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Suggestions for No Cost to Employer add-on benefits
Benefits & Compensation
Suggestions for No Cost to Employer add-on benefits
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
With a bleak economic outlook and the probability of COLA raises being eliminated this year, I am looking for any kind of added benefit to help the employees. With just over 550 folks and a really goo
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Forums » Topic Forums » Benefits & Compensation » Suggestions for No Cost to Employer add-on benefits
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Suggestions for No Cost to Employer add-on benefits
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Suggestions for No Cost to Employer add-on benefits
posted at 12/8/2009 10:34 AM EST
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Posts: 7
First: 8/29/2000 Last: 4/21/2011 |
At NO cost to the employer, you can offer supplemental insurance packages. This will get the employee a better rate on packages through an employer than they could get on their own. Packages such as supplental short term disability, supplemental long term disability (both adding to what the employer might offer and can get them to full salary if they are off), supplemental life insurance (though you will have to report imputed income if over $50K). These packages have gone over great with our employees and were very cost effective for them. |
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Suggestions for No Cost to Employer add-on benefits
posted at 12/8/2009 11:47 AM EST
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Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
"At NO cost to the employer, you can offer supplemental insurance packages".... Sorry but I disagree here.
There are HIDDEN costs of administratio of such benefits -- starting and stopping payroll deductions, transferring those deductions to the insurance company, playing referee on claims, etc. There is a cost to the employer. Don't let anyone fool you. |
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Suggestions for No Cost to Employer add-on benefits
posted at 12/9/2009 2:10 AM EST
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Posts: 1
First: 12/9/2009 Last: 12/9/2009 |
We are facing our second year with no raises (and we are public sector). A couple of changes we have made is to allow employees to "sell back" vacation time for cash. They can do it any time during the year up to 24 hours. If an employee wants some extra case, like now around the holidays, they have that option. Another benefit we've increased is our tuition reimbursement program an additional $500 per year to $3,300. It encourages employees to consider additional education, which can help to build a stronger workforce. Although not all employees take advantage of it, it is still a significant benefit, and demonstrates our desire to invest in our employees' development.
With respect to benefits, do you have a flexible spending account arrangement? We have one that comes with a debit card, and many of our employees utilize it. It costs merely the administrative fees through a TPA, and saves money for employees by reducing tax liability. |
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Suggestions for No Cost to Employer add-on benefits
posted at 12/11/2009 7:01 AM EST
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Posts: 1047
First: 4/11/2002 Last: 9/14/2011 |
What is with these voluntary benefits posts? Let's get one thing straight - if you are allowing AFLAC, Colonial, All State, etc. to come into your organization and solicit life and disability insurance sales from your employees, you are not only doing your employees a disservice, but also your employer. If you want to offer your employees cancer or critical illness insurance, while I'm still not a fan of such insurances, I do have to admit, there aren't many options on a group platform as an alternative, at least to my knowledge. If you want to argue the merits of such insurance, feel free to send me an email at matthew.roberts@heliosconsultinggroupllc.com. If I get any emails from these insurance solictors, I will post them on this message board so we can all have a good laugh while I dissect your rational as to why employers should be offering these insurances.
As for the vacation buy back program, some see that as a blessing while I see that as a curse. Most studies show that American employees do not take enough time off. This leads to higher levels of stress and productivity and actually creates fairly significant indirect costs for your organization. Furthermore, giving employees the option of selling their vacation days only increases the likelihood of this to occur since the employer is actually encouraging them to take less time off. |
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