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As U.S. companies continue to ask workers to shoulder a greater burden of the cost of health care consumers want their employers to do more to help them improve their health and get the most from their employer-provided health and wellness plans, according to a new survey from Aon Hewitt, The Futures Company and the National Business Group on Health.
With an eye on both their employees health and their bottom line, multiemployer and public employer plans are rapidly embracing value-based health care an outcome-driven, consumer-centered approach that focuses not on the dollars being spent, but on how those dollars can improve employees health.
Access to paid sick days could save $1 billion in medical costs annually, according to a report by the Institute for Women's Policy Research. Currently, more than 44 million American workers do not have access to paid sick days, and more are unable to use time off to take care of sick children or other family members.
A majority of companies worldwide say they are becoming more knowledgeable about the use of social media tools to connect with and keep their workforces informed. In fact, more than two-thirds of companies surveyed by global professional services company Towers Watson plan to increase their use of social media tools over the next 12 months, though many question their cost effectiveness. The biannual study also found that companies with the best communication programs enhance the communication skills of their leaders and managers, and continuously evaluate performance.
While the number of Americans who claim to be preparing financially for retirement has remained relatively steady during the past 12 months, employees in many of the nation's largest metropolitan areas report feeling significantly less confident than they did a year ago, according to a retirement readiness index released today by Ameriprise Financial. In its second year, they examine the 30 largest U.S. metropolitan areas to determine where consumers are the most prepared for and confident about retirement, and also track national and local retirement trends over time.
The nonprofit Center for Health Value Innovation released the initial results of employers completing the Health Value Accelerator finding that over 20 cents out of every dollar of revenue are going toward health care costs that are under-managed.
As employer-provided benefits continue to become a bigger portion of labor costs, organizations are increasing employee cost sharing as well as providing employee health education, wellness initiatives and financial education/advice. According to the Employee Benefits Accountability and Consumerism 2011 survey by WorldatWork, 45% of surveyed organizations report that turning employees into educated consumers of benefits is a very high priority for their organization's top management with more senior leaders now acting as advocates.
A national coalition of pharmacists and pharmacy owners announced last week a public information campaign to expose the unjustifiably high prices of prescription drugs set by pharmacy benefit managers, the unregulated, multibillion dollar industry that controls prescription health plans for more than 200 million Americans.
Employers and employees alike have found a more affordable health care option in health savings accounts, according to two national surveys released last week.
Two recent proposals to change the existing tax treatment of 401(k) retirement plans, if enacted, are likely to result in lower account balances for many 401(k) participants, according to a new analysis by the Employee Benefit Research Institute.
A new survey of small and mid-sized employers finds that two out of three plan sponsors believe the current 401(k) system is effective in helping employees achieve adequate retirement savings, despite recent reports that show employees are often ill-prepared for retirement and not saving enough.
Although many companies continue to tighten their financial belts, when it comes to voluntary benefits, employers are much more employee focused, as opposed to cost driven. Seventy-five percent of employers say their top reason for offering voluntary benefits is to expand the benefits options available to their employees, with 42% offering voluntary benefits to fulfill an employee need, and 30% offering them at their employees request, according to a study released yesterday by Prudential.
It's no surprise that having a well-rounded compensation plan in place is key for employers looking to amp up their workforce. As such, offering medical insurance benefits and paid time-off is often simply not enough. The Benefits USA 2011/2012 survey results found employers are offering a myriad of benefits to keep their employees happy. Dental insurance, for example, is offered by 98.2% of employers, while vision insurance is offered by 84.5%. Information was collected from nearly 4,500 benefit plans covering over six million employees across the country.
Seventy-five percent of Americans have never had a conversation about long-term care with loved ones. In the shadow of the possible demise of the CLASS program, this is even more pertinent to employees who may have retirement accounts, but not a backup for immediate long-term care assistance.
It doesn't matter what size company you work for; flexibility matters. Workplace flexibility programs benefit employers of all sizes and industries, resulting in increased employee job satisfaction, lower turnover and lower insurance costs, according to the new report from The Society for Human Resource Management and the Families and Work Institute.
New York insurance companies that were not covering the screening, diagnosis and treatment for autism spectrum disorders will now be mandated to do so effective Nov. 1, 2012.
The good news: Most employers are reinstating 401(k) matches, after suspending or reducing them following the economic collapse in late 2008. The bad news: Not all employers have reinstated yet, and some that have are doing so at a lower percentage, Towers Watson announced yesterday.
Graduate students at the countrys leading business schools prefer opportunity for advancement within an organization over financial incentives when evaluating career destinations, according to a Deloitte survey conducted at the fifth annual National MBA Human Capital Case Competition.
As employee benefit budgets remain tight, employers are adopting plan design changes that reduce drug benefit coverage and improve pricing, according to the Pharmacy Benefit Management Institute.
Gen Y wants to get personal at least when it comes to their benefits. Although employees rely on the workplace as their number one source of benefits information, new research shows Gen Y is much more likely than other workers to rely on family members and friends for this information.