When companies start to approach the big 5-0 in terms of staffing, Human Resource (HR) teams face new levels of intensity when it comes to legal matters. It’s far easier to maintain a one-on-one approach to employee relations and compliance with smaller numbers. However, once your business reaches the level of success where you need more people to drive that momentum, you incur more risk.
How to Avoid an Employment-Related Lawsuit: 5 Practices to Follow
Benefits, Benefits Plans, Employee Benefits, Group Health, Health Insurance, Health Plans, Healthcare, Human Resources, Insurance, Teamwork
How Did COVID-19 Affect the Insurance Market?
Benefits, Benefits Plans, Employee Benefits, Group Health, Health Insurance, Health Plans, Healthcare, Human Resources, Insurance, Teamwork
More than a year since the start of the pandemic, we are continuing to monitor the ripple effects on business operations worldwide. As one of the most highly visible – and scrutinized – sectors of the economy, the health insurance sector was forced to grapple with an extraordinary crisis. Although insurance analysts will be studying the influence of COVID-19 for years to come – and some of the pandemic’s effects have yet to be determined – here’s what we know about the impact of COVID-19 on the insurance market so far.
What Should I Expect from My Employee Benefits Broker?
Employees, Employers, Employment, Equality, Insurance, Payroll
Offering today’s employees the best benefits package possible is vital to companies focused on employee satisfaction and retention. The current business climate is fiercely competitive in nearly every industry. In terms of employee recruiting and retention, everyone needs to find the best and most affordable path to offering employees an attractive, contemporary package that keeps them healthy, happy, and onboard.
The right employee benefits broker can help you do that and much more.
Benefits Compliance for Companies with Over 100 Employees
Employees, Employers, Employment, Equality, Insurance, Payroll
As you and your team celebrate your company’s growth, allowing you to cross the threshold of employing over 100 employees to become classified as a medium-sized business, everyone is likely brimming with excitement and ideas about how to keep up the momentum.
HR Technology Providers: Finding the Right One
Employees, Employers, Employment, Equality, Insurance, Payroll
During the past decade alone, rapid technological advancements have radically altered the way many businesses operate today. Most small-and-medium-sized businesses leverage the power of technology to help spur continuous business growth amid organizational adjustments, increasing globalization, an ever-growing online marketplace, the trials of a global pandemic, and a rising desire for remote and mobile employment opportunities.
Managing your payroll in-house, month after month, is an extremely time-consuming and detail-intensive operation. Seventeen percent of small businesses spend 6-10 hours a month on payroll-related tasks, and 11% devote more than 10 hours per month. And the time you spend can end up costing you in other ways, too. A shocking 40% of small to mid-sized businesses face expensive IRS fines due to incorrect payroll filing.
To free up time, reduce errors, and streamline payroll operations, many companies eventually outsource to a payroll provider. Wondering how to choose a payroll provider? In this blog, we explore the most important points to consider as you prepare to outsource your payroll.
How to Reduce the Cost of Employee Benefits and Optimize Spend
Benefits, Benefits Plans, Contribution Limits, Employee Benefits, Employees, Employers, Employment, Equality, Insurance
Now that we’ve completed our five-part blog series focused on optimizing your benefits plan, we hope you feel more informed and empowered to reduce the cost of employee benefits. Given the ever-increasing costs associated with healthcare, everyone needs to adopt the right option and develop the best strategy to save their business and employees.
Captive & Consortium Health Plans: How to Save Costs on Your Benefits
Benefits, Benefits Plans, Contribution Limits, Employee Benefits, Employees, Employers, Employment, Equality, Insurance
Year after year, you watch the cost of your company’s group health insurance continue to rise. According to the Kaiser Family Foundation, the average single and family premiums increased by 4% in 2020. Many employers searching for unconventional ways to offset costs are now considering alternative methods to funding their plans. Captive and consortium health plans offer two possible options of self-funding that can help contain costs and lower your overall risk. If you want to continue offering high-quality benefits and enjoy the advantages of a flexible self-funded program, these two options may be worth the consideration.
As we launch this fifth and final post in our Health Plan Cost Optimization series, let’s take a look at how captive and consortium health plans work, how they differ, and how they can help you save money on health plan costs.
Self-Funded Insurance Plans: How to Save Costs on Your Benefits Program
Benefits, Benefits Plans, Contribution Limits, Employee Benefits, Employees, Employers, Employment, Equality, Insurance
As we launch this fourth post in our ongoing Health Plan Cost Optimization series, it’s time to take a closer look at self-funded insurance plans. Whether a fully insured or level-funded insurance plan isn’t right for your organization, or you need more information to make your final decision, we hope you find this look at self-funded plans helpful.
Partially Self-Funded Plans: How to Save Costs on Benefits Programs
Benefits, Benefits Plans, Contribution Limits, Employee Benefits, Employees, Employers, Employment, Equality, Insurance
Traditionally, businesses looking for alternatives in health plan offerings faced a choice between conventional fully-funded plans and self-insured plans. If you’ve been searching for a way to limit your health plan costs but balked at the risks of a self-funded plan, you might want to consider a partially self-funded health plan. These plans borrow elements from both fully-funded and self-funded plans and offer a great stepping stone in the direction of self-funding.
Partially self-funded plans allow you to explore self-funding, lower your health plan costs and still provide high-quality benefits to your employees in the process.
Let’s take a look at partially self-funded plans, how they work, and how they can help your company save on health plan costs.