8 Tips for Modernizing Hiring in 2024
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.
As talent acquisition continues to evolve, staying ahead of the curve is crucial for organizations aiming to attract and retain top-tier talent. Last year highlighted labor shortages, looming retirements and a demand for evolving skills. As 2024 begins, the traditional hiring approaches are being reshaped by technology, remote work dynamics and shifting employee expectations.
This article explores strategies for employers to modernize their hiring practices in 2024.
Navigating the Future of Hiring
Modernizing hiring practices enhances an organization’s ability to attract, recruit and retain top talent in a competitive environment. As job seeker’s expectations shift and many leverage technology to find their next job, employers can consider these eight tips for modernizing their hiring process this year:
- Evaluate diversity, equity, inclusion and belonging (DEIB). DEIB programs are increasingly shifting to support the acceptance of individuals and focus on fostering a sense of belonging in the workplace. A diverse and inclusive hiring strategy—and overall employer brand—can help attract candidates. To be impactful, DEIB has to be a part of an organization’s foundation, including hiring practices—not just initiatives or programs.
- Emphasize skills over educational degrees. Skills-based hiring isn’t just an aspirational idea; some employers are already taking note and prioritizing finding the right fit for open positions based on skills rather than education or experience. Organizations can take time to review which positions have a legitimate need for a four-year degree or certification and which ones need the appropriate skills. This hiring practice can help expand the talent pool, improve workplace diversity and decrease hiring time.
- Embrace artificial intelligence (AI). Employers can leverage the power of AI to streamline their hiring process. AI-driven tools can analyze resumes, assess candidate fit and even conduct initial interviews. By automating routine tasks, HR professionals can focus on strategic aspects of recruitment, fostering a more efficient and insightful hiring process. AI can also help personalize candidate engagement by sending tailored messages and recommended or relevant job openings. While AI has its advantages, it’s also important to be aware of the technology’s risks and dangers (e.g., bias and discrimination).
- Leverage data-driven decision-making. Employers can harness the power of people analytics to inform their hiring decisions. Analyze recruitment data to identify trends, optimize sourcing strategies and enhance the candidate experience. By leveraging data-driven insights, hiring teams can make informed decisions that better contribute to the overall success of their hiring efforts.
- Incorporate gamification into skills assessment processes. Gamified assessments provide a more engaging and interactive experience for candidates, allowing hiring teams to assess candidate skills in a dynamic and real-world context. This can enhance the evaluation process and showcase the organization as forward-thinking and innovative.
- Enhance the candidate experience with technology. Technology can help streamline communication, provide timely feedback and offer transparency throughout the hiring process. A positive candidate experience not only attracts top talent but also enhances the employer brand, creating a ripple effect in the talent market.
- Leverage the right online portals. Virtual recruiting can help employers find the applicants they’re looking for. Furthermore, online platforms—such as LinkedIn, Indeed, Handshake and more—can make it easy for applicants to apply directly.
- Offer incentives with employee referral programs. Employers can empower their current employees to become brand ambassadors. Millennial and Generation Z candidates generally trust and value word-of-mouth referrals, whether for employment or shopping, so employers could amp up referral efforts to attract this demographic. Employee referral program incentives aren’t new, but they can be modernized to appeal to millennial and Generation Z candidates. As such, employers may consider offering monetary bonuses, paid time off, learning and development opportunities (e.g., covering the cost of attending a conference or training), or charity donations that may motivate younger workers.
While maybe not applicable to every open role, these strategies can give employers new tools to revamp their hiring processes. It comes down to building a competitive advantage to stand out to job candidates.
Summary
As the digital age progresses, staying ahead of the latest HR trends and technologies is imperative for modernizing the hiring process. By embracing AI and other technologies, prioritizing DEIB and leveraging data-driven insights, employers can attract top talent in 2024 and build a future-ready workforce.
Contact us today for more workplace guidance.
- Published in Blog
U.S. Justice Dept. Offers Guidance for Delayed Reporting Under SEC Cyber Rules
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.
With the Dec. 18 effective date of the U.S. Securities and Exchange Commission’s (SEC) cyber incident reporting rules looming, federal officials have offered guidance on when it may approve delays in the interest of national security.
The SEC cyber rules, adopted this past July, give publicly traded companies four days to disclose the occurrence of a “material” cyber event via regulatory filing. The U.S. Department of Justice and the FBI gave examples of scenarios that may warrant delay.
“The primary inquiry for the Department is whether the public disclosure of a cybersecurity incident threatens public safety or national security, not whether the incident itself poses a substantial risk to public safety and national security,” stated the Justice Department. “While cybersecurity incidents themselves frequently threaten public safety and national security, the disclosure to the public that those incidents have occurred poses threats less often.”
These “limited circumstances” would apply to cases in which a company “reasonably” suspects the event occurred because of a tactic with no known mitigation—for example, an as-yet-unpatched software vulnerability.
Another example given included impacts to events impacting systems containing sensitive government information.
“This category includes systems operated or maintained for the government as well as systems not specifically operated or maintained for the government that contains information the government would view as sensitive, such as that regarding national defense or research and development performed pursuant to government contracts,” said the Department. It also highlighted events involving public companies performing remediation efforts for critical infrastructure or critical systems.
The FBI “strongly” encouraged companies to quickly contact federal officials as soon as they determine an event could threaten national security or public safety.
“This early outreach allows the FBI to familiarize itself with the facts and circumstances of an incident before the company makes a materiality determination,” said the agency. “If the victim of a cyber intrusion engages with the FBI or another U.S. government agency, this engagement doesn’t trigger a determination of materiality. However, it could assist with the FBI’s review if the company determines that a cyber incident is material and seeks a disclosure delay.”
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2024 General Liability Insurance – Market Outlook
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.
Rising claim frequency and severity have generated hardening conditions across the general liability insurance segment in recent years, prompting ongoing rate increases, stringent underwriting standards and limited capacity. Fortunately, insurance carriers experienced slightly better underwriting results in 2022-23, paving the way for rate moderation. Nonetheless, several concerning trends across the segment—including rising litigation concerns, increasing medical expenses, and heightened risks related to per- and polyfluoroalkyl substances (PFAS)—still have the potential to threaten claim costs and negatively impact overall market performance. As such, policyholders can anticipate another year of modest premium increases in 2024. Additionally, insureds who operate in sectors with elevated liability risks may be vulnerable to larger rate hikes and face difficulties obtaining higher coverage limits.
Developments and Trends to Watch
- Litigation concerns—As social inflation drives up the frequency and severity of insurance claims, businesses face a growing number of lawsuits following liability incidents (actual or alleged) and, in turn, greater penalties from such legal action. One of the main factors influencing social inflation issues in the liability market is the rise in nuclear verdicts (jury awards exceeding $10 million). According to independent public relations firm Marathon Strategies, the five years leading up to the COVID-19 pandemic saw the total sum of nuclear verdicts increase by 178%. Although these awards decreased in 2020 due to pandemic-related court closures, they skyrocketed in the following years; the average nuclear verdict nearly doubled from $21.5 million in 2020 to $41.1 million in 2022. Altogether, litigation shifts and social inflation issues have largely contributed to elevated general liability insurance claim costs, increasing the risk of coverage gaps and out-of-pocket expenses.
- Increased medical expenses—Coverage for medical costs stemming from third-party injuries is a critical component of general liability insurance. Consequently, surging medical expenses have compounded claim costs in the segment throughout the past few decades, with no end in sight. According to the U.S. Bureau of Labor Statistics (BLS), the total value of medical care has jumped by 115.1% since 2000. However, it’s worth noting that inflation among overall goods and services began exceeding medical inflation in 2023, evidenced by monthly consumer and producer price index data from the BLS. This is a rare occurrence, as medical care and health spending generally outpace growth across the rest of the economy. Regardless, surging medical expenses will likely continue playing a role in elevated general liability insurance claim costs going forward.
- PFAS exposures—PFAS consist of a large grouping of chemicals that have been widely manufactured and utilized within different products and packaging across the United States since the 1940s. Over the past few years, PFAS have been the subject of increased regulatory scrutiny stemming from emerging developments regarding the health and safety of these substances. Although some types of PFAS have faced regulatory action in the past, the federal government recently implemented multiple efforts to limit overall PFAS usage and exposure in the coming years and beyond. Apart from federal legislation, 15 states currently have PFAS-related restrictions in place, while New York and New Jersey have already listed these chemicals as hazardous substances in their regulatory regimes. This legislation has contributed to a rise in litigation against businesses that are found responsible for causing PFAS exposure and related ailments via their products and packaging. As regulatory pressures and litigation concerns related to these chemicals press on, businesses that leverage PFAS may experience elevated liability exposures. Further, businesses facing PFAS-related incidents could be more susceptible to coverage exclusions and substantial out-of-pocket losses.
Tips for Insurance Buyers
- Educate yourself on key market changes affecting your rates and how to respond using loss control measures.
- Ensure your establishment has measures in place to reduce the likelihood of customer or visitor injuries.
- Create workplace policies and procedures aimed at minimizing PFAS exposures. Consult legal counsel to ensure compliance with applicable PFAS legislation.
- Examine your general liability coverage with trusted insurance professionals to ensure your policy limits match your insurance needs.
- Published in Blog
What Is an Out-of-Pocket Maximum?
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.
An “out-of-pocket maximum” is a common health insurance term that you may not fully understand. Your out-of-pocket maximum can provide financial protection in years when you need a lot of treatment by capping the total amount you spend on medical expenses. Understanding your out-of-pocket maximum can significantly impact your financial planning and ability to manage medical expenses. This article provides an overview of out-of-pocket maximums.
Overview of Out-of-Pocket Maximums
Your out-of-pocket maximum is the maximum amount of money you must pay for covered health care services during a specific period, typically a year. Once you’ve reached your out-of-pocket maximum, the insurance plan will typically cover 100% of your covered, in-network health care costs for the rest of the year. At the end of your policy year, your out-of-pocket maximum will typically reset.
Understanding how your out-of-pocket maximum works in practice can help you be aware of how it will impact your finances. For example, imagine that your health insurance plan has an out-of-pocket maximum of $6,000 per year, a $1,000 deductible and a 20% coinsurance. In this scenario, you will pay your $1,000 deductible upfront when you use your plan and an additional 20% of all covered medical expenses afterward. Your insurance company will pay the remaining 80% of covered medical expenses as you continue to incur medical costs for the year. Your medical spending will accumulate until you reach your out-of-pocket maximum of $6,000. Once you reach this limit, your insurance company will typically pay for 100% of your covered health care costs for the rest of the year.
Expenses That Count Toward Your Out-of-Pocket Maximum
The exact details regarding expenses that count toward your out-of-pocket maximum may vary with your health care plan, so it’s important to read the fine print. Your out-of-pocket maximum will typically include various expenses incurred during the policy year, such as deductibles, copayments and coinsurance. However, some plans don’t count all of your copayments, deductibles, coinsurance or other expenses toward this limit. Additionally, your monthly premiums and out-of-network expenses won’t usually count toward your out-of-pocket maximum.
Selecting an Out-of-Pocket Maximum
You can typically choose from various health care plans with different out-of-pocket limits. You should keep in mind that plans with lower out-of-pocket maximums usually have higher premiums. Conversely, health care plans with higher out-of-pocket maximums generally have lower premiums. However, some employers only offer one option. If this is the case, it’s important that you note what your out-of-pocket maximum is. You may be eligible for lower out-of-pocket maximums if you earn under certain income thresholds or meet other requirements.
Conclusion
Your out-of-pocket maximum is essential for managing health care costs and providing peace of mind in times of medical need. It allows you to anticipate and allocate funds for your health care expenses and can help you avoid catastrophic health care bills that could otherwise lead to financial hardship.
Contact your employer if you have further questions regarding your health insurance.
- Published in Blog
Report Reveals Employers Plan to Offer Compelling Benefits Options in 2024
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.
Recent findings from Mercer’s Health and Benefits Strategies for 2024 Survey Report revealed that employers are seeking compelling benefits options to improve affordability, increase flexibility and fill perceived gaps in 2024. According to Mercer, 1 in 4 of more than 700 surveyed employers had made enhancements to their benefits programs in the past two years. Additionally, over two-thirds said they will be incorporating benefits improvements into their plans for the upcoming plan year to support attraction and retention and better meet employee needs.
Survey Results
Employers anticipate a significant increase in health care costs in 2024, with a projected increase of 7% over 2023. This is expected to challenge many organizations as they struggle to balance benefits options with cost-controlling measures. However, Mercer’s research reveals that the majority of employers are planning to enhance benefits to remain competitive in the labor market.
Chief among these enhanced benefit options are benefits that support women’s health, including preconception planning and menopause. According to Mercer, 46% of employers plan to offer benefits or resources to support women’s reproductive health, up from 37% last year. Additionally, the percentage of employers planning to offer menopause support has more than tripled since last year’s survey.
In 2024, employers are planning to add value to their benefits programs by increasing employee flexibility. Mercer found that 27% of employers offer unlimited paid time off to at least some employees, up from 22% of large employers in 2021. Paid-time-off policies are also becoming more inclusive, with growth in paid parental leave for all kinds of families. Other popular options employers are adopting to support employee flexibility and work-life balance include hybrid work options (80%), paid time off to volunteer (49%), remote work options (47%), a four-day workweek or consolidated schedule (22%), unpaid sabbaticals (17%), paid sabbaticals (8%), and time off to pay for an ill or newly adopted pet (3%).
Affordability is top of mind for employers as many employees struggle with inflationary pressures. As such, most surveyed employers are adopting strategies to slow health cost growth without shifting costs to employees. Common strategies for this include implementing programs to help employees manage specific health conditions, taking action to address the cost of specialty prescription drugs, focusing on virtual care, and steering employees toward quality care with a navigation or advocacy service.
Employer Takeaways
Offering competitive benefits can improve employee attraction, retention, wellness and morale. However, employers must evaluate their organization’s unique needs and decide whether to eliminate, share or absorb the increasing cost of benefits for the coming year.
Contact us today for more information.
- Published in Blog
Understanding And Preventing High Blood Pressure
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.
High blood pressure (or hypertension) is a common but often underestimated health condition affecting millions of people. In fact, the American Heart Association (AHA) reports that nearly half of American adults (48%) have high blood pressure—and only 1 in 4 have their condition under control. This condition puts individuals at risk for heart disease and stroke, which are leading causes of death in the United States.
High blood pressure is a serious medical condition that, if left uncontrolled, can lead to severe complications such as heart disease, stroke and kidney problems. Understanding this condition, its prevalence, risk factors, prevention and management is crucial for maintaining good health.
This article highlights the basics of high blood pressure and tips for prevention and management.
Blood Pressure Overview
Blood pressure is the force exerted by the blood against the walls of the arteries as it is pumped through the body by the heart. It’s typically expressed in two numbers: systolic pressure (the top number) and diastolic pressure (the bottom number). Systolic pressure measures the pressure in the arteries when the heart beats, while diastolic pressure measures the pressure when the heart is at rest between beats. The AHA considers a normal blood pressure reading to be 120/80 millimeters of mercury (mm Hg).
It’s considered high once the blood pressure reading reaches 130/80 mm Hg or above. High blood pressure occurs when the force of the blood against the artery walls is consistently too high, which means the heart and arteries have to work harder than usual. As a result, this condition can damage arteries and increase the risk of serious health problems.
Symptoms
High blood pressure is often referred to as the “silent killer” because it rarely exhibits noticeable symptoms until it reaches a dangerous level. The only way to know whether someone has high blood pressure is by measuring it.
Risk Factors
Several factors increase the risk of developing high blood pressure. Factors that can’t be changed or are difficult to control include:
- Gender (men are more likely to have high blood pressure than women)
- Race/ethnicity (Black adults are more likely to develop this condition)
- Increasing age
- Family history of high blood pressure
- Chronic kidney disease
- Obstructive sleep apnea
Fortunately, some risk factors can be improved or treated, including:
- Being overweight or obese
- Cigarette smoking and exposure to secondhand smoke
- Diabetes
- High cholesterol
- Physical inactivity
- Poor diet that is high in sodium, low in potassium and includes excessive alcohol
Prevention and Management
The good news is that high blood pressure is often preventable and manageable. Consider these tips:
- Adopt a healthy lifestyle. Healthy living includes a balanced diet low in sodium, rich in fruits and vegetables, and low in saturated and trans fats. Engage in regular physical activity, aim for a healthy weight, and avoid smoking and excessive alcohol consumption.
- Limit alcohol. The AHA recommends limiting consumption to no more than two drinks per day for men and one for women.
- Be physically active. Strive to get at least 150 minutes of moderate-intensity physical activity per week, such as brisk walking.
- Reach and maintain a healthy weight. A health care professional can suggest healthy approaches for losing and maintaining weight. For example, they can help you determine how many calories you need for weight loss and advise you on the best activities.
- Get regular checkups. Visit your health care provider regularly for blood pressure checks and follow their recommendations.
- Take medication as prescribed. If lifestyle changes alone are insufficient to control your blood pressure, your doctor may prescribe medication. It’s essential to take prescribed medications as directed.
- Manage stress. Practice stress-reduction techniques such as meditation, yoga or deep breathing exercises to help lower stress, which can contribute to high blood pressure.
- Monitor blood pressure levels. If you have high blood pressure, monitoring your blood pressure at home can help you and your health care provider track your progress and make necessary adjustments to your treatment plan.
It comes down to knowing what your blood pressure should be and trying to keep it at that level. Your doctor can answer any blood pressure questions.
Summary
High blood pressure is a common but potentially serious health condition that affects a significant portion of the U.S. population. Understanding this condition is essential for maintaining good health. By adopting a healthy lifestyle, prioritizing routine health care and following medical advice, individuals can take control of their blood pressure and reduce the risk of developing high blood pressure and associated complications.
Contact a health care professional for a blood pressure reading and to discuss any risk factors or concerns.
- Published in Blog
Understanding an HRA
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.
A health reimbursement arrangement (HRA) is an employer-funded account that is designed to reimburse employees for qualified medical expenses that are paid for out-of-pocket. There are no annual contribution limits on HRAs. However, the employer usually sets the contribution below the annual deductible. HRAs are often designed to operate with a high deductible health plan (HDHP), thereby reducing premium costs while encouraging employees to spend wisely.
Your employer sets up the HRA, determines the amount of money available in each employee’s HRA for the coverage period, and establishes the types of expenses the funds can be used for.
What are the benefits of an HRA?
You may enjoy several benefits from having an HRA:
- Contributions made by your employer can be excluded from your gross income.
- Reimbursements may be tax-free if used to pay for qualified medical expenses.
- Any unused amounts in the HRA can be carried forward for reimbursements in later years.
Who is eligible for an HRA?
HRAs are employer-established benefit plans. These may be offered in conjunction with other employer-provided health benefits. Employers have complete flexibility to offer various combinations of benefits in designing their plan. You do not have to be covered under any other health care plan to participate. Self-employed persons are not eligible for an HRA. Certain limitations may apply if you are a highly compensated participant.
An HRA may reimburse medical care expenses only if they are incurred by employees or former employees (including retirees) and their spouses and tax dependents. HRA coverage must be in effect at the time the expense is incurred.
Are HRAs really best only for the young and healthy?
No. HRAs and other HDHPs are well-suited for a very wide demographic of people. According to Aetna, the average age of its HRA plan members is 42, the same average age as those who opted for more traditional plans.
What is an HDHP?
An HDHP has:
- A higher annual deductible than typical health plans; and
- A maximum limit on the sum of the annual deductible and out-of-pocket medical expenses that you must pay for covered expenses. Out-of-pocket expenses include copayments and other amounts, but do not include premiums.
An HDHP may provide preventive care benefits without a deductible or with a deductible below the minimum annual deductible. Preventive care includes, but is not limited to, the following:
- Periodic health evaluations
- Routine prenatal and well-child care
- Child and adult immunizations
- Tobacco cessation programs
- Obesity weight-loss programs
- Screening services (e.g., cancer, heart and vascular diseases, infectious diseases)
Contributions to an HRA
Your employer funds the account, so it costs you nothing out-of-pocket. There is no limit on the amount of money your employer can contribute to the accounts. Additionally, the maximum reimbursement amount credited to the HRA in the future may be increased or decreased at your employer’s discretion. The maximum annual contribution is determined by your employer’s plan document. There may also be a cap amount for the HRA. Your employer can choose to fund your HRA with an annual contribution or on a monthly basis.
Distributions from an HRA
Distributions from an HRA must be paid to reimburse you for qualified medical expenses you have incurred. The expense must have been incurred on or after the date you are enrolled in the HRA.
Debit cards, credit cards and stored value cards given to you by your employer can be used to reimburse participants in an HRA. If the use of these cards meets certain substantiation methods, you may not have to provide additional information to the HRA.
If any distribution is, or can be, made for other than the reimbursement of qualified medical expenses, any distribution (including reimbursement of qualified medical expenses) made in the current tax year is included in gross income. For example, if an unused reimbursement is payable to you in cash at the end of the year, or upon termination of your employment, any distribution from the HRA is included in your income. This also applies if any unused amount upon your death is payable in cash to your beneficiary or estate, or if the HRA provides an option for you to transfer any unused reimbursement at the end of the year to a retirement plan.
If the plan permits amounts to be paid as medical benefits to a designated beneficiary (other than the employee’s spouse or dependents), any distribution from the HRA is included in income.
Reimbursements under an HRA can be made to the following persons:
- Current and former employees
- Spouses and dependents of those employees
- Employees’ covered tax dependents
- Spouses and dependents of deceased employees
Qualified Medical Expenses
Qualified medical expenses are those specified in the plan that would generally qualify for the medical and dental expenses deduction. Examples include amounts paid for doctors’ fees, prescription medicines* and necessary hospital services not paid for by insurance. You can use your HRA funds for deductibles, copayments and coinsurance. An extensive list can be found in the IRS document, Publication 502 at www.irs.gov.
Balance in an HRA
Amounts that remain at the end of the year may be carried over to the next year depending on your employer’s plan design. Your employer is not permitted to refund any part of the balance to you. These amounts may never be used for anything but reimbursements for qualified medical expenses.
What if I terminate my employment during the plan year?
If you cease to be an Eligible Employee (i.e., you die, retire or terminate employment), your participation in the HRA Plan will end unless you elect COBRA continuation coverage. You will be reimbursed for any medical care expenses incurred prior to your termination date, up to your account balance in the HRA, provided that you comply with the plan reimbursement request procedures required under the plan. Any unused portions will be unavailable after termination of employment. The rules regarding COBRA are contained within your Summary Plan Description.
Will I have any administrative costs under the HRA plan?
Generally, no. Your employer bears the entire cost of administering the HRA plan while you are an employee.
How long will the HRA plan remain in effect?
Although your employer expects to maintain the HRA plan indefinitely, it has the right to terminate the HRA plan at any time. Your employer also has the right to amend the HRA plan at any time and in any manner that it deems reasonable, in its sole discretion.
Are my benefits taxable?
The HRA plan is intended to meet certain requirements of existing federal tax laws, under which the benefits that you receive under the HRA Plan generally are not taxable to you. Your employer cannot guarantee the tax treatment to any given participant, since individual circumstances may produce differing results.
What is the difference between an HRA and FSA?
HRAs are employer-funded, which means your employer determines the amount that goes into the HRA account. FSAs can be funded by employee and employer contributions. FSA contributions are deducted from your salary, usually on a pre-tax basis. You determine how much to contribute to your FSA account.
What does the IRS require me to report on my taxes concerning my HRA?
Nothing. Your HRA is a health benefit.
*Over-the-counter medications are considered to be qualified expenses only if purchased with a prescription (except for insulin, which is considered to be a qualified expense even without a prescription).
- Published in Blog
Supporting Employees During the 2023-24 School Year
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.
As summer comes to an end and fall begins, employees with school-age children may have increased caretaking responsibilities as their kids begin a new academic year. In addition to other day-to-day challenges, parents are now dealing with school pick-up and drop-off, unexpected sick days and other occurrences that could affect their work-life balance.
Employers can support employees during this transition into the school year by acknowledging these changes and offering flexibility. This article explores considerations for acknowledging and responding during the back-to-school season.
Supportive Leave Policies
As Americans continue to live with COVID-19 circulating just like the common cold and flu, illnesses are inevitable. Therefore, employers may want to review their leave policies. While an organization’s policies may accommodate employees who become ill, family members could also become sick. Employers should consider offering workplace flexibility that allows them to leave and care for their family members if needed. Some employers have leave policies that allow employees to take time off when they or their family members are sick or when they need to receive vaccines for these illnesses. With the back-to-school season approaching, employers may be reevaluating their current leave offerings to ensure they reflect these realistic needs.
Flexible Working Arrangements
Remember that life happens, and unexpected circumstances will arise. Employers can consider providing remote and hybrid work models when possible or as needed. Even when remote and hybrid work is not feasible, flexible scheduling can allow employees time for other tasks, such as dropping off or picking up their children from school.
Furthermore, the workplace could implement core hours that allow employees some leniency in when they can start and stop their days. Whichever accommodations an employer chooses, it’s important to communicate to employees that the company is willing to work around events that may arise in their lives. This assurance may reduce stress during the back-to-school transition and could positively impact employee retention. However, it’s important to note that accountability should come with flexibility, so employees must work out any arrangements with their managers and teams.
Resources for Caretakers
Family caregivers account for an estimated 18% to 22% of the U.S. labor force, according to the Rosalynn Carter Institute for Caregivers. Furthermore, nearly one-third of caregiver employees have voluntarily left a job at some point during their careers because of their caregiving responsibilities.
While it may not be feasible for all employers to directly provide caretaking services, they can help ensure their employees have access to such resources.
Employers may consider hosting a workshop, distributing a handout or otherwise providing information regarding caretaking resources. Even if there are no specific caregiving benefits available at an organization, managers or supervisors could simply ask working employees how they are doing during the back-to-school season. This kicks off an open dialogue, demonstrating an interest in how they’re doing as a person and helping reduce guilt about juggling personal and work responsibilities.
Many schools end between 3 p.m. and 4 p.m., which means working parents might need child care for several hours or leave to handle it themselves. When school is closed due to holidays or professional development, working parents may have to find a secondary plan for those days while they’re still working. Helping employees feel supported during their search for caretakers or after-school programs for their children can go a long way in making them feel supported and may boost overall employee retention.
Takeaway
The back-to-school transition may initially seem misplaced to the workplace, but the reality is that many employees have school-age children and associated caretaking responsibilities. As a result, employers should prepare to be flexible, accommodate employees during this transition and provide relevant resources. These efforts can help make a difference and ultimately assist in appealing to and keeping workers during a time when attraction and retention are significant challenges for organizations.
Contact us for additional workplace resources.
- Published in Blog
Educating Young Employees on Open Enrollment
This article is from RISQ Consulting’s Zywave client portal, a resource available to all RISQ Consulting clients. Please contact your Benefits Consultant or Account Executive for more information or for help setting up your own login.
Many employees need help with open enrollment. This is particularly true among younger workers, who typically have less experience selecting benefits than older generations that have been in the workforce longer. A study by insurance and employee benefits provider MetLife found that 26% of Generation Z (Gen Z) employees are insecure about making benefits decisions.
Employers who successfully educate young employees about open enrollment are likely to find that workers are more satisfied with their benefits packages, make better financial decisions and are more likely to recommend their organization to other people. Such positive outcomes can significantly influence an organization’s overall financial performance.
To this end, employers can implement several strategies for educating young employees to help them navigate open enrollment.
Educating Young Employees
Clear communication is crucial to ensure workers understand the open enrollment process and the benefits they’re signing up for. Employers should consider the following strategies for educating younger employees on open enrollment:
- Prioritize internal communications. Young employees may be unfamiliar with the open enrollment process. Inform employees about the upcoming open enrollment through multiple channels (e.g., emails, flyers and meetings). Ensure every employee knows when open enrollment begins, the last day to complete enrollment and the consequences of failing to enroll in time.
- Create multiple avenues for communication. Ensure young workers know how to ask questions about open enrollment and feel comfortable speaking to HR and their managers about the upcoming enrollment. Encourage these employees to discuss their benefits plans with their friends, family and more experienced coworkers.
- Provide educational resources. Give workers the information they need to make informed benefits decisions during open enrollment. To target young workers, employers should provide digital resources such as online webinars, videos, social media posts and articles.
- Explain benefits options. Employees are likely to think primarily of health insurance during open enrollment and may overlook voluntary benefits that could be useful to them. Employers should provide information about employee benefits choices (e.g., pet insurance, student loan repayment assistance and employee assistance programs) so that young employees don’t forgo benefits they may want later in the year.
- Cater to employee needs. Young generations of workers have different benefits needs than older generations. For example, they’re more likely to prioritize mental health resources and student loan assistance over life insurance or financial planning for retirement. Employers should capitalize on the wants and needs of younger generations to educate them on benefits they care about.
- Encourage young employees to take their time. Rushing through open enrollment can cause workers to forgo crucial benefits. This is especially true of young workers, who may feel stressed or unsure of the open enrollment process. Give employees ample time to research and select their benefits and encourage them to ask questions.
- Communicate all year round. Benefits education should be more than a flurry of activity during the open enrollment window. Employers should provide employees with the resources they need to understand and maximize their benefits all year round, highlighting the direct financial impact benefits decisions can have on employees. This can help young workers understand the importance of open enrollment and the impact that rushing through the process can have on their financial well-being, increasing the likelihood that they’ll make informed benefits decisions when the time comes.
Conclusion
Open enrollment can be a nerve-wracking period for all employees. The stress of selecting benefits is often most keenly felt by younger workers with less experience selecting benefits. Employers can use open enrollment as an opportunity to increase communication and trust with young workers by educating them on the process and their benefits choices. This may increase younger generations’ satisfaction with their benefits packages and jobs, improving organizations’ employee attraction and retention and ultimately their bottom lines.
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- Published in Blog