as a 55 year old and live for 20 years, then you are out of money in 10. The numbers aren't really adding up. - so...many may lean into their extended family and move back in with them, placing financial strain on younger generations but also (and hopefully) improving family dynamics in America. - many may also decide to migrate to cheaper locations, like Thailand or Portugal or Mexico, where their dollar is 5-10x more valuable. - employers may step up by providing much more aggressive 401k or stock option opportunities to appeal to the segment of the workforce that is rightfully anxious about their uncertain financial futures. Voluntary benefits: - we've all heard about benefits like pet and life insurance, and disability. Those aren't going away. But I see a few new categories now emerging that will be both relevant and meaningful to the modern day employee. - One would be around supporting employees with reducing the financial burdens associated with everyday expenses - like their cell phone bill, home and auto insurance, mortgages, internet, gym memberships etc. This will come in the form of benefits like Previ. Employers will make life outside of work more affordable by finding ways to unlock significant savings for families on expenses that impact them daily. - Another would be around estate planning, but seeing a rebranding around this category that helped people become more comfortable with planning their end of life. What are you all thinking about for the future of employee benefits? #humanresources #hr #benefits #totalrewards

According to a recent Gallagher 2023 Voluntary Benefits Benchmarking study, organizations are hyper focused on streamlining benefits, enhancing employee wellbeing, and leveraging voluntary benefits for competitive advantage. Some of the findings point to some important voluntary benefit trends ; 📌 Retaining talent is a top priority for organizations in 2023, with a 7.7% increase in turnover. 82% of employees with 10 or more benefits say they are thriving while only 58% of employees with 1-4 benefits say they are thriving. 📌 Companies are shifting towards enhancing voluntary benefits like accident, critical illness, and hospital indemnity. 2023 data suggests a surge in interest for traditional supplemental health benefits with Accident plan offering increasing by 41%, Critical Illness by 36%, and Hospital Indemnity recording a 24% increase compared to 2022. 📌 Employers are leveraging HR technology investments to implement holistic benefits and educational initiatives. 📌 Education is crucial for both employees and employers to navigate the evolving benefit landscape. 47% of employees say they understand their total healthcare costs well. 📌 Organizations are preparing for LTC solutions by offering simplified administration through voluntary benefit solutions. 77% of employers do not offer stand-alone long-term care benefits while 57% of employers don't have a permanent life as a benefit option. As a result, employers lack the necessary benefit strategies for LTC solutions. 📌 31% of employers are using voluntary benefits to support employee recruitment and retention in 2023. 70% of employees say they want customizable benefits, up 3% over pre-pandemic while 85% of Human Resource Leaders believe personalized benefits are a must. Rather than altering core medical benefit plans, the data suggests companies are shifting toward enhancing employee paid voluntary benefits. When employers are struggling with benefit communication and/or offering Voluntary Benefits for the first time, enrollment firms like NEP, are a highly trained team of professionals specializing in the communication and enrollment of all benefits. With NEP involved, participation averages 40-60% purchasing one or more lines of new coverage. NEP offers a long-term, strategic approach to enrollment services and ongoing new hire support.

Effective benefits management is all about understanding diverse employee needs and designing packages that provide real value. One efficient method I employ revolves around health reimbursement arrangements (HRAs), which can be a game-changer for businesses seeking to enhance their employee benefits without breaking the bank. Here’s a breakdown of this process, walking through each step and its significance. First, it begins with assessing your employees' specific health care needs. Surveys or informal discussions can provide great insight into what your team values most, whether it's medical, dental, or even vision care. Once you have clarity on their needs, the next step is to set up the HRA framework. This involves determining the allowance amount you’re willing to reimburse per employee. An important factor here is keeping it sustainable for your business while still providing enough incentive for employees to choose coverage. Next comes communication. Transparency is key. You need to ensure employees understand how HRAs work, what expenses are covered, and the reimbursement process. This not only fosters trust but also encourages employees to take full advantage of the benefit. The actual implementation follows, where employees begin to submit their health care expenses for reimbursement. This step is crucial as it directly connects the benefit to their financial health, showcasing your commitment to their well-being. Finally, continuous feedback is essential. Regularly check in to see how employees feel about the HRA and what alterations could improve the process. Adjustments based on this feedback create a loop of engagement, demonstrating your responsiveness to their needs. By following this detailed process, you create a tailored benefits experience that prioritizes employee needs while managing costs effectively, ultimately fostering a more loyal and productive workforce. For those in similar roles looking to improve their benefits strategy, I recommend starting with candid dialogue around what employees truly want. This insight will guide you in crafting a benefits package that resonates well beyond the surface.

IT IS OPEN ENROLLMENT TIME Hardins Grove Benefits is a leading employee benefits consulting firm, dedicated to empowering businesses with customized health and wellness solutions that drive both employee satisfaction and cost-efficiency. Our mission is to make high-quality benefits accessible and manageable, allowing companies of all sizes to attract and retain top talent while maintaining financial health. What We Offer: Comprehensive Benefits Strategy 1) We tailor our approach to each business, designing benefits packages that align with your company’s unique needs and culture. Whether you're a small business looking for affordable options or a larger organization needing a robust benefits strategy, we provide innovative solutions that make sense for you. 2) ICHRA (Individual Coverage Health Reimbursement Arrangement) Expertise As experts in the ICHRA model, we guide businesses in adopting flexible health benefits that empower employees to select individual insurance plans. This approach often leads to greater satisfaction and allows for cost savings compared to traditional group health plans. 3) Cost Management & Compliance We ensure that all benefits programs we design adhere to the latest compliance regulations, helping businesses avoid costly fines and penalties. Our solutions also focus on cost management, leveraging strategic insights and data-driven decisions to optimize your benefits spend. 4) Dedicated Client Support Our commitment goes beyond strategy development; we offer ongoing support to ensure seamless program implementation and management. Clients have access to a dedicated team for assistance with everything from enrollment to claims support, making the benefits process smooth and straightforward. Why Choose Hardins Grove? 1) Customized Solutions: Every business is different. We provide tailored benefits packages that align with your unique goals and budget. 2) Proven Expertise: With years of experience, our team is knowledgeable, responsive, and committed to delivering the best results for our clients. 3) Focus on Flexibility and Choice: We emphasize empowering employees through flexible, choice-driven plans like ICHRA, allowing them to select coverage that best meets their needs. Learn more about how Hardins Grove Benefits can support your business at hardinsgrove.com.

According to a recent Gallagher 2023 Voluntary Benefits Benchmarking study, organizations are hyper focused on streamlining benefits, enhancing employee wellbeing, and leveraging voluntary benefits for competitive advantage. Some of the findings point to some important voluntary benefit trends ; 📌 Retaining talent is a top priority for organizations in 2023, with a 7.7% increase in turnover. 82% of employees with 10 or more benefits say they are thriving while only 58% of employees with 1-4 benefits say they are thriving. 📌 Companies are shifting towards enhancing voluntary benefits like accident, critical illness, and hospital indemnity. 2023 data suggests a surge in interest for traditional supplemental health benefits with Accident plan offering increasing by 41%, Critical Illness by 36%, and Hospital Indemnity recording a 24% increase compared to 2022. 📌 Employers are leveraging HR technology investments to implement holistic benefits and educational initiatives. 📌 Education is crucial for both employees and employers to navigate the evolving benefit landscape. 47% of employees say they understand their total healthcare costs well. 📌 Organizations are preparing for LTC solutions by offering simplified administration through voluntary benefit solutions. 77% of employers do not offer stand-alone long-term care benefits while 57% of employers don't have a permanent life as a benefit option. As a result, employers lack the necessary benefit strategies for LTC solutions. 📌 31% of employers are using voluntary benefits to support employee recruitment and retention in 2023. 70% of employees say they want customizable benefits, up 3% over pre-pandemic while 85% of Human Resource Leaders believe personalized benefits are a must. Rather than altering core medical benefit plans, the data suggests companies are shifting toward enhancing employee paid voluntary benefits. When employers are struggling with benefit communication and/or offering Voluntary Benefits for the first time, enrollment firms like NEP, are a highly trained team of professionals specializing in the communication and enrollment of all benefits. With NEP involved, participation averages 40-60% purchasing one or more lines of new coverage. NEP offers a long-term, strategic approach to enrollment services and ongoing new hire support.

In the modern workplace, employee benefits are like the hidden gems that can either make or break a company’s appeal. Recently, I came across an article that delves into the most important benefits employees value, painting a vivid picture of what really matters to today’s workforce. It suggests that a well-structured benefits package can be as crucial to attracting talent as a competitive salary. Here are some key insights that caught my attention: - Health Benefits Take Center Stage: With a staggering 92% of employees deeming health benefits essential, the significance cannot be overstated. Companies often overlook this aspect, but offering robust health coverage through alternatives like HRAs can be a game-changer, especially given the costs associated with traditional group plans. - Dental and Mental Health Matters: According to the data, 91% of employees also prioritize dental coverage. Given the rising costs of dental care, this is not just about aesthetics; it's about promoting overall well-being. When you consider the importance of mental health—80% of employees rated this as vital—it's clear that comprehensive support systems are integral to a thriving workforce. - The Value of Paid Time Off: The allure of generous paid time off is another significant factor for 90% of employees. Limiting time off can lead to burnout and decreased productivity; thus, employers must recognize its crucial role in sustaining employee morale as well as fostering loyalty. - Flexibility Is Key: In our fast-paced world, the expectation for remote work and flexible hours has surged. A significant 57% of employees are seeking this flexibility in their roles, reflecting a broader move towards work-life balance. Although salary plays a crucial role, it’s evident that perks like retirement plans, education assistance, and even life insurance are essential for building a committed and satisfied workforce. Benefits should be viewed not just as costs, but as investments in human capital. As we navigate this changing landscape, understanding and responding to the preferences of our employees must be a top priority. Are we doing enough to curtail turnover and boost job satisfaction? What are your thoughts on the evolving nature of employee benefits? How does your organization measure up against these expectations? https://lnkd.in/g9qqMpWy

What truly makes a benefits package valuable to employees? It's a question that many employers are pondering. As companies look to attract and retain talent, understanding the nuances of employee benefits becomes increasingly essential. A recent article dives into this topic, sharing practical tips for designing employee benefits packages that resonate with workers. First off, gathering existing employee data isn't just best practice; it’s vital for creating benefits that reflect their needs and preferences. Surveys can unlock insights about what employees truly want, from healthcare options to wellness programs. Additionally, analyzing benefits usage can help identify which offerings are being utilized and which are just occupying space on the benefits list. The competitive landscape means companies should also benchmark their packages against industry standards to ensure they’re staying relevant. Beyond traditional insurance, innovative perks like financial planning, wellness initiatives, and flexible work options are now integral to comprehensive employee benefits. Communication is key, too. It's not enough to have a great benefits package; educating employees about the options available to them is crucial for driving engagement. How is your organization approaching benefits design? What strategies have worked for you? https://lnkd.in/gJHmHKvb

Good afternoon business owners! As the busy season for group benefits approaches, it’s crucial to start thinking about your upcoming needs. With the effective date of January 1, 2025, employers are gearing up to explore their options and make informed decisions. Why Now?: **Market Readiness** Employers will be evaluating their current benefits packages and exploring new options.   **Tailored Solutions** At NPC Financial, we specialize in both fully insured and self-funded programs tailored for small to mid-sized businesses. Our innovative products and administrative solutions are designed to meet the unique needs of each client. **Strong Partnerships** We collaborate with all major carriers nationwide, allowing us to provide a comprehensive range of options. Our commitment is to become a reliable partner for business owners. **Industry Insights** Our team stays updated on the latest industry trends, ensuring that our clients have access to the most effective strategies. From plan management to wellness initiatives, we offer solutions that align with their goals. How NPC Financial Can Help: **Creative Insurance Solutions** We offer a variety of benefits options, ensuring that your clients can find the best fit for their workforce.   **Administrative Support** Our team can streamline the benefits administration process, making it easier for employers to manage their programs. **Wellness Strategies** We can help develop wellness programs that not only enhance employee satisfaction but also improve overall productivity and health. Let’s Connect!: Together, we can navigate the complexities of benefits open enrollment and create a program that truly supports your business and employees.