HR and benefits executives believe a disconnect exists between what companies spend on benefits and how employees perceive that investment, according to a recent survey conducted by Charlton Consulting Group, a benefits communications company.
While as of this writing we are experiencing a slight decrease in the cost of our fuel, many American workers are still feeling the pinch. An employee with the same commute he or she had a few years ago could be shelling out an additional $250 or more per year for gasoline now. For most of us, that hurts; but it's especially painful for lower-wage employees.
There are several good reasons for an employee to join your 401(k) plan, yet each reason may appeal to a different group of employees. Same benefit, different reasons: that's the basis for what MetLife's Randy Stram calls life-stage communication.
On August 17, 2006, President Bush signed into law sweeping pension reforms that will touch virtually every retirement program in the country. Many hail the reforms as positive; a few worry about unintended consequences. BLR discussed the changes with a veteran of the pension business.
Imagine all your employees in one room. Physical characteristics vary: some are tall, some are short; some blonde, some redheads; some have diabetes, some show no sign of illness. However, one thing is certain, according to the Ensuring Solutions to Alcohol Problems program at George Washington University Medical Center: a startling percentage of your employees and their family members abuse alcohol.
Many companies no longer offer a traditional pension plan to their employees, but Aflac is an exception. The insurance company has offered a defined benefit plan since 1983 and continues to do so because it is committed to helping employees plan for the future, says Rena Lane, senior manager, benefits and payroll, for Aflac.
You've likely heard the refrain that explains, in a nutshell, the reason why employees leave their employers: "People quit managers, not companies!" This mantra was underscored at a recent BLR audio conference, but an expert also emphasized that the key to improving employee retention and engagement was enacting long-term, sustainable, behavioral change in managers.
BNSF Railway Company quickly realized that the overwhelming majority of its employees in the National Guard or Reserve make more money on the railroad than on active duty. Recognizing that a cut in pay could be "financially devastating" to employees over a long period of time, BNSF decided to provide "make-whole" pay and benefits to employees during their military service.
In the ongoing effort to encourage employees to save for their retirements, you've most likely hit them with at least two of the three Rs: Reading , as in great communications, and 'rithmatic, showing them how much they'll accumulate if they start contributing today. We'd like to suggest that you add a third R.
The problem is not at the enrollment table, where you may have materials
available in Spanish, and even Spanish-speaking enrollers. The problem is
in the days leading up to the enrollment.
