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The Key to Hiring and Retaining the Right Talent Might Lie in Your Voluntary Benefits

The Key to Hiring and Retaining the Right Talent Might Lie in Your Voluntary Benefits

By Will Giaconia, VP Benefits The world of work is evolving, as a result of demographics, tight labor markets and the rise of the gig economy. Now more than ever, employees want more from their employers when it comes to benefits. They want their companies to understand their unique needs, and meet them in different ways. They want the financial support, but they also want peace of mind, removing out-of-work life stresses so they can focus on doing a great job. According to a leading business intelligence firm,1 seventy-two percent of employees agree that the ability to customize benefits increases loyalty. Furthermore, we also know that two thirds of millennials say their employers have already adopted flexible work arrangements to accommodate them.2 So, do you have the right mix of benefits to offer meet your employees’ needs? What are voluntary benefits and why are they important? While traditionally categorized as insurance products, voluntary benefits include a range of perks for employees, offered by employers, which can include supplemental benefits,...

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ADP Benefits: Striving Ahead for Industry and User Benefit

ADP Benefits: Striving Ahead for Industry and User Benefit

By Will Giaconia, VP Benefits Administration As members of the Life Insurance Marketing and Research Association (or LIMRA) electronic data exchange (EDI) working group, alongside Prudential, we are at the forefront of data exchange methodologies and standards. However, it is our latest collaboration with Prudential that we hope will help LIMRA and the EDI working group develop industry standards that benefit everyone. Especially employers and their employees. For much of the insurance industry, evidence of insurability (or EOI) is a critical element, helping employers and carriers ensure that only eligible employees and dependents participate, and helping to keep cost and choice optimized for employees. However, the data exchange processes around this are often outdated, inefficient and can get in the way of these objectives. Together with Prudential, we are changing this. By working together to create real time integration, we hope to eliminate the delays and headaches associated with EOI processing. We believe this is the future of EOI data exchange and are truly excited to be partnering with...

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ADP Benefits: Helping You See the Road Ahead

ADP Benefits: Helping You See the Road Ahead

By Kent Rausch, Senior Director of Product, ADP Benefits Would you drive your car along the highway at night without any lights on? Me neither. Simple common sense dictates that this would not be safe or advisable. And yet, oftentimes when it comes to planning and delivering benefits strategy, employers are left out in the dark without key insights into why employees made the enrollment decisions they did (i.e. driving in the dark without your lights on). Up to now, benefit administration systems have given data and insight around what benefits were chosen and by whom. But without the ‘why’ and accompanying behavioral insights, the ‘what’ and ‘who’ is of limited value. Just like driving along in the dark without headlights. Furthermore, benefits enrollment benchmarking data around these behavioral insights has been non-existent. In real terms, benefits strategies have been planned and delivered in 2D, when we all know the world is much more complex. Consider the following example: You’re a retailer with stores in many states. You have...

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Why Financial Wellness Benefits are Vital for Your Company

Why Financial Wellness Benefits are Vital for Your Company

By Annie Pilon at DocuVital When you think about employee benefits, your mind probably goes right to medical coverage. But there are actually a lot of other valuable added employee benefits to consider, from retirement plans and disability to vision and dental coverage. If you don’t consider these added benefits to be a priority for your business, you might want to rethink that. Employee benefits are actually more important now than they ever have been before. Below are some of the reasons you should consider value added employee benefits beyond medical for your business, along with tips for implementing those benefits. Why You Should Offer Value Added Employee Benefits They Help You Attract the Best Employees According to a 2015 CareerBuilder study, 55 percent of employees consider affordable benefits to be more important than salary when job hunting. That means that more than half of potential workers out there would rather work for a company that offers comprehensive benefits than one that offers a slightly higher salary but limited...

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Workplace Compliance Spotlight: Health and Welfare Plan Checkup

Workplace Compliance Spotlight: Health and Welfare Plan Checkup

Health and welfare programs are core building blocks of your business. When is the last time you thought about reviewing your health and welfare plan administration from beginning to end? Have you updated your plan document to reflect how you operate your plan? As organizations focus on keeping up to date with ever changing compliance and reporting obligations such as the Affordable Care Act, it is easy to overlook basic, core plan administration compliance. An end-to-end plan administration review may seem overwhelming. However, by focusing on the more common areas that may become out of sync with plan operation, an organization can avoid some of the major compliance pitfalls. Watch our second installment in our Workplace Compliance Spotlight webcast series and get critical insights and best practices on health and welfare plan compliance, such as: How plan documents might need to be updated to reflect actual operations; The most common cafeteria plan issues and how to avoid them; and How to avoid costly COBRA continuation non-compliance. ADP remains at...

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