According to recent estimates from the University of Maryland, there is a cyberattack every 39 seconds. Data breaches and cyberattacks are daily headlines—and employee benefits plans are no exception to that threat.
Open enrollment following the COVID-19 pandemic will be unlike any other in recent memory. Many organizations are still trying to recover from extended closures and maintain safe working environments—open enrollment is the last thing on their minds. Yet, procrastinating on enrollment planning can actually cause more issues than it solves. This article explains what employers can expect this enrollment period and how to prepare.
The coronavirus (COVID-19) pandemic has changed employees’ daily lives and routines, and even as businesses reopen, many employees are feeling the effects of the pandemic. As businesses reopen, employers must consider how the COVID-19 pandemic has affected employees, which in turn will affect their post-coronavirus return to work.
The COVID-19 pandemic has tested the well-being of employees everywhere. In addition to the physical and mental stress the coronavirus has caused, many workers are experiencing a financial strain as well. As such, employers should continue to consider how their total rewards packages resonate with the current employment market.
In response to the coronavirus (COVID-19) pandemic, many organizations have been faced with making tough decisions—often leading to layoffs, furloughed employees and reduced pay. Post-coronavirus, many employers find themselves torn between balancing fair compensation and the current financial realities of their business—while hoping to return to a new sense of normalcy.
Typically, employers rely on generous compensation package to attract and retain key employees. However, the important role employee benefits play is often underestimated. In fact, employee benefits are a powerful part of any employee’s compensation, including highly compensated employees.
Having a high income does not preclude concern about personal financial risk. MetLife’s Annual Employee Benefit Trends study reveals that 42% of highly compensated employees are very concerned about the financial effects of a loss of income in the event of a disability.
Though most people do not like to think about it, accidents can happen—and they can be devastating. They can occur without warning, and most individuals are not financially or emotionally prepared for them. However, offering a group accident insurance plan as part of your employee benefits package can help your employees in the event of an accident.
An attractive benefits program is vital for your recruiting and retention efforts, but it is also a significant expense. To ensure you are providing a package that is both competitive and economical, you need to know how your offerings compare to others in your industry.
Even the most optimistic person will concede that the world won’t be returning to exactly how it was before the coronavirus pandemic. This pandemic has impacted nearly every aspect of life in the United States and beyond: Jobs have been lost, stocks have plummeted and no one is sure when a new “normal” will arrive.