Employee benefits have undergone significant changes over the last 25 years. As health-care costs have risen and work itself has changed, new plans have been created to give employers more options when it comes to offering employee benefits.
There’s no doubting the power of artificial intelligence and automation tools in revolutionizing how businesses operate across nearly all departments. While benefits administration has seemingly lagged behind other major business tasks, it is finally undergoing that same transformation.
Companies today have many options for offering their employees health benefits. While traditional group plans used to be the only way to do so, that is no longer the case.
Terminating employees is never an easy thing to do. It’s unfortunately a regular part of life as a business leader, though, and needs to be approached in a professional manner just like all other aspects of the company.
Mental health has been a major focus in health care in recent years, especially since the COVID-19 pandemic. With many health-care providers taking a holistic approach to wellness that integrates both mental and physical health, employers have taken on a significant role in ensuring their employees have adequate access to services they need.
The rising cost of healthcare is forcing employers to explore new ways to provide benefits to their employees. It’s imperative that companies provide plans in the most cost-effective manner possible while also balancing the need to offer attractive plans that serve their current and prospective employees well.
In 2019, the federal government established individual coverage health reimbursement arrangements (ICHRAs), an alternative model that employers could use to offer their employees health insurance coverage.
Employment rules and regulations are changing every year. HR and benefits leaders need to stay up-to-date on these changes to employment laws, payroll standards and benefits from both the federal and state levels.
As health-care and insurance costs continue to rise every year, companies must perform a careful balancing act.
On one hand, they need to control costs to remain profitable or achieve profitability. On the other hand, they need to keep their employees happy by offering a solid benefits package that is attractive and not too expensive.
Mergers and acquisitions (M&A) can be very exciting but very nerve-wracking at the same time. There’s a lot of work involved in merging two or more companies together to ensure that all processes and people are on the same page.
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