As healthcare costs continue to rise, so does demand for voluntary benefits. Since many employers find it increasingly difficult to provide employees with a complete benefit package, voluntary benefits have become an ideal solution.   Voluntary benefits are attractive to employers because there is no added cost for the organization.  Employees benefit because they have a variety of insurance options available conveniently in one place — often with lower premiums than if they were to buy individual policies.  What are voluntary benefits?   Voluntary benefits are coverages and products made available to employees for elective purchase though payroll deductions. These programs have four key characteristics:   100% employee-paid;   offered through an employer;   solicited and enrolled through a carrier or enrollment firm;   paid through payroll deductions.   Because of their cost efficiency, voluntary benefits are becoming a central componen...

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...

Retirement and employee benefits help create a solid foundation for recruitment and retention. They’re also pivotal in enhancing job satisfaction, boosting productivity, encouraging employee well-being and increasing workplace morale. With the work landscape evolving rapidly, organizations are revisiting their offerings to develop stronger employee benefits strategies.  The first area most small- and mid-size employers investigate is quick, short-term ways to foster company culture. In this blog, we’ll cover budget-friendly ideas to improve your employee benefits initiatives. Think of them as smaller action items that can help you gain a competitive edge. Then, we’ll take a closer look at how customizing your benefits plan can support your new efforts.  1. Promote a healthy work culture  Investing in employee benefit plans is not just about fulfilling a checklist. It's about creating an environment where employees feel supported in both their professional and personal liv...

Whether you're a seasoned benefits administrator or HR professional, you must comply with numerous reporting and disclosure requirements annually. To help you more easily meet these target dates, download TruePlan’s 2024 Health Plan Compliance Deadlines chart .   It lists employer-sponsored group health plan requirements by month, providing a thorough description of each requirement, deadline and applicability. It also outlines group health plan notices employers must provide each year.  Get the 2024 Health Plan Compliance Deadlines Chart now . If you have questions, reach out to TruePlan . Our team of experts can provide you the resources you need to better manage your health plan and employee benefits .  This Compliance Overview is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice. ©2024 Zywave, Inc. All rights reserved.