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Employee Benefits & Profitability

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by

William Stevens

on 29 September 2014

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Transcript of Employee Benefits & Profitability

Average annual cost of employee benefits per employee.
$9,000
Employee Benefits & Profitability!

This is how a business traditionally views employee benefits.
This is how an employee may view
employee benefits
and every employee may view the importance of these benefits a little differently. . .
Imagine if your employees
came to work everyday with the
same energy as their 1st day!
Developing unique benefit offerings does not have to be overwhelming.
Change the Conversation

Any questions?

The benefits of HDHP
Portability of a HSA
Self funded vs fully insured
Out of Pocket Max and Deductibles
Copay vs. Coinsurance
Medical Coverage 101
Decisons that Matter to both the Employer & Employee
Life
Disability
Medical
Dental
Retirement
Vision
PTO/
Vacation
Paid
Expenses
Food
Wellness
Program
Child Care
Vision
Dental
Retirement
Life Insurance
Remote
Work
70%
of employees are not engaged or are ACTIVELY disengaged.

National
Annual Turnover Rate
43%

31% in Healthcare

Increase revenue through employee engagement - product innovation
Decreased expenses through process improvement
Decreased expenses through lower turnover
Improved efficiency when HR spends their time building vs, rebuilding


Understanding Profitability

Group Plan or No Plan Exchange
Ancillary Benefits
Vacation / Time Policies
Expense Reimbursement
Payroll Deductions


Employee Benefits / Healthcare Decisions

Increase revenue through employee engagement - product innovation
Decreased expenses through process improvement
Decreased expenses through lower turnover
Improved efficiency when HR spends their time building vs, rebuilding


Understanding Profitability
Where Do Profitability and Employee Benefits Meet?

Recruiting: Attracting the top talent
Wellness: Healthy employees are more productive

Retention: Great benefit strategies keep employees

Engagement: Engaged employees are more creative and productive
Ambassador: When employees are happy they tell people!
Defining Corporate Culture
Voice of the Employee

Survey / Engage
Change the Conversation
Life
Health
Disability
Pay
Child
Care
Flex
Time
401K
Expense
Reimb

Vacation
Bonuses
Perks
Dental
?
Understanding the limitations and possibilities.
Operational Contraints
Gym
Membership
Comfortable
Chair
Trade time for pay
Note : The average employee spends less than 15 minutes on their benefits decision compared to:

• Researching for new car purchases — 10 hours;
• Planning family vacations — 5 hours;
• Shopping for new computers — 4 hours;
• Deciding what television to buy — 2 hours.




Develop an understanding of workforce needs.
Develop financial strategies to support offerings.

Quantify the benefits program
Defined Benefit v. Defined Contribution
Affordable Care Act Update
Individual
Employer
Auto
Job Share
Maternity
Leave
Paid
Vacation
Disability
Source: Gallop Poll over 10 years and 10 million surveys
Since 2009 HDHP
have increased from
22% to 41%
Over the last 15 years individual premiums have grown from $2,200 per year to $6,000 per year
Family premiums have grown from $5,800 to $16,800
280% Growth in Premiums
Employee contributions
have increased 330% from $320 to $1,100 for individual and $1,500 to $4,800 for family
15
Self Insurance used
to be for employers
of 500 - now as low as 25 employees
Clothing Allowance
Home
internet
Bike Rack
Change the perceived value by designing programs that help the employees become more "profitable" and happy!
Full transcript