Skip to main content

Benefits Breakdown Newsletter-April 2022


Personalizing Your Employee Benefits Offerings 

Each workforce is comprised of unique individuals with diverse backgrounds and interests. So why opt for a one-size-fits-all benefits package? Instead, consider providing benefits options that are as unique as your employees. Doing so could be the attraction and retention tool that sets your workplace apart.

In fact, 73% of employees said having customized benefits made them more loyal to their employers, according to a MetLife survey. Additionally, the survey found that 83% of employees would trade a small pay cut for better benefits options

Benefits personalization will vary by organization, but here are some general tips you can consider when assessing your own strategy:

  • Survey employees. One of the best ways to discover employees’ benefits desires is by asking them.
  • Conduct focus groups. Similar to a survey, consider meeting with employees in groups to solicit benefits feedback.
  • Maintain ongoing benefits conversations. As employees age and grow in their careers, continue to ask them about their evolving benefits needs.
  • Opt for variety. Consider offering different types of health plans or management programs that address specific health conditions.

While it’s impossible to offer benefits that will meet all the needs of every single employee, maintaining open communication with workers can go a long way toward that goal. 

Offering Work-from-Home Subsidies

Working from home is more popular now than at any time in recent history. What started out of necessity during the COVID-19 pandemic has now morphed into a perk that remote employees are eager to retain. Luckily for these employees, remote work is likely to remain for the foreseeable future, as many employers say offering flexible work will remain a priority.

However, working from home can also come with additional, unexpected expenses for employees. Some workplaces understand these financial burdens placed on remote employees and are providing relief where possible. 

Some ways employers are subsidizing remote employee expenses include: 

  • Offering a stipend or reimbursement for purchasing home office-related equipment
  • Providing employees with equipment to take home, such as laptops, monitors and headsets
  • Paying for remote employees’ internet bills

These are only some of the ways employers like you are able to subsidize remote working expenses. Deciding what would work best for your workplace will depend on a variety of factors, such as the type of work being conducted and available resources.

For more information about employee benefits, our services and products, please contact HANYS Benefit Services by email or by calling (518) 431-7735.

Popular posts from this blog

What is HR vendor management? Overview with scenarios

Vendor management can be a litigious environment where efficiency, transparency and risk mitigation are paramount. With the right advisor in your organization’s corner, you’ll feel more confident navigating vendors and managing their services, ensuring streamlined processes and strategic alignment.   In this blog post, we'll cover the basics: What vendor management in HR entails, why it's important, how it can transform businesses and some scenarios in a few business types. Level up your knowledge and find the right partners to thrive.  Understanding vendor management in HR  Vendor management in HR involves the systematic management of third-party suppliers who provide goods and services essential to HR operations. This includes managing contracts, ensuring compliance with service level agreements and optimizing vendor performance to align with a company's long-term business goals.  A robust vendor management strategy can provide organizations with a structured ...
Read more

Section 125 – Cafeteria Plans Overview

A Section 125 plan, or cafeteria plan , allows employees to pay for certain benefits on a pre-tax basis. Employers use these plans to provide their employees with a choice between cash and certain qualified benefits without adverse tax consequences. Paying for benefits on a pre-tax basis reduces the employee’s taxable income and, therefore, reduces both the employee’s and the employer’s tax liability. To receive these tax advantages, a cafeteria plan must comply with the rules of Section 125 of the Internal Revenue Code and related IRS regulations. Under these rules, a Section 125 plan must have a written plan document and can only offer certain qualified benefits on a tax-favored basis. Once an employee makes a Section 125 plan election, they may not change that election until the next plan year, unless the employee experiences a permitted election change event. Also, for highly compensated employees to receive the tax advantages associated with a Section 125 plan, the plan must pass ...
Read more

FMLA Outsourcing: 6 Key Employer Insights

Organizations need help navigating employee leave of absence. With so many complex regulations, many employers consider outsourcing their employee leave programs to specialized third-party vendors. Compliance with the Family and Medical Leave Act, a federal law allowing eligible employees to take unpaid leave for personal reasons, is central to administering employee leave.  In this blog, we'll go more than six insights employers need about FMLA outsourcing. Use this as your go-to list as you weigh the potential benefits against the drawbacks.  1. Third-party prowess  Expertise is at the heart of the outsourcing question. Can your in-house human resource team competently manage the complexities of FMLA requirements? Or are there benefits to be gained from a third-party vendor’s specialized focus?  In-house HR staff might need help with FMLA regulations , causing compliance errors and/or knowledge gaps. In this case, it would make sense for employers to search fo...
Read more