Are you an HR or administrative manager, and are finding that currently your most challenging task is keeping in the loop with the ever-changing rules, regulations, and trends in the HR industry? Weren’t you already finding it difficult to manage the substantial amount of your day-to-day tasks and operations? Shouldn’t acknowledging and overseeing the needs of your employees be your biggest priority but already is tough enough?
You’re not alone!
The Ever-Growing Complexities of Employee Benefits
In a 2017 study, the majority of employers in mid-size companies (i.e. 60%) and larger firms (i.e. 69%) feel overwhelmed by the increasing complexity of managing their employees via benefits programs. From the Affordable Care Act to the Family Medical Leave Act to compliance regulations in group and individual insurance, keeping up with and understanding the employee benefits programs are drowning HR managers.
Some managers have been found to harbor misaligned priorities, particularly when companies have more decision makers. Chief Financial Officers (CFOs) and corporate legal teams tend to favor other senior executives, and therefore prefer using Consumer Directed Health Plans (CDHPs) which increase tax deductibles and consumer accountability for their own health care spending. Instead of employee satisfaction, one in four (28%) of managers are shifting their focus to the constantly changing legalities and regulations and trying to maintain compliance in those areas. That is because seven in 10 employers don’t believe that their company satisfy the majority of important federal, state and local laws.
Are there solutions to these complex problems?
Unfortunately, most solutions have become more challenging, costly, and time-consuming, but some consultant companies are doing just the opposite! Their mission is to keep track of regulations and benefit trends, and they insure your company remains compliant. You need and deserve to mend this issue as a precedence to your other human resources’ duties from attracting talent to facilitating employee communication.
Do you have employee handbooks that use easy-to-understand terms? From group benefit services to employee education, an essential solution to the ever-growing complexities of employee benefit plan services is the education of your employees! “Guardian Life” agrees that employee knowledge about the available health, wealth, and communication programs improves general workplace well-being. Entrepreneur.com states that in terms of a company’s financial situation, employers must “set up and administer the plan and educate employees about it”.
Your employee must have access to knowledge about group and individual insurance, benefit plan renewal, health care renewal, consumer driven health coordination, payroll benefits, assistance with their health care plan and overall benefit decisions, and general up-to-date information (e.g. HIPAA, COBRA, FMLA, 5500 reporting, Medicare, Health Care Reform, etc.). If seeking up-to-date resources is important to you, then finding the best employees’ benefit consultant is your next job.
Together, you can empower yourself through proper management of your HR responsibilities, lowering costs by streamlining your entire benefit administration process, and educate your workforce!
Remember, management starts with education!