Benefits Breakdown Newsletter - November 2022

Inflation’s Impact on 2023 Open Enrollment

Many employees are feeling financial stress because of inflation. With open enrollment fast approaching, inflation could impact employees’ benefits choices. According to The Hartford’s Future of Benefits Pulse Survey, 40% of U.S. workers reported that they will cut back on the benefits they select during 2023’s open enrollment because of inflation. As a result, this year’s open enrollment may be more challenging than usual for employers.

Employers can take steps now to help their employees better understand their benefits options and make informed decisions. Employers can assist employees this open enrollment season by:

using multiple communication channels;
employing clear language and personalized messaging;
highlighting the services that come with coverage.

By communicating effectively, employers can help employees optimize their inflation-strained resources and make the best benefits selections for themselves and their families during this period of financial difficulty.

How employers can address substance misuse

The National Safety Council found that one in 12 workers is dealing with an untreated substance use disorder. Employee alcohol and substance misuse or addiction can have serious ramifications for employers. Employees who engage in risky substance use are absent more often, have lower productivity and poor work performance, and are more susceptible to injury due to accidents.

The NSC reports that employees with an SUD have double the healthcare costs compared to employees without one. These costs can represent a significant burden to employers and can include fiscal liability if an employee’s impairment at work causes a workplace accident.

Employers can play an essential role in decreasing the social and financial burden of substance misuse and guiding the development of a healthy and productive workforce. Employers should consider developing an employee benefits program that is holistic and addresses prevention, screening and treatment options while taking deliberate steps to protect employees’ privacy.

For more information about employee benefits, our services and products, contact HANYS Benefit Services online or call 800.388.1963.

Innovative employee retention strategies: 9 fresh ideas

Employee engagement and retention are pivotal in every sector, but they carry even more weight in the not-for-profit space, where resources are often limited. High turnover can be both costly and disruptive, impacting productivity and damaging morale. In an era of workforce evolution, to effectively retain their top talent, organizations must explore innovative employee retention strategies that go beyond conventional methods. Engaged employees are distinguished by their higher productivity, motivation and loyalty, and they are more likely to stay with a company for the long term. Gallup recently updated its research article, The Benefits of Employee Engagement , finding that "low engagement teams typically endure turnover rates that are 18% to 43% higher than highly engaged teams." In addition to turnover, disengaged employees negatively impact a company's financial health, with turnover costs averaging six to nine months of the departed employee's salary, accordin

Executive disability income protection program: C-suite FAQ

Implementing a comprehensive risk management strategy is imperative for C-level executives and senior management at HANYS member hospitals. One critical, but often overlooked component, is the executive disability income protection program. But what exactly is this program and why is it vital for high-income earners? With increasing interest in executive disability income protection programs from C-suite executives, TruePlan Benefit and Retirement Advisors interviewed Bernard A. Gleeson, Director, Employee Benefit Services on Executive disability income protection programs FAQs. What is an executive disability income protection program? An executive disability income protection program (EDIPP) is a specialized form of disability insurance designed to supplement existing group disability plans offered by employers. These individual plans provide additional coverage beyond the typical monthly maximum benefit cap found in traditional employer-based offerings. By overlaying on top of g

Employer Q&A: What is Financial Wellness?

There is a significant gap between employees and employers regarding financial wellness programs, according to the Harvard Business Review . “80% of employees report being financially stressed. Only 28% of employers offer financial wellness programs,” the article states. Similarly, Forbes highlights a 2023 Transamerican Institute study showing that 77% of workers consider financial wellness programs an important benefit. With so much research on the need for these programs, what should employers do? The first way employers can bridge this gap is to learn what financial wellness is and how it can improve an employee’s overall being. In this short Q&A, we introduce the topic and offer some essential tips to get started. Q1: What is financial wellness? A: Financial wellness refers to the sense of security a person feels about their financial situation in all aspects of their life. It means having control over day-to-day finances, being prepared for emergencies and having a plan

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