I know what you’re thinking, “Insurance brokers are terrible, horrible, no good, very bad people.” But this is an outdated opinion and, quite frankly, an offensive stereotype!
Don’t get me wrong, this may describe a select few but in this day and age if you don’t put your client’s needs first you will be left in the dust.
Unfortunately, brokers still get a bad rep.
That’s why at The Olson Group, we adopted a new narrative. We don’t consider ourselves a broker anymore and haven’t for a few years now.
We are Employee Benefits Consultants.
Being an employee benefits consultant means we help you with every piece of your benefits plan. Ranging from Health Insurance to Wellness, from Retirement to Compliance; we do it all. If you’re on this page, you’ve already shown you’re one of the rare individuals who, like us, are always looking to improve.
Read more to find out how a better benefits program could vastly improve your hiring and retention efforts.
1. Better Recruiting Students
Student loan repayment was the number one requested financial wellness benefit, according to a survey by CommonBond. And, per a different study by American Student Assistance, 76% of respondents said, all other things being equal, their choice to take a job would be considerably affected or decided based on an employer’s willingness to offer a student loan repayment program. Read more about how student loan repayment benefits can improve your business.
2. Enhance Recruitment of Millennials
According to Gallup, the number one factor to millennials, when applying for a job, was opportunities to learn and grow (aka career development opportunities). Learn how to recruit and retain millennial employees.
3. Develop Employees to Boost Recruiting
Almost 54% of workers said career advancement opportunities are more important than salary when looking for work.
4. Better Recruit Working Mothers
According to a Gallup poll, 54 percent of women who don’t work and have a younger child say their child is a primary reason they’re not working. And, 53 percent of stay-at-home moms say flexible work schedules are a major factor in their ability to take a job. Read about which benefits your firm can use to reduce gender inequality in the workplace.
5. Improve Recruitment of Working Caregivers
It’s estimated that over 65 million Americans are responsible for the care of another family member. This total is around 30 percent of the country’s total population. But, just 12 percent of employers offer tools and resources to support caregivers. Learn more about why providing caregiver support can better your business.
6. Better Recruit Working Parents
As of 2017, only 15 percent of U.S. workers received any paid family leave. But, according to Unum, paid family leave ranks top among all workplace perks. Fifty-eight percent of workers ranked paid family leave as their most desired workplace perk. Read about which employee benefits can help reduce the gender wage gap.
7. Use Meaningful Work to Strengthen Millennial Recruitment
According to a Deloitte survey, six in 10 millennials said, “a sense of purpose” was part of their calculation in accepting their current jobs.
8. Reduce the Gender Pay Gap Through Your Benefits
Benefits such as paid family leave could help reduce the gender pay gap in America. Per a study from the Institute of Women’s Policy Research, annual earnings were 39 percent lower for women who took just one year off from work, than those who didn’t. One year out of the workforce results in an average of a 12 percent reduction in earnings. Learn how the gender pay gap is more significant than you may believe.
9. Reduce the Gender Pay Gap and Increase Your Revenue
A Gallup poll found gender-diverse business units in a retail company had a 14 percent higher average comparable revenue than those units that weren’t as diverse. It also found gender-diverse business units in a hospitality company had 19 percent higher average quarterly net profits than less-diverse business units.
10. Use Flexible Work to Keep Employees
Eighty-two percent of professionals, according to Entrepreneur, said they’d be more loyal to their employers if they had flexible work options. Similarly, per the Society of Human Resource Management (SHRM), 89 percent of HR professionals reported an increase in employee retention by implementing flexible work arrangements. Read about the many benefits flexible work arrangements can provide.
11. Your Health Plan Can Retain Employees
According to UnicornHRO, almost 90 percent of employees with health benefits stated they would begin seeking employment elsewhere if they lost these health benefits.
12. Use Paid Time Off to Keep Staff
Per CareerBuilder, 61 percent of workers are burned out in their jobs, but 33 percent of these employees don’t take time away from work. Make employees take time off to maximize the effectiveness of your time off policy. Read more about why you need to make your employees use their PTO.
13. Retain Younger Employees with Student Loan Assistance
Student loan debt, per American Student Assistance, is the most substantial financial concern for workers aged 22 to 33. And 86 percent of employees will commit 5 years to a company in exchange for student loan repayment help.
14. Use Career Development to Keep Employees
According to BenefitsPro, employees with a change in job responsibilities due to a promotion or lateral movement within the past two years were much less likely to leave.
15. Capture Employees with a Great Onboarding Process
Per Glassdoor, a robust onboarding process can improve new hire retention by 82 percent.
16. Use Remote Work to Capture More Productivity
Of those who work remotely at least a few times a month, 77 percent reported greater productivity while working offsite, according to a 2015 Remote Collaborative Worker survey. Learn why flexible work is such a valuable benefit to your employees.
17. Improve Diversity and Enhance Productivity
Gender-diverse companies are 15 percent more likely to outperform those that aren’t. Ethnically diverse firms are 35 percent more likely to outperform those that aren’t. Use your employee benefits to promote diversity and reap the rewards. Read why diversity in the workplace can improve your business.
18. Career Development Can Boost Production
Studies show managerial productivity increases by 88 percent when managers are involved in a corporate mentorship program, as compared to a 24 percent increase when a manager received only training but no mentorship. Learn how to create a mentorship program and why they’re essential.
19. Mental Health Benefits Can Guard Productivity
Almost 1/4th of Americans suffer from a mental illness every year. This total adds up to over $105 billion a year in lost productivity. Similarly, per, Employee Benefit News, 31 percent of respondents cited mental illness as the number one cause of lost productivity and increased absenteeism. Read how to manage mental health in the workplace and why it’s important.
20. Higher Job Satisfaction Equals Higher Productivity
Implement a quality benefits plan to increase your employees’ job satisfaction. Job satisfaction is essential to the success of any firm. According to Entrepreneur, companies with happy employees outperform the competition by 20 percent and earn 1.2 to 1.7 percent more.
21. Craft Work-Life Balance to Ensure Productivity
Per, the Corporate Executive Board, employees who believe they have a good work-life balance work 21 percent harder than those who don’t. Benefits such as flexible work and PTO can improve work-life balance.
22. Protect Employees from Addiction to Protect Productivity
Addiction costs the U.S. more than $700 billion annually, per the American Society of Addiction Medication. Of this $700 billion, U.S. employers lose over $120 billion in lost productivity alone, every year. Learn how you can use your benefits to help employees struggling with addiction.
23. Safeguard Productivity Through Depression Benefits
According to Mental Health America, 1 in 20 workers is experiencing depression at any given time. Depression alone costs U.S. employers up to $4 million annually, and an estimated 200 million lost workdays each year. Read about how to support depressed employees and why it matters.
24. Support Caregivers to Support Their Production
Per Ceridian, American employers are losing $38.2 billion annually in productivity due to the adverse effects of caregiving on employees.
25. Protect Employees’ Identity to Protect Their Productivity
According to Employee Benefit Adviser, the cumulative effect of a stolen ID can have a significant impact on an employee’s productivity at work. And, per Workspan, victims of ID theft need an average of 165 hours to resolve the issue. Learn the many ways identity theft protection can help both you and your employees.
26. Use Paid Leave to Guard Productivity
Per OC Tanner, 66 percent of employees regularly take a vacation that’s at least one week or longer. Of this group, 70 percent said they’re highly motivated to contribute to the success of the organization.
27. Flexible Work Can Boost Productivity
According to Zenefits, 78 percent of respondents said flexible work made them more productive. And, 77 percent of millennials believe a flexible schedule would make them more productive.
28. The Happier the Employee the More Production
Almost 91 percent of happy employees said they’re very productive at work, according to a Wrike survey. And, 58 percent of U.S. workers said they would take a pay cut to accept a job that made them happier.
29. Ensure Productivity Through Your Onboarding
Per the previously mentioned Glassdoor survey, a robust onboarding process can improve productivity by more than 70 percent.
30. Provide Meaningful Work to Satisfy Employees
Employees who find meaningful work are: 3x more likely to stay with their organization, 4x more engaged at work, and 7x more likely to experience higher job satisfaction. Read about how you can create meaningful work and why it matters.
31. Develop Employees to Increase Job Satisfaction
Employee development benefits are vital to employees’ job satisfaction. Per SHRM, 42 percent of employees said their organization’s commitment to professional development is very important to their job satisfaction.
32. Utilize Flexible Work to Improve Employee Satisfaction
According to a recent Staples survey, 90 percent of workers say flexible work arrangements and schedules will boost morale. Similarly, per Zenefits, 73 percent of employees said flexible work arrangements increased their satisfaction at work.
33. Your Benefits Are Key to Worker Satisfaction
A 2019 study by the Employee Benefits Research Institute (EBRI) found 71 percent of workers looking to change jobs said more extensive benefits would increase job satisfaction.
34. A Perks of a Pet-Friendly Work Environment
Fifty-two and 53 percent of employees in pet-friendly environments claimed they had positive relationships with their supervisors and coworkers, respectively. Fourteen and 19 percent of respondents in non-pet-friendly workplaces felt the same. Learn how to create a fair and effective pet-friendly workplace.
35. Your Benefits Affect the Money You Make
A portfolio of the 100 Best Companies to work for from 1984-2009 exceeded its expected risk-adjusted return by 3.5 percent a year.
36. Use Mentorship to Boost Revenue
A 2013 study by MicroMentor found mentored businesses increased their revenue by 83 percent while non-mentored companies increased their revenue by only 16 percent.
37. Protect Grieving Workers to Protect Your Business
Grieving workers cost U.S. businesses $37.6 billion a year, according to the Grief Recovery Institute. And over 85% of management-level decision-makers said their decision making was very poor, poor, or fair following a grief incident. Providing bereavement leave can protect these employees and your business alike. Read how bereavement leave makes human and business sense.
38. Shrink Gender Diversity and Grow Revenue
A study of gender diversity of firms in the S&P’s Composite 1,500 list revealed that female representation in top management leads to an average increase of $42 million in firm value.
39. Treat Addiction to Treat Lost Revenue
According to the Council of Economic Advisers, the opioid epidemic costs the U.S. economy $504 billion in 2015 alone. This number is equivalent to 2.8 percent of the country’s total GDP for that year.
40. Strengthen Diversity and Increase Revenue
Companies in the top quartile of executive-board diversity had an average return on equity that was 53 percent higher than companies in the bottom quartile of executive-board diversity. Similarly, according to McKinsey & Company, the EBIT margins at the most diverse businesses were 14 percent higher on average than those of the least diverse firms. Learn the seven keys to promoting diversity and inclusion in your workplace.
41. Use Paid Leave to Boost Creativity
Taking time off allows employees to think more positively. And, productivity improves by 31 percent, sales increase by 37 percent, and creativity and revenues can triple when a person is able to think positively.
42. Boost Diversity to Improve Creative Thinking
According to a University of Michigan study, groups of diverse problem solvers can outperform groups of higher-ability problem solvers.
43. More Diversity Brings More Innovation
Per the Harvard Business Review, a diverse workplace can truly unleash their employee’s innovation potential. Also, a North Carolina State study discovered a diverse workforce performs better at developing innovative products and services. According to the study, there’s a causal link between diversity and innovation. Learn more about why diversity and inclusion are vital to your success.
44. Reduce Stress to Reduce Absenteeism
There are several benefits you can use to reduce employees’ stress. And this stress has massive effects on employers. Over half of the 550 million working days lost annually in the U.S. from absenteeism are stress-related.
45. Cut Absenteeism to Boost Overall Productivity
Unanticipated absenteeism is estimated to cost American companies $602 per worker per year. Similarly, according to Circadian, unscheduled absenteeism costs around $3,600 per year for each hourly employee, and $2,650 every year for salaried employees.
46. Use Mental Health Benefits to Avoid Absenteeism
Per the World Health Organization, by 2030, the world will lose 12 billion workdays to depression and anxiety alone, if treatment doesn’t improve. Additionally, by 2020, depression alone will cause more days of work loss and impairment than any other illness. Read about the eleven employee benefits that can support the mental health of your employees.
47. Treat Behavioral Health Issues to Treat Absenteeism
Behavioral health issues are responsible for around 40 percent of missed work, yet 70 percent of those who suffer from a behavioral health issue go untreated.
48. Help Caregivers Avoid Burnout
According to AARP, U.S. companies are losing $25 billion from absentee caregivers. The average caregiver misses 6-7 days of work a year.
49. Increased Diversity Can Reduce Absenteeism
A 2019 study found workers who are dissimilar to the rest of their teams are almost 2x as likely to call out of work. Dissimilar employees, particularly when female or old, are, on average, more absent over time.
50. Avoid Presenteeism or Feel the Pain
There are many benefits, such as flexible work, that can help employers avoid employee presenteeism. And presenteeism costs U.S. employers up to $250 billion annually. Similarly, employers lose an average of $255 in productivity per employee per year due to presenteeism. Learn how you can use your benefits to eliminate presenteeism.
51. Mental Health Affects Presenteeism Too
According to the Journal of the American Medical Association, on-the-job productivity losses resulting from pain and depression were roughly 3x greater than the absence related productivity loss attributed to these conditions. Presenteeism costs employers 2 – 3x more than direct medical care for these illnesses.
52. Provide Legal Assistance to Prevent Presenteeism
One benefit, a legal protection plan, can proactively protect employees from absenteeism. Three out of four Americans experience at least one legal issue in the last year. Despite this, 76 percent of consumers had no plan for how they’d pay for legal expenses. And, 68 percent of employees dealing with a legal issue spend an average of 18 hours at work dealing with the issue.
53. Presenteeism Cuts Productivity
Per the Harvard Business Review, presenteeism can cut individual productivity by 1/3 or more. Presenteeism is far costlier than illness-related absenteeism or disability.
54. Treat Mental Health to Avoid Unnecessary Healthcare Spending
People with untreated mental illness use inpatient and outpatient services 3x more than those who are treated. Similarly, individuals who are depressed but not receiving care for the condition consume 2 – 4x the healthcare resources. And, people with anxiety disorders see a doctor 3 – 5x more often than those without anxiety disorders.
55. Cut Your Healthcare Spend Through Addiction Treatment
Opioid abusers cost employers nearly twice as much in medical expenses alone, as non-abusers. And according to Castlight Health, these costs add up to an extra $8,600 a year in healthcare expenses for employers.
56. Assisting Caregivers Reduces Your Healthcare Expenses
Per AARP, employers pay an additional $13.4 billion per year in healthcare costs for workers with caregiving responsibilities.
57. Reducing Healthcare Spend is Crucial for Americans
Americans pay 2 – 5x what other developed countries pay for healthcare services. Building a health plan centered around high-quality, low-cost service is essential to ensuring your employees don’t go broke paying for healthcare.
58. Direct Primary Care (DPC) Can Reduce Your Healthcare Costs
Patients enrolled in a DPC program have 59 percent fewer ER visits, spend 30 percent fewer days admitted to a hospital, are referred to specialist’s 62 percent less, and have 80 percent fewer surgeries. Learn how a direct primary care program can boost your business.
59. Implementing HSAs Can Make Employees More Conscious Healthcare Consumers
Per a 2018 study by Alegeus HSA, HSA holders are 54 percent more confident in predicting their out-of-pocket healthcare costs, 46 percent more likely to research and compare prices, 37 percent more likely to seek alternatives, and 68 percent more likely to have a savings goal. Learn more about HSAs and the advantages they can provide your employees.
60. Reducing the Cost of Prescription Drugs Reduces Overall Healthcare Spending
Benefits such as a Pharmacy Benefit Manager can help you reduce the price your employees pay for prescription drugs. And Americans spend around $1,200 on prescription drugs a year, which is higher than what people pay in any other developed country in the world. Similarly, 1 in 4 Americans report having trouble paying for medication.
61. A Benefits Consultant Helps You Maximize Your Return on Investment (ROI) for Your Employee Benefits
A quality benefits consultant will help employers maximize the effectiveness, and subsequently, the ROI of an employer’s benefits plan. According to Aflac, 45 percent of employees stated they’re more likely to buy insurance if it’s recommended to them by a benefits professional.
62. Address Mental Health to Boost Your ROI
According to PwC, an average business experiences a return on investment of $2.30 for every $1 spent creating a mentally healthy work environment.
63. Ensure ROI by Setting the Best Base for Your Benefits
A 2016 Glassdoor survey found the two offerings with the greatest effect on how employees rate their benefits are the employer’s health insurance and retirement plans. To get the best ROI from your benefits, ensure these plans are as high quality as possible.
64. Health Coverage is Still King of the Benefits
Per MetLife, 61 percent of employees who said they’re very satisfied with their company were satisfied because of their health benefits.
65. Capitalize Your Human Capital
Want to make the most of your benefits dollars? Well, total human capital costs are almost 70 percent of a company’s operating expenses. Yet greater than 40 percent of organizations claim they rarely, or never, provide career planning or development.Read more about why you should invest more in your human capital development.
66. Self-Funding Can Help You Save
Your business, per Inc., can expect to save between 4 and 20 percent over 5 years, by switching from a fully insured to a self-funded health plan. Learn more about the advantages self-funding can bring your business.
67. Reference-Based Pricing Can Boost Your Healthcare ROI
According to BenefitsPro, businesses, on average, can save up to 30 percent of their total healthcare costs in the first year of using reference-based pricing (RBP) alone. Similarly, RBP can reduce employer costs by an average of 20 percent per year.
68. Telehealth Can Help Employers Improve Their ROI for Healthcare
Per BenefitsPro, telehealth visits for the most common health conditions save employers an average of $472 per episode of care. And, according to the American Hospital Association, employers save 11 percent in costs when they implement a telemedicine program.
69. Employee Education Boosts Benefits ROI
Educating employees about their benefits plan makes it more likely your employees engage with their benefits plan. The more engaged your employees are with their benefits, the more likely you are to improve the ROI of your employee benefits plan.
70. Offer One-on-One Meetings to Enhance Employee Education
One-on-one meetings, per BenefitsPro, are the most effective benefits education technique. Per the survey, 93 percent of employees who participated in one-on-one benefits counseling sessions found them valuable. Yet, only 15 percent of employers offer this kind of personalized education.
71. Get Employees Engaged with Their Benefits to Maximize Their Effectiveness
According to BenefitsPro, many large employers report year-long benefits engagement rates to be less than 10 percent. And, only 52 percent of employees claimed to understand their health benefits.
72. Educate Employees to Get Them Engaged
If you want to boost engagement in your benefits plan, make sure you’re properly educating your employees about their benefits. According to a UnitedHealthcare survey, 77 percent of employees say they’re prepared for open enrollment, but only 6 percent could successfully define all 4 basic healthcare concepts. Learn more about the way employee education can drive engagement with employee benefits.
73. Direct Primary Care Can Cut Your Healthcare Expenses
When combined with a transparent Rx program, DPC can reduce a company’s healthcare spend by 15 – 20 percent in one year. Similarly, some self-insured employers with a DPC program have saved as much as $260 per member, per month.
74. See the Savings Vision Care Can Deliver
Employers gain as much as $7 for every dollar they spend on vision coverage, per SHRM.
75. A Captive Plan Can Free Your Healthcare Dollars
Under a captive insurance plan, your fixed costs may fall as low as 20 – 35 percent of your total healthcare spend. And, per Willis Towers Watson, the average captive arrangement returned an annual surplus of 5.1 percent, and the median captive return was 11.3 percent. Read more about the advantages and disadvantages of captive insurance.
76. Use a Pharmacy Benefit Manager (PBM) to Boost Prescription Drug Savings
Clients regularly see 18 – 20 percent cost savings when they implement a fiduciary PBM. Similarly, reducing high-cost, low-value drugs through a PBM could save your firm between 3 – 24 percent of your overall pharmacy spend. Learn how a PBM can slash your drug costs.
77. Cut Employee Turnover and Cut Your Overall Costs
According to SHRM, employers need to spend the equivalent of 6 – 9 months of an employee’s salary to find and train a replacement. Similarly, the Center for American Progress claims the average cost of employee turnover is 21 percent of the worker’s annual salary. Improving retention through your benefits can save your firm copious amounts of money.
78. Use a Return to Work Program to Reduce Employee Turnover
An employee who’s out of work for 6 months has less than a 50 percent chance of returning to gainful employment. If this time reaches a year, chances of successfully returning to work drops to 10 percent. And, 1 in 4 Americans, according to the Council on Disability Awareness, will miss up to 3 months of work due to injury, illness, or pregnancy/maternity leave.Read about the positive impacts a return to work program can deliver for your company.
79. Career Development Benefits Can Keep Your Employees
Per research from the Work Institute, the top reason for employee turnover was a lack of career development opportunities.
80. Use Voluntary Benefits to Reduce Your Turnover
According to MetLife, employees who don’t have disability insurance are less likely to return to work after an incident. Learn how you can use voluntary benefits to improve your benefits without spending more money.
81. Engage Workers to Boost Your Company’s Performance
Highly engaged workers, according to CEB Views, expend nearly 6x as much effort in their job as their non-engaged colleagues. Similarly, highly engaged workforces deliver 147 percent higher earnings per share.
82. Cut Unnecessary Losses Through Better Engagement
American companies lose over $600 billion a year due to unengaged workers. Per a 2017 Gallup study, firms in the top quartile of engagement experience: 41 percent lower absenteeism, 24 percent lower turnover, 17 percent higher productivity, and 20 percent higher sales.
83. Use Your Benefits to Engage Employees
According to a Forbes survey, almost 50 percent of workers said their benefits played a significant part in them staying with their employer. And, those who said benefits weren’t a significant factor were 10 percent less likely to be engaged.
84. Your Benefits Consultant Can Drive Benefits Engagement
Benefits consultants can have a significant impact on your staff’s engagement with their benefits plan. Forty-nine percent of employees who didn’t receive a recommendation to buy vision insurance did so. On the other hand, 86 percent of those who did get a recommendation signed up for vision coverage. Similarly, per MetLife, 3 in 10 employees chose not to enroll in non-medical benefits due to a lack of promotion from their employer.
85. Engage Employees with Their Benefits to Improve Overall Engagement
Per a Colonial Life survey, only 1/3 of employees understand their benefits very well. And, employees who spend less than an hour considering their benefits at enrollment time are meaningfully more likely to: feel dissatisfied with their jobs, think their employer doesn’t care about them, and leave their current jobs within the next 6 months.
86. Flexible Work Can Better Engage Your Staff
Ninety-one percent of HR professionals, per SHRM, agreed flexible work arrangements have a positive influence on employee engagement.
87. Align Employer and Employee Values to Improve Engagement
According to Globoforce, employees who clearly understand company values exhibit 17x more engagement.
88. Create a Work-Life Balance to Boost Engagement
Per Inc., employees who believe they have a good work-life balance work 21 percent harder than those who don’t.
89. Cultivate Diversity for Better Engagement
Employee performance and engagement are highest when employees feel they can be themselves and have a diverse group of coworkers with whom they can brainstorm, according to North Carolina State research.
90. Build a Better Onboarding Program to Improve Employee Engagement
According to Gallup, only 1 in 10 employees strongly agree their organization does a good job of onboarding new employees. But, per BambooHR, employees who felt they received effective onboarding are 18x more likely to feel committed to their organization than employees who think their onboarding process was less effective.
91. Create A Pet-Friendly Workplace to Get Employees Engaged
Ninety-one percent of employees who work for a pet-friendly company said they feel engaged in their work, according to Nationwide. Only 65 percent of employees at non-friendly sites reported similar levels of engagement.
92. Use Your Benefits to Reduce Employee Stress and Improve Company Performance
Some employee benefits, such as flexible work and PTO can help your employees manage their stress. And, research from Willis Towers Watson found employees with high-stress levels have lower engagement and are less productive.
93. Engage Employees in Their Benefits to Ensure Their Health
According to BenefitsPro, organizations with high benefits enrollment are shown to have healthier employees.
94. Pet Insurance Can Actually Protect the Health of Your Employees
Pet insurance can protect employees from incurring debt and its related stress. Every six seconds, a pet owner faces a vet bill of $3,000 or more, per the American Pet Products Association. And, 73 percent of pet owners admitted they would take on debt to pay for medical care for their pets.
95. Use Flexible Work to Improve Employee Health
According to a FlexJobs survey, 87 percent of employees believe a flexible schedule would lower stress levels, and over 75 percent said it would make them healthier. Also, 89 percent found a flexible job would help them take better care of themselves.
96. Mental Health Benefits Can Protect Your Staff
Mental health has a significant impact on the overall wellness of any individual. Yet, only 57 percent of employees with major depression received professional help, according to BenefitsPro.
97. Utilize Caregiver Benefits to Protect the Health of These Employees
Employee-caregivers are under a tremendous amount of financial and mental stress than those who don’t double as caregivers. Informal caregivers work an average of an additional 24.4 unpaid hours per week.
98. Helping Caregivers for Those with Alzheimer’s is Especially Key
Caregivers of those with Alzheimer’s are 28 percent more likely to eat less or go hungry because they can’t afford to pay for food. Similarly, the negative impact the time and attention it takes to care for someone with Alzheimer’s results in an additional $11.4 billion in healthcare costs for these caregivers.
99. Telehealth Services Can Boost Employee Wellness
One study found telehealth patients score lower for depression, anxiety, stress, and have 38 percent fewer hospital admissions. Also, frequent monitoring, through telemedicine, can reduce hospital visits for those with chronic diseases by 50 percent.
100. Direct Primary Care Can Ensure the Health of Your Staff
In the traditional system of care, primary care physicians spend upwards of 50 percent of a patient’s visit on the computer. But DPC providers can cut administrative overhead by 30 – 40 percent and can see 4 – 6x fewer patients and remain profitable.
101. Use Financial Wellness to Guard Employee Health
According to Northwestern Mutual, 85 percent of Americans feel financial anxiety. Of those, 67 percent say this stress is negatively impacting their health. And, per the European Society of Cardiology, those with significant financial stress are 13x more likely to suffer a heart attack.
102. Dental Coverage is Vital to Your Staff’s Wellness
Workers lose an average of 164 million work hours each year because of dental disease, according to the Centers for Disease Control and Prevention (CDC).
103. Your Benefits Can Protect Working Mothers
Benefits such as paid parental leave can protect the health of working mothers. And the perinatal mood and anxiety disorders alone cost the national economy $14.21 billion annually, per Mathematica.
104. Your Health Coverage is Still Essential to the Quality of Your Benefits Plan
Your company’s health insurance plan is critical to the health of your employees. And how much you spend on your policy isn’t necessarily an indicator of quality. While ranking the highest in spending, the U.S. ranks 27th in the world for its level of medical care.
105. Your Medical Plan Has a Significant Impact on Your Employees’ Retirement Plans
Per a 2016 Kauffman Family Foundation study, over 1/4th of Americans said someone in their household is struggling to pay off medical debt. And, in 2017, 1 in 5 Americans with insurance experience problems paying for medical bills.
106. Boost Diversity and Improve Wealth Equality
You can use your benefits plan to promote diversity in your organization. This improved diversity can help your employees reduce the wealth gap between white and minority houses. Per the Center for Retirement Research, white households have approximately 6x as much wealth and earn almost 2x as much as minority households.
107. Use Student Loan Repayment Benefits to Protect Employee’s Financial Health
Student loan debt in America now totals more than $1.6 trillion. And, according to the Federal Reserve, student debt is now the second-largest source of household debt. But this debt doesn’t just affect younger employees. Per CommonBond, 75 percent of all workers have taken out loans to fund their own education.
108. Pet Insurance Can Guard Against Potential Debt
109. Financial Wellness Benefits Make Employees More Productive
110. Target Gender Diversity in Your Financial Wellness Plan
Women, according to Corporate Insight, aren’t as confident about finances as men, are less prepared for retirement, and engage in fewer employer-sponsored financial programs.
111. Make Sure Diversity is a Part of Your Financial Wellness Benefits to Maximize All Employees Chances for a Better Retirement
Almost 48 percent of white households are at risk of falling short in retirement. But this number is 54 and 61 percent if you’re black or Hispanic, respectively, per the Center for Retirement Research at Boston College.
112. Emphasize the Importance of Voluntary Benefits in Employees’ Financial Health
According to Cigna, only 34 percent of employees who are enrolled in employer-offered benefits say they’d rely on voluntary benefits to cover non-medical expenses due to a severe injury or illness. Instead, these employees would raid their savings, use credit cards, or withdraw from retirement accounts.
113. Help Employees Plan for Their Future
Your financial wellness benefits can help employees create a long-term plan for their retirement. Without such a program your employees may be lost. Per BenefitsPro, 65 percent of employees reported worrying about running out of money in retirement.
114. Financially Protect Employee Caregivers
Caregiver benefits can help protect the financial wellness of these employees. Every year employee-caregivers spend a total of $190 billion on their loved ones. The average caregiver spends $7,000 on out-of-pocket caregiving costs.
115. Your HR Employees Could Likely Use the Assistance
Over 60 percent of employers are overwhelmed by increased demands and complexity managing their company’s benefits program, according to the Guardian Life Insurance Company of America.
116. A Benefits Consultant Can Help You with Confusing Benefits Compliance
Even amongst large employers, 69 percent of respondents admitted to struggling with issues associated with rolling out new coverage, changing insurers, conducting open enrollment, and communicating with employees.
117. Avoiding an Employer Mandate Penalty is Vital
ACA compliance is essential to avoiding several costly penalties. One of the most substantial penalties is for violating the employer mandate. Beginning in late 2017, and through 2018, the IRS sent over 300,000 proposed-penalty letters to employers for violations of the ACA’s employer mandate in 2015. Some of these letters proposed penalties that exceeded $1 million each.
118. Other ACA Penalties are Almost as Costly
Employers with inadequate health coverage could pay for the cost of this coverage, plus penalties up to $2,000 a year for every full-time employee. Also, not offering a qualified employee coverage costs $208 per month multiplied by the number of the employer’s full-time employees minus 30.
119. Ensuring Employer Communication Compliance is Just as Necessary
The penalty for failing to provide employees with a Summary of Benefits Coverage is $1,156 per participant.
120. EEOC Violations Can Be Devastating to Your Company
According to the Equal Employment Opportunity Commission (EEOC), the average total claim cost in 2017 was $460,000. Similarly, settlement payments and defense costs averaged $160,000 and $300,000 respectively.
121. Compliance is Imperative to Stay on Top of Form 5500 Reporting
The maximum penalty for incorrectly or not filing Form 5500 is $2,194 per day for penalties assessed after January 2, 2019.