Benefit management

Government is perhaps the last employer segment that provides benefits that liken to those retiring baby boomers remember: A strong pension plan and paternalistic health care benefits.

One-to-one benefits counseling during open enrollment significantly improves employees’ understanding of their benefits, according to a recent post-enrollment survey.

Increasing employee engagement with benefits enrollment is difficult at best - and even more so when attempting to communicate concepts such as high-deductible health plans and health savings accounts. As more employers make the switch to full replacement HDHPs, it's more important than ever that employees fully engage with open enrollment materials so that they understand how to use the plans.

Economic pressures have pushed third-party administrators to proactively market to potential employer-clients. With an increasingly complicated regulatory environment, TPAs are demonstrating their worth with enhanced marketing techniques.

Statistics show 96% of Americans use Facebook, and 46 million check their social media profiles daily. According to the Society for Human Resource Management, more than one-half (56%) of organizations currently use social networking websites when recruiting potential job candidates, a significant increase from 2008, when 34% did so. However, when it comes to in-house communications, most companies still use face-to-face or email to convey key HR/benefits messages and information.

HR’s role in merger and acquisition deals is growing, say M&A experts at management consulting firm PricewaterhouseCoopers.

Creating a safety net for your social-media activities has never been more important.

Should an employer allow an employee to work on a side business? The question is fraught with ethical issues. The word thorny comes to mind, which is why we called on Gregory Fairchild. As an associate professor of business administration at the University of Virginia's Darden School of Business, Fairchild teaches strategy, entrepreneurship and ethics. He says the outside-work question can often be distilled to a fairly simple equation: "To what degree is there an implicit versus an explicit agreement about working on a side business?"

After months of crunching numbers, your company concludes the only way to control its rising health care costs is to replace its current plan with a high-deductible, consumer-driven health plan. You assume employees are going to hate it, and you're already envisioning the nasty calls you're going to get from irate workers who see an increase in their out-of-pocket expenses. So should you even bother asking employees what they think, since the plan design's already a done deal?

As each new generation of young people enters the workforce, they are almost always different from the generations before because of advents in technology and culture.

Social media tools now are present on most corporate intranets, with 61% of companies reporting at least one social media tool available to some or all employees. Read what the most popular Intranet 2.0 tools are according to a new social intranet study.

A new ADP survey shows a wide gap between the goals and reality of how employees understand their benefit plans. Eighty percent of human resources decision-makers believe it's important for employees to fully understand their benefit options, yet they estimate only about 60% of their own employees do – a finding with serious implications for how companies communicate one of the most important parts of their employees' total compensation.

Nearly two-thirds (63.8%) of plan sponsors have changed the investment lineup in their 401(k) plan in the past year, up markedly from a mere 20% in 2008, according to the Profit Sharing/401(k) Council of America.

EBN's annual Benefits Barometer is a comprehensive and convenient benchmarking guide to everything from average annual premiums for health coverage to the number of investment options in 401(k) plans.

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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.

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.

Many small business owners in the United States are reluctant to hire more employees in the near term as economic uncertainty and sagging sales continue to put pressure on company balance sheets, the latest index on small business optimism from the National Federation of Independent Business shows.

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.

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.