Benefits is back! Benefits is sexy!
Too enthusiastic for you? Well, it wouldn’t be if you saw how interested and engaged the attendees of ADP Meeting of the Minds 2016 were in the topics we discussed during our daylong Benefits Summit, and in the nearly 30 benefits-related learning sessions we conducted.
Fifty-five clients representing 44 employers and 250,000 employees contributed to the dialogue of our second Benefits Summit where we talked about a range of topics, including:
- how viewing employees as customers and focusing on the “moments that matter” in their lives can provide greater value to them and the employer;
- driving better business outcomes with an integrated benefits strategy;
- current and impending federal regulatory issues and wellness programs; and
- developing a benefits strategy in an evolving human capital management landscape.
Other sessions throughout the conference focused on the four critical business imperatives – cost, compliance, consumerism and culture. We commonly refer to these as the 4Cs. Specifically, we offered sessions on the impact of federal regulations, insurance exchanges, employer-sponsored benefits, leaves of absence, healthcare spending, workforce performance, healthcare cost-containment strategies, paid family leave, and consumer health savings accounts to name a few.
ADP Meeting of the Minds attendees were interested in the many aspects of benefits services.
As you might have guessed, the current and potential impact of the Affordable Care Act (ACA) was top-of-mind for many attendees. It’s no wonder when you consider that many employers still are managing internally the compliance-related processes associated with that law. Employers are concerned about how best to balance providing adequate benefits to their employees with their efforts to comply. Our “Eye on Washington” panel delved deeper into concerns about related topics, such as IRS Form 1095-C, the “Cadillac” Excise Tax, and wellness programs and incentives.
We also discussed the “moments that matter” to employees and how focusing on them can provide HR leaders valuable insights. We shared some research that highlighted four consistent moments that matter to employees during their employment tenure: onboarding, off-boarding, transfers and leaves. For these milestones, a positive benefits experience is a non-negotiable component that contributes to how employees feel about their jobs. Employees say it’s either “pass or fail” for employers who don’t help them navigate these transitions well. In addition, organizations are re-orienting their service delivery models to anticipate employees’ and managers’ needs.
In another session, we spoke about healthcare trends, such as:
- the rise of Private Exchanges, a benefits administration technology platform supported by human capital management systems.
- an increase in consumerism. Many of today’s businesses are basing their consumerism strategy on Consumer Driven Health Plans, or CDHPs. The most common example of a CDHP is High Deductible Health Plans (HDHPs) paired with a Health Savings Account (HSA).
- an increase in health wellness or health promotion programs that support smoking cessation and weight loss, or that encourage walking-based challenges and causes.
- support for disease management programs that may mitigate health care cost and improve the productivity of employees with chronic conditions.
- interest in supplemental benefits where employees are willing to bear more of the cost to have benefits that meet their needs. Employees see supplemental benefits as an opportunity to gain access to financial protection against critical and catastrophic life events. They also value these benefits as a way to bridge out-of-pocket costs not paid by traditional coverage, such as medical insurance.
Anand Pandya, ADP vice president of Benefits and Health Compliance Product Management, provides an overview of some current health care trends affecting large enterprises.
Our goal was to share insights and education that will help our clients develop an effective benefits strategy – one that’s part of an integrated HCM approach that will help them attract and retain talent.
You can learn more about the ADP Meeting of the Minds 2016 conference and see video highlights from previous conferences on ADP’s website.