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The Benefits Variable in Compensation: Controlling the Uncontrollable

Topic:
The Benefits Variable in Compensation: Controlling the Uncontrollable
Date:
June 11, 2012 at 12:00 - 1:00 PM ET
Presenters:
Robert Buckley, Principal(R.O. Buckley Consulting)
webcastImgVirtual
Description
Medical insurance started as a benefit employers used to compensate workers as an inducement in the post-WWII original “War for Talent.” What started as an additional perk to attract and retain the best and brightest has in 66 short years, become an entitled right to some, a political struggle at the heart of the 2012 Presidential election to others and a cost albatross to everyone involved…except insurance companies.

Over the past eight years medical benefits have increased on average 8% per year. The cost increases have been so overwhelming for most businesses, that if your company is like most, one of two actions usually results:

1.       Management will ask employees to pay an increasing share of the incremental benefit costs; or,
2.       Management decides to offer fewer benefits in order to lessen the impact of the increase.

Both steps are reactionary and can have disastrous consequences including but not limited to: lower morale, lost productivity, loss of engagement and even an increase in voluntary turnover.

As costs rise, more companies are shifting this burden to the employee side of the equation with high-deductible medical plans augmented by Health Savings Accounts (HSA) that are funded by individual employees with payroll deductions made on a pre-tax basis. Some of these plans feature employer contributions in the form of matching or initial deposits and some are entirely employee funded. Regardless of how these plans may be constructed, they are not without risks of their own. Employees who choose to fund HSA’s have in certain circumstances, found themselves short after the first year. Combined with a perceived inability to defer suitable amounts of money, employees are faced with underfunded HAS’s, high-deductibles and the unsavory situation of not being able to make ends meet. According to a recent Harvard study – 62% of all domestic bankruptcies are caused by medical emergencies where major medical plans were present 78% of the time.

Voluntary Benefits are gaining recognition as a way to:

•       Reduce the burden created by employer cost shifting and offer a way for employees to maintain or enhance essential coverage.
•       Tailor coverage to the specific needs of individuals and their families.
•       Offer these plans at no direct cost to the employer.

Companies that offer voluntary benefits currently enjoy some or all of the following favorable consequences:
•       Increased employee engagement.
•       Reduced voluntary turnover.
•       Increased retention of top performers, and
•       Tax savings resulting in higher net income.

This webcast is for Vice Presidents and Directors of Human Resources, Benefits, Compensation or Total Rewards. Attendees will learn about how voluntary benefits can deliver the organizational benefits listed above including how to construct a business case to bring to the Benefits Committee or Board.



Who Should Participate
This webcast is for Vice Presidents and Directors of Human Resources, Benefits, Compensation or Total Rewards.
What You Will Learn
Companies that offer voluntary benefits currently enjoy some or all of the following favorable consequences: • Increased employee engagement • Reduced voluntary turnover • Increased retention of top performers, and • Tax savings resulting in higher net income. Attendees will also learn how to construct a business case to bring to the Benefits Committee or Board.
Recommended Resources
N/A
Communities
Benefits
Compensation
Presented by
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speaker spacer
Robert Buckley
R.O. Buckley Consulting

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Event Sponsors
R.O. Buckley Consulting
R.O. Buckley specializes in Compensation, Performance Management and Executive Coaching. Our proprietary system Behavioral Pay & Predictive Behavior helps organizations achieve breakthrough performance by changing the way employees think about work.
File List
Feedback
Name Comment Rating
Image of Lynne Schenker Lynne Schenker
Erie Insurance Group
3 / 5
Good Presentation
4 / 5
Very Good Presentation
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3 / 5
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4 / 5
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The Bardot Group
4 / 5
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5 / 5
Excellent Presentation
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3 / 5
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Unemployed
3 / 5
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Goodwill Industries (Richmond, VA)
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JBR Consulting
2 / 5
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Spectrum Brands, Inc
3 / 5
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Tupperware Brands Mexico
4 / 5
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Laurus Strategies
5 / 5
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Unemployed
5 / 5
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Heart of Hospice
2 / 5
Poor Presentation
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Guilford County
4 / 5
Very Good Presentation
2 / 5
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Image of Christina Zigler Christina Zigler
Legalzoom.com
4 / 5
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Image of Ludovick Chong Ludovick Chong
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4 / 5
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Bethune-Cookman University
3 / 5
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Cox Communications
3 / 5
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3 / 5
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Ultimate Software
3 / 5
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RealPage, Inc.
4 / 5
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Distilled Spirits Council of the United States
3 / 5
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Camp Compensation Consulting Group
4 / 5
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Image of Pamela Fairburn Pamela Fairburn
Pratt & Whitney
4 / 5
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Horizon Hospitality Associates
3 / 5
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Image of Karen Waldron, PHR Karen Waldron, PHR
Camelback Golf Club
3 / 5
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USI Holding Corporation
3 / 5
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4 / 5
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American Medical Response
4 / 5
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Image of Donald Sabathier Donald Sabathier
Sabathier & Associates
4 / 5
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3 / 5
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Apex Capital LP
4 / 5
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3 / 5
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Image of Blanca Meneses, PHR Blanca Meneses, PHR
West Coast Prime Meats
3 / 5
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4 / 5
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Image of Ericka Browne, SPHR-CA, GPHR Ericka Browne, SPHR-CA, GPHR
Blue Water Thermal Solutions
4 / 5
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Image of Lillian Leanos Lillian Leanos
Accretive Solutions
As an attendee you lose some of your interest when there are technical difficulties it was unfortunate that the speaker did not have good control of how the webinar functions worked (questions polls). 3 / 5
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Image of Nejha Mason Nejha Mason
Signature Flight Support
Despite the slant toward popularity(which is strange because it'a necessity) I would have liked him to relate this to the New Healthcare law. 4 / 5
Very Good Presentation
Image of Adrian Narayanan Adrian Narayanan
Verizon Wireless
Fntastic presentation. Learnt a lot. Thanks !!! 5 / 5
Excellent Presentation
HRI should make sure that presenters are familiar with the Network mechanics so that they don't have to experience the interruption that occured early in this presentation. I know it was free but still should not have occurred. I see this a lot and it leaves the presenter embarrassed. 3 / 5
Good Presentation
Image of Fayth Runns Fayth Runns
Evraz Place
I was looking for more metrics. Why to to go to a variable plan explained in best business practice to use a starting board to introduce into my own organization. 3 / 5
Good Presentation
Thanks for sharing... 3 / 5
Good Presentation

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