{"id":15676,"date":"2014-09-17T12:02:11","date_gmt":"2014-09-17T16:02:11","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/09\/the-benefit-of-employee-benefits.html"},"modified":"2014-09-17T12:02:11","modified_gmt":"2014-09-17T16:02:11","slug":"the-benefit-of-employee-benefits","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2014\/09\/the-benefit-of-employee-benefits\/","title":{"rendered":"Business Report: The ‘Benefit’ Of Employee Benefits"},"content":{"rendered":"

By James E. Marco Jr.<\/p>\n

As we approach another annual enrollment
\nseason, companies are once again facing increased
\nhealth insurance premiums at rates
\nthat are near 20 percent. As each company
\nstruggles with how much to contribute to the
\nplan, here are a few thoughts on this annual
\nprocess.<\/p>\n

One of the main reasons that people seek
\njobs and go to work is to achieve some level
\nof financial security. This certainly comes
\nin the form of a salary, but that “security” is
\nenhanced by the access to group insurance
\nbenefits, benefits that companies often make
\ncontributions towards to offset the cost to
\nemployees. <\/em>
\nThe concept of “total compensation” isn’t
\nnew, but this is a good time of year to remind
\nyour employees, with specific numbers and
\ninformation, that in addition to the salary
\nthat you provide, you also contribute $XX
\ntowards their group insurance plans, 7.65
\npercent of their salary to social security and
\nmedicare, worker’s compensation premiums,
\nunemployment insurance premiums, disability
\ninsurance premiums, and so on.<\/p>\n

This additional remuneration is often
\nbetween 20 percent and 30 percent of an
\nemployee’s annual salary. This has significant
\nvalue, so make sure you keep your employees
\ninformed.<\/p>\n

When a prospective employee considers
\nyour company for employment, or your current
\nemployees contemplate whether the grass is greener somewhere else, your benefits
\nplans, and your financial contribution to these
\nplans play a role in that decision process.<\/p>\n

Even more importantly do these plans reflect
\nyour culture and values? For example, if you
\nsay you value your staff, and have cancelled
\nyour plans and sent folks to the exchanges,
\nthis may be a mixed message at best.<\/p>\n

Most importantly, how well do you communicate
\nabout the plans you currently have in
\nplace? Instead of a benefits fair, do you spend
\nthe time actually showing your employees how
\nthese plans work? Flow charts, step by step
\nprocesses, etc. High deductible plans, HRAs,
\nHSAs, flexible spending accounts, debit cards,
\nand the rest can be confusing for your benefits
\nstaff, much less your other employees.<\/p>\n

Employees value benefits that they understand,
\nare easy to use, and work as advertised.
\nThe time you take to educate employees will
\nbe returned to you several times over in more
\nsatisfied staff, and less stress in your benefits
\ndepartment. Answer the questions they have,
\nand listen for ideas on how to make the plans
\nmore easily understood.<\/p>\n

This is a critical time of year, so take advantage
\nof this opportunity to engage your
\nemployees, help them to understand the
\nvalue of their benefits, and make sure they
\nknow how to access those benefits when they
\nneed them.<\/p>\n

Marco is the president and principal
\nconsultant of Saratoga Human Resources
\nSolutions in Gansevoort.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By James E. Marco Jr. As we approach another annual enrollment season, companies are once again facing increased health insurance premiums at rates that are near 20 percent. 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Marco Jr. As we approach another annual enrollment season, companies are once again facing increased health insurance premiums at rates that are near 20 percent. 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