Category Archives: Employee Benefits

6 Tips for a Pain-Free Open Enrollment

Is there such a thing as a pain-free Open Enrollment? We think so.

Many employers are under the impression that they have their Open Enrollment process down, but studies show that about 41% of employees feel the Open Enrollment process at their company is extremely confusing. Benefit renewal happens to occur during the busiest time of the year: the holidays. This means employers are taking time off to be with their families, have lengthy vacations planned, and year-end deadlines might be overwhelming them. In short, you don’t have your employees’ full attention and that can make a tricky process even more daunting.

Having a plan for a successful benefits Open Enrollment requires both planning and the proper tools. Here are our top tips to guarantee a pain-free Open Enrollment:

1. Have a clear plan.

Work closely with your insurance advisor to review options and plans and decide what you are going to do for the next calendar year.

2. Clarify employee contributions.

Review and revise any contribution formulas so employees know what their share of the costs are.

3. Review ancillary benefits.

Make sure you have assembled and reviewed all ancillary benefits that you can add to your plan. Plans like AFLAC, Dental, cafeteria, or voluntary insurance programs can really make your plan options vibrant.

4. Utilize technology.

Be sure you are using technology to communicate your offerings. If you are still using paper, please talk to us.)

5. Communicate offerings clearly.

Host a Zoom with your team so you can share the benefits and value propositions you are offering. Employee Benefits represent the second or third largest line item that companies spend. It would be foolish not to take advantage of sharing how great your company’s offerings are.

6. Make sure Payroll is squared away.

Be sure to work closely with your Payroll team to indicate any contributions and review your plans monthly as contributions for dependents can age up during the year.

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If CorpStrat isn’t your broker, please be sure to reach out to us and see how we can help you maximize the value of your offerings. Contact us at marketing@corpstrat.com.

Inflation’s Impact on 2023 Open Enrollment

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Many employees are currently feeling financially strained because of the impacts of inflation. The cost of everything has gone up in their lives — from the price of a chicken breast to a gallon of gas to healthcare. As Open Enrollment draws near and employees are poised to make their annual selections, we’re starting to see the impact inflation will have on the choices employees make in regards to their benefits.

Employees are feeling the squeeze.

According to The Hartford’s Future of Benefits Pulse Survey, 40% of U.S. workers reported that they will cut back on the Benefits they select during 2023’s Open Enrollment because of inflation. People are really feeling the squeeze on their finances — a lack of pay increases is made even worse by inflation — and as a result, they may make some tough choices to scale back when it comes to their Benefits selections. Without relief in the form of salary increases or help in increased employer contributions, many workers are expected to cut back on their benefits.

The perfect storm.

As an employer, the impact of inflation on their employees’ finances may make Open Enrollment more challenging than usual. Inflation has placed Employee Benefits at the forefront of many employers’ attraction and retention strategies. Employers have worked hard to put together creative offerings that are appealing. However, the combination of employers trying to ramp up Benefit offerings because they’re not able to offer pay increases that keep pace with inflation and employees not having as much spending power for said Benefits is creating the perfect storm.

What can employers do?

It’s important that going into Open Enrollment, employers take steps to help their employees better understand their Benefits options so they can make more informed decisions. This can help employees better protect themselves and their families in the upcoming year. Employers can assist employees this open enrollment season by doing the following:

Use multiple communication channels.
Employ clear language that features personalized messaging. Don’t just throw bullet points at them and expect them to absorb everything. Demonstrate how the insurance products relate to their lifestyle, financial security, and overall wellness.
Highlight the services that come with coverage. Employees often genuinely want to know that they’re choosing the plan that will benefit them the most. Sometimes, even when they choose the right plan, they don’t know how to optimize it. Communicate how they’re actually being covered and educate them on how they can best optimize these benefits.
Help employees look into the future. Finances may be tough right now and there are certain Benefits that they don’t absolutely need in the moment. Employers can help clearly communicate that cutting back on Benefits can actually place them in more financial harm.
Use creative storytelling. A lot of Benefits details can go over the majority of peoples’ heads. Create clear examples of what these Benefits might actually look like in real world situations that are relatable and understandable.
Listen to your employees year round. If your employees have specific feedback, take the time to listen. Try and understand what their pain points are so you can support them and retain your best team members.

Why clear communication matters.

Employers have the opportunity to simplify and personalize their open enrollment this year. This will help employees determine how best to allocate their potentially limited resources strained by inflation.

Let’s take the Health FSA Limit Increase for 2023 as an example. On Oct. 18, 2022, the IRS announced various inflation-adjusted tax limits for 2023, including the limit on employees’ salary reduction contributions to health flexible spending accounts (FSAs) offered under cafeteria plans. Many employees may not fully understand what this will mean for them. Increasing the FSA limit by 7% is meant to alleviate some financial concerns. In short: this increase can be helpful to workers. But without clear communication, many employees may overlook the details of this Benefit entirely.

By communicating effectively and providing employees with Benefits information through multiple communication channels, employers can help them optimize their resources and make the best benefits selections for themselves and their families during this period of financial difficulty.

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If you need help with your Open Enrollment, let’s talk. Email us at marketing@corpstrat.com

Round out your Benefits by bringing in HR & Payroll. Here’s why.

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Open Enrollment is just around the corner and it seems like every company is trying to get their hands in your pocket. Whether it’s Payroll companies, software companies, retirement companies, plan vendors, or companies like ADP and Paychex, everyone has a “better solution” that they want to sell you. Upon closer examination, these “better solutions” all lack a piece that is generally critical to your business.

What if there was one place where you could manage it all: your “people” business processes, Employee Benefits, and Human Resources?

That’s where CorpStrat comes in. We can help you streamline your Employee Benefits, Human Resources, and Payroll to one location to make your life easier. Streamlining is an extremely effective tool that we believe will help simplify your life.

Here are some benefits of bringing your HR and Payroll into your Employee Benefits:

1. Personalized support.

No more wasting an entire day calling multiple companies and STILL not getting the answer you need. By streamlining your HR and Payroll into your Benefits, you call one number and reach someone who knows and cares about your business. Also we have a variety of experts on our team, from insurance to Human Resources, to Employee Benefits.

2. A comprehensive approach to your Benefits.

No more expensive piecemeal solutions that all don’t do what you actually need. We’ll help manage all the complexity and ensure compliance so you don’t have to stress.

3. Benchmarking gives you complete confidence.

Your CorpStrat advisor is working with hundreds of other employers so they know exactly what’s happening in the marketplace. You get real-time benchmarking, not last years’ assessment, so you know you’re being presented with the best options.

4. Cutting edge products.

We are in the trenches with carriers and underwriters daily. This means we’re constantly gaining insights into the best ways to use and design plans, which helps us deliver the best, custom plan for you and your team.

5. Coordinated approach to growing your business.

At CorpStrat, we’re not just passive participants. We strive to be a part of your advisory team and seek to collaborate with your professional advisory team, especially when there are tax or legal aspects to address.

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If you don’t currently work with us on Benefits or Payroll and you are still dangerously using Google to find HR answers, reach out to us. What we are offering could potentially help save you money, time, and make your business more effective. We take pride in being hands-on, non-call-center partners that are committed to helping employers manage their most important assets: their people.

Email us at marketing@corpstrat.com today.

Employees now rank healthcare as more important than salary.

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Employees are now ranking healthcare as more important than salary increases. With healthcare insurance premiums rising again this fall, employers are faced with a unique challenge: revisiting the balance between salary increases, compensation, and benefits. Remember, this is all happening in a competitive market in which employees are no longer as connected to the companies they work for.

With a volatile economy and employees adhering to a remote-first work attitude, a recent survey showed that 70% of employees rank healthcare coverage as the most important benefit when considering a job change. They may not know the intricate mechanics of health plans, but they want the assurance of being taken care of, both physically and mentally. They’re also keenly aware of the amount that’s coming out of their paychecks through co-pays and monthly fees.

For employers, this focus on Benefits over salary can present a huge opportunity. If you listen to what your employees actually want, you can present them a Benefits package that’s creative and fresh. This can help you increase retention without breaking the bank.

Here are a few things that employers can do to keep their offerings fresh:

1. Revisit your benefits package.

Employees like choices! Make sure there is a full array of products including things like financial planning, legal, and Voluntary Benefits. Include perks that can increase morale like flexible work hours, fitness discounts, or career development opportunities. Don’t underestimate how little things can make a big difference in building good will with your employees.

2. Communicate the value of your benefits.

Spend time and resources in communicating the value of your benefits. Most employees won’t dig deep into benefit brochures on their own so be sure to highlight your offerings. Be transparent about why you’ve painstakingly chosen the plans they’re being offered.

Make this process fun! Create easy to understand graphics so all the information is digestible. If you’re in office, invite your employees to participate in an information session with a catered lunch or snacks. If you’re a primarily remote team, hold an informational Zoom session and send everyone who joins a free gift card for coffee to encourage them to attend. Do what you can to help your employees understand how much value they can gain from their Benefits package.

3. Go Digital

Make sure your benefit enrollment and communication has gone digital. The days of paper communication are long over! Employees want easy mobile access for every step of their Benefit enrollment and management. The less pain points there are in the enrollment and management of their Benefits, the more autonomy and agency they feel they have. Having a robust mobile application also builds confidence in employees that 1.) their data is secure and 2.) their company is using technology that’s with the times.

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At CorpStrat we pride ourselves in helping employers do all of the above. If you know of an employer who could benefit from our service and guidance, please recommend us. It’s that time of year when everyone deals with this issue and we are MONEY when it comes to these issues.

If you need help making sure your benefits packages are the best they can be, give us a call.

What’s the hottest, zero cost benefit in Employee Benefit planning today?

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two coworkers meet to discuss voluntary benefits

The answer may surprise you. Hint: AFLAC

58% of Americans are living paycheck to paycheck after the inflation spike. This means that most of your employees are relying heavily on their paycheck to keep them from becoming financially vulnerable. If an employee falls ill or gets hurt, they’ll likely have little to no income coming in. On top of that, state Disability is so restrictive and can involve such an arduous process that your employees simply can’t count on it.

Voluntary Benefits

Voluntary Benefits, commonly referred to as AFLAC, can help employees maintain their income by paying cash benefits directly to them. Employees can use these cash benefits to help cover rent, groceries, and other daily living expenses while they’re out of work.

It’s true, major medical policies can be adequate for addressing most of your employees’ direct medical expenses. However, out-of-pocket medical expenses like deductibles, co-insurance, office visits, etc. aren’t covered by a primary healthcare plan and can still present a problem. These expenses add up quickly and can become an insurmountable financial burden for employees.

Voluntary Plans can help cover some of the large financial burdens employees face. Did we mention there’s no cost to you as the employer? Consider offering these plans to your employees on a voluntary basis:

Accident
Short Term Disability
Life, Dental
Vision
Cancer Expense & Critical Illness

Don’t forget, you can offer these programs on a pre-tax basis. This can help lower your FICA and FUTA contributions, making these plans even more affordable to your team.

We think Voluntary Benefits are a win-win for you and your employees and should be a part of any comprehensive Benefits Package. If you have any questions regarding how to get this set up, please contact us at marketing@corpstrat.com