Benefit management

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.

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.

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.

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 2008’s market downturn to taking all of the responsible steps to prepare for retirement, according to Principal Financial Group’s 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.

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.

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.

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 year’s enrollment season approaches, new survey results from Aflac give pros hard proof to show employees that not selecting carefully carries meaningful financial consequences.