The impact of the COVID-19 pandemic on workers’ compensation remains to be seen. The National Council on Compensation Insurance (NCCI) has been busy proposing new measures to help ease the effects of claims on workers’ compensation, several of which have already been adopted by states like Minnesota and Wisconsin (see our previous article addressing other COVID-19 rules adopted by these states). The NCCI has proposed a new measure that would exclude COVID-19 claims from employers’ experience rating, which would ultimately impact the cost of workers’ compensation insurance. Below is a summary of the proposal and the states that have adopted it (or chosen not to).
Risk management and human resources are traditionally two different job functions, and the people in these areas have rarely crossed paths — but that is changing.
Why are these people starting to work together more frequently?
In its 2014 Workplace Safety Index, Liberty Mutual estimated that employers pay just under $1 billion per week to injured employees and their medical care providers. Since even one serious workplace injury may impact the bottom line of a small or mid-size business, it is essential that employers have an effective injury and illness prevention program in place.
Providing individual long-term care (LTC) as an executive benefit is becoming more popular as employers look to provide meaningful ways to attract and retain employees critical to their business line. Because executives tend to be paid better and taxed more than average workers, their coverage can be more expensive since the common means of acquiring a policy has been on an after-tax basis. This article will discuss how employers can offer this valuable benefit while taking advantage of favorable tax treatment.
It is commonly known that employees who feel their healthcare and financial security issues are being addressed by their employers’ benefit offerings are more engaged, productive, loyal and in the best position to help grow your business.
Recent studies show employee concerns over financial security is impacting company performance more than ever.
Employee retention continues to be a top concern for employers, even more so than last year, according to a PayScale survey of more than 4,000 executives and human resources professionals.
In 2014, a staggering 59% of employers were more concerned about retaining talent than anything else. Five years ago, only half of those employers thought retention was their number one concern.
As you prepare for returning employees to work, there are a number of contingencies you need to plan for, and it can be easy to miss things or make well-intentioned mistakes. Our Back to business planning tool can assist your organization with developing a preparedness plan, managing your workforce, staying safe, and planning for uncertainty. We’ve organized the tool around each of the six critical areas you will need to form the foundation of your return-to-work plan. Click here to download.
Many employers across the country are making significant changes to their standard procedures, including shifting their employees from working at the office to working from home. This arrangement can be challenging for both parties to navigate. The best practices and suggestions laid out in this guide can help employers overcome the challenges of telecommuting and implement a successful program.
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A recent survey by the Society for Human Resources Management (SHRM) reported 94% of leaders feel employee engagement is an important or very important workforce challenge. An engaged workforce increases operational income by over 19%, while a disengaged workforce can drain over 34% of an organizations’ operational income. Additional risks of low engagement can be seen in increased turnover, low customer satisfaction ratings and even increased employment litigation.
During the White House’s Summit on Working Families on June 24, 2014, President Obama indicated he was signing a presidential memorandum requiring every federal agency to address flexible work schedules and give employees the right to request such schedules. Absent what could be a dramatic increase in workplace flexibility for federal employees, it is undeniable that the demand for flexibility and work-life balance is on the rise.
As COVID-19 continues to impact U.S. communities, healthcare expenditures may increase for employer-sponsored health plans. While we are still in the early stages of data reporting of the pandemic, we are starting to see initial forecasts related to overall changes in healthcare spending as well as changes in the utilization pattern.
The average adult has a 3 in 10 chance of suffering a disability that keeps them out of work for 90 days or longer at some point during their working career, according to The Council for Disability Awareness. Ninety percent of disabilities are caused by illnesses, not accidents, and are a top cause of bankruptcies in the U.S. Most of us have personal debt, such as a mortgage, auto loans or credit card bills.
As of February 28, 2020, global stock markets have entered “correction” territory, defined as a 10% decline from the index high. This is in large part due to the uncertainty surrounding the new coronavirus, first detected in Wuhan City, China, but now detected in 37 locations internationally, including the United States.
How can employers prepare their benefits programs for an economic downturn? While the topic itself might be unpleasant, it’s necessary and not meant to be pessimistic at all. Rather, it’s a statistical fact that the economy has ups and downs, and preparing for the next recession is simply a smart and proactive activity. It’s called strategic planning, and all employers should do it in times of prosperity as well as hardship.
In the ongoing battle to contain costs, employers are always looking for tools, old and new, to help keep their healthcare spending in check. One approach is healthcare consumerism — but too often consumerism is discussed as just another plan design option and many employers are hesitant to implement this cost-saving strategy.
Health plan benchmarking is an essential part of your strategic plan, for two important reasons:
What are some of the critical decisions you must make when designing your organization’s health plan?
In our 2015 MarketPulse trend study, we introduce our first annual WellnessPulse benchmarking study, in which we survey our clients about their wellness programs and share key results. We also cover trends in executive compensation and benefits, health plan design, healthcare reform, social engineering and cyber risks, workers' compensation, and retirement benefits.
Download the PDF: MarketPulse 2015
Retirement planning is very different from planning for other benefits because the end goal is many years – even decades – away. It’s impossible to develop a foolproof plan that will guide a 25 year-old to her retirement 40 years later. But the practice of planning, the financial education obtained and the savings habits created along the journey can steer employees closer to reaching their retirement goals.
Introducing our 2020 MarketPulse trend report, where we discuss what our clients and other employers are doing to manage risks, promote employee productivity and morale, reduce costs and improve their organizations as a whole. This year's trend study report focuses on strategies employers can use to respond to the constant changes and challenges they face today including exploring cost-saving options to combat increasing healthcare costs, offering financial wellness and benefits strategies to address employees' personal financial challenges and improve engagement and productivity, implementing strategies to effectively manage workplace injuries and reduce the overall cost of claims and responding to the risk of business disruption and ever-evolving cybersecurity threats. In addition to a discussion of each trend, you will find supporting materials at AssociatedBRC.com/MarketPulse.
Download the PDF: MarketPulse 2020
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