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By 2014, the under-30 population will become the majority of the workforce, a title once held by baby boomers. During this transition, employers must revisit their strategies for engaging younger populations in health care decision-making and lifestyle improvement.
At its peak in the early 1990s, there were over 2,000 recordkeepers serving retirement plans – today there are fewer than 60. In light of service-provider profit pressures from declining margins, sponsor fee sensitivity caused by litigation and Department of Labor's fee-disclosure regulations, finding the right plan vendor for the right price can be a challenge.
New research released Thursday from Guardian Life shows that 62% of workers now enroll online for their employee benefits, compared to only 29% in 2005. In the past year alone, the use of online benefits enrollment increased by 8 percentage points, which represents a significant shift in how employees learn about, evaluate and interact with their benefits programs.
Investors appear to have switched gears from focusing on replenishing their balances from 2008s market downturn to taking all of the responsible steps to prepare for retirement, according to Principal Financial Groups analysis of retirement plan participants behavior in 2010.
October marks the start of open enrollment season for many American workers their annual opportunity to reconsider and re-elect the benefits made available by their employers. The Growing Importance of the Workplace, the first in a series of research briefs stemming from Prudential's Sixth Annual Study of Employee Benefits, found that 80% of workers believe the workplace is an important source for personal insurance and savings products.
In the digital age of talking via tweet, the term social networks now makes people think of Twitter, Facebook or LinkedIn. However, according to Dr. Larry Miller, president and CEO of Activate Networks, flesh-and-blood social networks are just as critical, if not more important, than those relationships forged in cyberspace.
As the economy picks up and companies begin to shift focus from maintaining financial stability to cultivating employee growth, performance management will prove to be a key way to enhance employee engagement and job satisfaction.
The Internal Revenue Service has released guidance aimed at clarifying the tax treatment of mobile phones provided by employers to their employees.
The latest federal data shows that benefits costs account for about 30% of employees total wages, as private-sector employers spent an average of $28.13 per hour worked for employee compensation in June 2011. Further, the Bureau of Labor Statistics reports, wages and salaries averaged $19.81 per hour worked and accounted for 70.4% of these costs, while benefits averaged $8.32 and accounted for the remaining 29.6%.
Benefits professionals annually shake their heads in frustration as they spend countless hours preparing open enrollment materials and conducting benefits meetings, only to see employees spend just minutes considering and making their benefits choices. As this years enrollment season approaches, new survey results from Aflac give pros hard proof to show employees that not selecting carefully carries meaningful financial consequences.
When acquiring a spin-off – buying a subsidiary that will be standing on its own or integrated into the acquirer's other businesses – benefits are key to a deal's success and minimizing employee disruption. Successfully transitioning employee benefits in spin-offs presents unique challenges.
With the hefty price tag organizations pay for employee benefits, effectively communicating those offerings to get the highest return on investment is critical – particularly in the current economic environment. To this end, having a vision to engage and motivate workers is one thing. Turning that vision into a successful campaign is quite another.
In some organizations, the complex, painstaking and costly business of producing key benefit documents like summary plan descriptions is accepted merely as a legally necessary but thankless task. You won't find that attitude anywhere in the vicinity of Michael Calhoun, director of benefit plan governance for AT&T and winner of this year's EBN Benny Award in the Judges' Choice category.
After the Twin Towers fell, the Pentagon stood burning and Flight 93 left a gaping hole in the Pennsylvania countryside on Sept. 11, 2001, Americans depended on human contact to revive our nation's spirit. Many companies consoled employees and their family members with grief counselors, supported them when financial uncertainty arose and – when there was nothing else they could do – just listened to their fears and worries. As our nation marks the 10th anniversary of the 9/11 tragedy, EBN examines the success of employee assistance programs, which gained even greater acceptance and utilization after the terrorist attacks. Employers and experts close to the tragedy share how EAPs helped employees in the immediate aftermath and continue to aid them today in a shaky economic environment.
President Obama addressed a joint session of Congress last Thursday evening to present a jobs bill containing an expansion of the payroll tax cut, tax breaks for new hires and salary raises and other tax reform measures.
President Obama addressed a joint session of Congress last Thursday evening to present a jobs bill containing an expansion of the payroll tax cut, tax breaks for new hires and salary raises and other tax reform measures.
HR/benefits managers looking for new and more effective ways to interact with baby boomer employees should be inspired by a new Pew Research Center report that found social networking participation among this highly coveted group surged more than 60% in the past year.
Before joining Zappos, chief executive officer Tony Hsieh dreaded coming to work at his own company. It wasn't fun to work there anymore because the company culture went completely down the drain, he told the audience in his keynote address the annual Society for Human Resource Management conference in Las Vegas.
Speaking on the power of technology, Arianna Huffington, editor-in-chief of the Huffington Post quoted "wise sage" Black Eyed Peas front man will.i.am: "People used to consume media at home. Now, they consume media while riding on the back of a horse."
It's more than a little-known Ashton Kutcher movie. TharpeRobbins executive Anthony Luciano explains the butterfly effect and how awareness of it can refocus and reshape your company's employee rewards programs.
