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.

Employee Benefits Offerings: What Perks Can You Add?

Employee benefits can play a crucial role in attracting and retaining top talent. Beyond compensation and bonuses, offering a variety of perks can significantly enhance employee satisfaction and productivity. But what should you include in your employee benefits offerings? What are employee benefits? Employee benefits encompass compensation, bonuses and various perks outside an employee's wage. By offering flexible employee benefits, you can improve employee productivity and loyalty while attracting and retaining talented candidates. Personalized benefits examples The type of benefits offered can vary by industry. We've compiled some of the most popular options to help you explore possible employee benefits strategies . 1. Social opportunities Employee perks don't always have to be tied to a benefits package. Sometimes, the best way to engage your employees can be through social opportunities. Group activities can help im...

What is Risk Management? 4 Key Topics to Know

Understanding risk management in retirement programs Managing a retirement program is complex, with multiple layers of risk. For organizations and their leadership, understanding and mitigating these risks is crucial to ensuring the long-term success and reliability of these programs. It often leaves human resource professionals, employers and program administrators questioning, "What is risk management, and how can we excel at it?" This blog post explores the various aspects of risk management in retirement program administration and provides actionable insights to help organizations better manage these risks. The importance of risk management Retirement programs are designed to benefit participants and beneficiaries, but they come with their own set of risks. These risks can be broadly categorized into four main topics: Fees Administration Investments Cybersecurity Each of these topics requires meticulous attention and ...

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...

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