Pretax transportation benefits can save commuters up to $1,000 annually and employers up to $230 per employee per year in payroll taxes. Such benefits rank fourth among benefits offered by companies.
Articles by Lisa Beyer
Most early-adapting companies are in the first of three phases to a value-based approach to health care, which involves reducing or eliminating costs around specific medical conditions that have, or may in the future have a negative effect on an employer’s health insurance costs.
One expert says that the majority of human resources managers still rely upon software solutions that are 25 years old or more.
A recent Mercer survey indicates the average cost of providing employee health coverage will rise just 5.4 percent in 2012. This is good news for companies, but an aging workforce, health care reform and the economy continue to have a negative impact on health care costs. What are employers doing to keep costs down?
Employers spend a great deal of time and money trying to educate employees about their benefit options, but do employees most understand and use them effectively? Here are some of the do’s and don’ts of benefits communications.
Amid a volatile market, nonqualified plans continue to be a key element of many companies’ overall retirement savings program, and are common among large companies. The programs are popular—on average, nearly two-thirds of eligible employees participate, reports a PSCA/Boston Research Group survey.
To achieve enduring changes in employee behavior, more companies are following a Wellness 2.0 strategy. “Today’s programs focus on identifying and preventing costly health issues, offer financial rewards for participants, and more often than not have a social aspect,” a consultant says.
Just over two years from now, the major provisions of health care reform kick in. Will your company be ready for the changes that are coming your way?
Except for Social Security, workers’ compensation and a few state requirements, employers are free to choose whether to provide other benefits.