Financial stress lowers employee productivity and morale and is far more common than you may think. According to an economic report from the Federal Reserve , nearly four in 10 American adults wouldn’t be able to come up with $400 in an emergency.   This article explores how employers can reduce employees' financial stress with voluntary benefits.   The real-world costs of financial stress  Financial stress takes a toll on employers and employees alike. According to a recent Salary Finance survey , lost productivity due to financial stress costs the country around $500 billion each year. What’s more, employees under such stress are more than twice as likely to seek other employers, according to the same survey. And financially stressed employees are several times more likely to suffer anxiety attacks, experience depression, miss deadlines and produce lower-quality work than their non-financially stressed counterparts.  How employers can help with voluntary benef...

The 5th U.S. Circuit Court of Appeals recently  ruled  that a key component of the Affordable Care Act’s (ACA) preventive care mandate is unconstitutional. However, in a decision it referred to as a “mixed bag,” the 5th Circuit limited its ruling to the plaintiffs in the case, a small group of individuals and businesses from Texas.  The ACA requires non-grandfathered health plans and issuers to cover a set of recommended preventive services without imposing cost-sharing requirements, such as deductibles, copayments or coinsurance, when the services are provided by in-network providers.  5th U.S. Circuit Court of Appeals decisions  In March 2023, the U.S. District Court for the Northern District of Texas struck down a key component of the ACA’s preventive care mandate as unconstitutional and issued a nationwide injunction against its enforcement. This decision involved a wide range of preventive care services, such as cancer screenings and medications for chronic...

The job market remains strong and competitive in quarter three.  Read the latest edition of the Attraction & Retention newsletter  to get key employer takeaways on:  the rebalancing labor market;  employee retention statistics and best practices; and  top tips on attracting millennial talent.  Get a full picture of the workplace outlook  and download your edition today!   If you’d like more information regarding the newsletter and our services,  contact our team of experts today ! We’re here to answer any questions surrounding your  employee benefits  and  retirement plan  efforts.  This is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice. © 2024 Zywave, Inc. All rights reserved. 

In today’s competitive labor market, retaining key employees is more critical than ever. Essential team members possess unique skills, knowledge and experience that significantly contribute to your organization's success. Losing them can be costly and disruptive, so it’s crucial to prioritize their retention.  We’ve created a comprehensive checklist to help identify and retain your top performers. This tool will help you recognize the qualities that make your key employees indispensable and implement strategies to meet their needs and expectations.  Benefits of using our checklist :  Tackle retention challenges: Learn how to retain top talent in a tight labor market.  Recognize key qualities: Identify the unique attributes that make key employees irreplaceable.  Implement effective strategies: Take action to meet your employees' expectations and keep them engaged.  Secure your top talent and ensure your organization's continued success by downloading our ...

In today's competitive employment landscape, many organizations recognize that employees are their most valuable asset. To attract and retain top talent, employers must go beyond competitive salaries and create holistic and meaningful employee benefits packages that address diverse workforce needs.   Understanding and addressing employee benefits gaps is crucial for employers who aim to create an engaged, supported and satisfied workforce.   Well-rounded benefits packages often translate to enhanced employee well-being, boosted retention rates and a positive work culture. This article highlights proactive steps employers can take to identify and assess gaps in employee benefits offerings.  Employer considerations: How to identify employee benefits gaps   Identifying gaps in employee benefits offerings can be a complex task, as it requires a careful assessment of employee preferences, trends and organizational resources. Consider the following strategies for...

In today’s dynamic business landscape, human resources professionals with competing priorities are finding it harder to juggle routine tasks. To find cost-effective solutions that save time and resources, HR departments are trying alternative methods, including outsourcing. Many organizations offer outsourcing for HR tasks. This method is an attractive option when you need more HR staff to complete administrative tasks at a lower cost. While there are positives to shifting your HR management structure, there are also drawbacks. This blog will take an in-depth look at the pros and cons of outsourcing HR tasks and consider whether it’s a passing trend. Then, we’ll dive deeper into the strategic implications and factors to consider when making this pivotal decision. The landscape of HR in the modern enterprise The HR field spans many areas, including external regulations, professional employer organization services, and marketplace and global trends. The scope of HR responsibilities has w...

Group health plan fiduciary litigation on the rise  Enforcement of the Employee Retirement Income Security Act’s strict standards of fiduciary conduct has traditionally been reserved for retirement plan sponsors. However, a new class action lawsuit highlights the importance of employers’ adherence to their fiduciary duties when managing their group health plans.  The lawsuit against Johnson & Johnson alleges the company violated its ERISA fiduciary duties by mismanaging its prescription drug benefit, which cost the health plan and participants millions of dollars. It serves as a reminder to employers that they must prudently select and monitor plan service providers, such as pharmacy benefit managers.  Although it is the first case of its kind, more fiduciary litigation involving the management of prescription drug benefits is expected as the PBM industry faces increasing scrutiny and new transparency laws provide employees with more information regarding healthcare c...