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Event Calendar / The Benefits Variable in Compensation: Controlling the Uncontrollable
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The Benefits Variable in Compensation: Controlling the Uncontrollable
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.



06/11/2012 12:00 pm o'clock
06/11/2012 1:00 pm o'clock
Lynn Lievonen
City
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Webcast information

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:

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