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...

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...

When it comes to filling a job opening, companies have two options: internal recruitment vs. external recruitment.   Each method has its own advantages and disadvantages, so it's important for companies to carefully consider which is best for their specific needs. In this blog, we'll explore each method, providing insight on how to make the best decision for your organization.  What is internal recruitment?  Internal recruitment means filling job vacancies from within a company by promoting or transferring current employees to the desired position rather than hiring externally. Internal recruitment can take various forms, such as:  promoting employees to higher positions;  transferring employees to different departments or locations; or   encouraging employees to apply for open positions within the organization.  One benefit of internal recruitment is that it provides opportunities for career development and advancement for current employees. By c...

Group employee medical benefit plans typically fall into one of two categories: self-funded or fully insured. The choice of one over the other should not be made arbitrarily. Each type carries its own set of administrative rules and legal constraints.  What is self-funding?   Under an insured health benefit plan, an insurance company assumes the financial and legal risk of loss in exchange for a fixed premium paid to the carrier by the employer. Employers with self-funded (or self-insured) plans retain the risk of paying for their employees’ healthcare themselves, typically from corporate funds.   Most employers with more than 200 employees self-insure some or all their employee health benefits. Many employers with fewer than 200 employees also self-fund, but these employers require greater stop-loss insurance protection than larger employers (stop-loss insurance is discussed below). Generally, employers with fewer than 100 employees fully insure their group medical benef...

Employers often ask, “What are the benefits of employee assistance programs, and how can I encourage employees to use them?”  EAPs are employer-sponsored programs that offer services or referrals to help employees manage personal challenges. These programs can boost employee well-being, satisfaction, performance and health.   Unfortunately, these programs are heavily underutilized. According to Mental Health America , 98% of mid- to large-sized companies offer EAPs, but only 4% of employees use them yearly. This represents a significant missed opportunity for employers and employees. Employers can use the guidance in this article to increase the use of their EAPs.  What is an EAP?  EAPs vary between organizations. Some programs focus specifically on issues such as mental health or substance misuse, while others offer expanded services to address eating disorders, marital issues, legal problems, childcare, care for older adults, gambling addiction and more.  Depe...