In a tight job market, benefits play a crucial role in both attracting and retaining employees, but there is a tradeoff between the ideal package and an affordable one. Employer costs for benefits account for nearly 30 percent of compensation costs, including health and other insurance, retirement plans, paid leave, and legally-required benefits such as Social Security, according to the U.S. Department of Labor Bureau of Labor Statistics. As a result of rising healthcare costs, employers are turning to managed care to help control costs. In addition, they have increased the premium shares that employees must pay and have opted for higher deductibles.
Law Firm Helps Parents Meet Needs of Work and Family
While a 70+-hour work week may be less common than it once was, the legal profession is intense and demanding. Women (and men) who are in the early stages of climbing the ladder in their chosen field are also often at the point in life when they want to start a family. These two aspirations collide, and women may decide to quit the field entirely. What can law firms do to address these issues?
Creativity in Customizing Benefits Keeps Employees Happy at CFHA
Ingrid Provencher took a hard look at the demographics in her area. As Human Resources director at Central Florida Health Alliance (CFHA), it is her responsibility to make sure the hospitals making up the alliance are well-staffed. With that in mind, she asked herself, "What do people in this area want and need from an employer?"
Survey: 3 of 4 Employees Stressed over Finances
A new survey reports that nearly three out of four U.S. workers are stressed due to financial concerns and that nearly half report that their financial stress impedes their productivity at work. The survey also indicates that many workers would like to have financial counseling available through their employers.
Obese Workers Costing Employers $45 Billion
A new report on obesity presents some stunning statistics, none less so than the impact on employers, as reflected in this article's title: Obese employees are costing U.S. private employers about $45 billion each year in medical expenses and time lost from work, according to The Conference Board. But that's not to say that employers aren't reacting to the problem.
Should You Provide 401(k) Investment Advice?
One of the provisions of the Pension Protection Act of 2006 enables enables plan sponsors to offer investment advice to employees without exposing themselves to liability for the outcome of that advice. While the Department of Labor has forthcoming regulations that will further clarify a plan sponsor's responsibilities, William Arnone and Lynn Finkelstein, both Employee Financial Services Practice Leaders with Ernst & Young, say you should be thinking about whether offering such advice is the right decision for your organization.
Defined Benefit Plans Versus The Economy: Who Wins?
When actuaries arrive at your door each year, armed with reams of files and the news about the amount your company needs to contribute to your defined benefit plan for the coming year, they really give it their best efforts. However, it?s an unusual year in which everything goes according to plan.
