Category Archives: Employee Health

21st Century HR Strategies

21st HR Strategies

Back in the 20th century, there was a clear difference between work and life. What you did to earn income and what interested you weren’t always associated together.

But, today, life is pushing back! Recently, there has been an increased focus on happiness at work among employees. They may change jobs often and encounter unexpected twists and turns, but personal satisfaction within a job is just as important as the job’s salary for today’s employees.

And with the rise of mobile technology, work is no longer confined to the office. New technologies and software allow employees to be “on” anytime, anywhere. But even though technology has offered great advantages, it has allowed work to infiltrate employees’ lives, keeping them connected to work 24/7.

In addition, employees today are more diverse than ever. They are no longer easily defined by generational categories like “Millennial,” “Gen X,” or “Boomer.” Instead, employees want to be recognized as the unique individuals that they are. They want faster recognition and direct compensation for their efforts. And they want to be a part of something bigger besides just “having a job” and “making money.”

In light of this “blended life,” employees are looking to achieve harmony, which is the experience of a work-life relationship that supports their life goals. When this work-life relationship is “in harmony,” employees become empowered in their personal relationships, as well as in their financial and career goals. In order to aid employees in their quest for harmony, employers must adopt an “employee-first” mentality and proactively provide solutions based on their needs.

Here are 5 ways employers can meet employees where they are:

1. Offer a breadth of employee benefit options.

The definition of “employee benefits” has expanded beyond “health insurance”. Today’s employers have to offer flexibility, custom tailored and diverse offerings. By offering a wide range, employers can help alleviate the anxiety that comes with the integration of work-life and home-life.

2. Deliver digital and tailored solutions.

With the rise of mobile technology, companies must embrace HR technology to adapt and disseminate their information. Doing so will help an increasingly diverse workforce find the assurance and security it’s looking for.

3. Provide access to the right information.

When employees have access to the right information on their terms, it ensures they can get the info they need to meet their objectives. This places additional demands on the HR team, who must engage vendors to deliver timely and clear information regarding benefits, policies, and payroll, compliance and workplace procedures.

4. Focus on creating an engaging company culture.

Time and dollars spent on creating culture will be returned exponentially. So, companies that engage their teams, create synergistic opportunities beyond the softball team, and support employee engagement will thrive in retaining and attracting talent.

5. Tie compensation to performance.

When compensation is tied to performance, employees will best be able to recognize their role in the growth and success of their organization. This will enable them to discover the immense value of their workplace and benefits. As a result, their appreciation will enhance their loyalty and commitment to the company.

Companies that embrace this new way of thinking and utilize HR technology to bring employee engagement into the 21st century will thrive in a challenging and changing business world. Contact CorpStrat to learn how our “21st Century” strategies can revolutionize your business.

Top 5 HR Resolutions for 2020

HR Resolutions

With a new decade here, it is time to start thinking about how your workforce can become more effective and efficient in the years to come. 2020 is bringing new changes to the human resources industry so your HR department must be prepared to respond and adapt.

To prepare for 2020, here are 5 resolutions your HR department can set in order to attract and retain your workforce.

1. Align employee goals with team and organization goals.

When goals align within your organization, employees feel more motivated and engaged. It is crucial to show how employee contributions build towards team and organization success. When employees see the link between their contributions and the bigger picture, they are driven by the idea of everyone working together towards the same goal.

One way for goal alignment is to encourage leadership to share its goals and direction of the company. By better communicating their goals and expectations, executives can make sure everyone is on the same page. Another way to show employees how their work is helping the organization is to set milestones, whether they be monthly or quarterly.

2. Adopt a more flexible workplace model.

Similar to last year’s Top 5 Resolutions for HR in the New Year, adopting a flexible workplace model is still just as important for 2020. Remote work is no longer considered a luxury and has become more of an expectation. Companies that offer remote work experience actually saw a 25% lower turnover rate as well as a boost in overall productivity. Furthermore, in the face of increasing globalization, offering remote work has become the perfect way to access a wider pool of talent across the world.

In order to support remote work, it is important that your organization provide the technology and resources employees need to be successful when working remote. Providing a virtual office space, like Slack, and video chat software, such as Zoom or Skype, can help with productivity for those working remotely.

3. Leverage people analytics for decision-making.

In 2020, it will be increasingly important for HR to leverage data analytics to make decisions. With data, HR can make better people-related decisions related to recruiting and retaining, as well as test the effectiveness of HR policies and different interventions. A Deloitte study has shown that 71% of executives believed people analytics to be “very important” or “important” to their business.

With an increasing number of people analytics tools appearing in the market, businesses will have access to a wide range of metrics to help them understand, at a far deeper level, what drives results. HR should leverage these tools and analyze data regarding recruitment, performance, and employee mobility to optimize their operations.

4. Focus on providing employees with continuing education.

Providing employees with the opportunity to further develop their skills and knowledge in their field can help increase engagement, retention, productivity, and efficiency. According to LinkedIn, 94% of employees said they would stay at a company longer if it invested in helping them learn.

HR must prioritize training objectives based on topics relevant to the department or team first. Relevant and useful topics will naturally engage and motivate employees whereas irrelevant topics will disengage them. Once a foundation of continuing education is set, HR should launch programs teaching employees new useful skills that they can leverage to take both themselves and the organization further.

5. Reevaluate the recruiting strategy

As more people shift towards a more project-based career, HR must reevaluate and redefine their recruiting strategy to make sure it is attracting all types of workers. The contingent workforce—which includes both remote workers and on-site, non-employee workers—now accounts for 41.5% of the U.S. workforce.

Some ways to refresh the recruiting strategy can involve offering referral bonuses, showcasing employee video testimonials, writing job descriptions that clearly outline expectations, and branching out beyond the usual recruiting platforms. Once interest is piqued, HR must have a concrete plan on how they plan to engage with these workers. Some ways to attract and retain talent is to offer a comprehensive employee benefits package as well as flexibility for remote work—as discussed above.

To learn how your HR department can attract, reward, and retain employees in 2020, reach out to CorpStrat for more information on how we design and manage employee benefits at competitive rates.

Open Enrollment: 3 Things to Know About Individual Health Coverage for 2020

Open Enrollment 2020

It’s that time of year again. Open Enrollment period is here and as employers, you must engage your employees and get them ready.

The Affordable Care Act is still the health coverage standard and with 2020 comes a couple changes. To help you better navigate open enrollment season for health coverage in 2020, here are three things to keep in mind as you prepare your employees.

Open enrollment is from October 15, 2019 to January 31, 2020.

California residents must be enrolled in a health insurance policy by January 31, 2020 to receive coverage for the rest of the year. Employer-based health plans have their own enrollment periods, but it is important to keep this deadline in mind as a benchmark.

What You Should Do Next

Encourage your employees to sign up for health coverage and make sure they pay the first month’s premium by the end of 2019. This way in the new year, employees will have coverage for 2020 and always be protected in case something unexpected happens.

Health insurance providers may have changed.

Annual changes from the Affordable Care Act and low premium increase rates may have changed the health insurance providers and their offerings. For example, Anthem Blue Cross will be expanding its offerings in California but won’t be available in certain areas anymore.

What You Should Do Next

In light of these changes, make sure to review any new offerings with your broker and understand any new details in case your employees need clarification.

Make any changes clear and simple for your employees so they can easily understand and know what to expect for the upcoming year.

Premiums rates will be lower in 2020 but at a cost.

In order to keep the annual premium increase rates low, California is passing two state-wide initiatives:

  • Middle-class enrollees will be offered a state-funded tax credit.
  • Those who don’t enroll will get hit with a new state tax penalty.

The new penalty will be similar to the one under the Affordable Care Act: $695 per adult and $347.50 per child under 18, or 2.5% of annual household income, whichever is greater.

What You Should Do Next

As employers, you should encourage your employees to enroll in health coverage to help them avoid these penalties—and perhaps even be eligible to receive tax credit.

2020 is coming soon so make sure to get your employees enrolled in health insurance. Contact the experts at CorpStrat for a consultation and information about employer-based health plans for the upcoming year.

Everyone in California MUST have Health Insurance for 2020

Everyone in California MUST have Health Insurance for 2020

In the upcoming year, California will be the first state in the country to offer state-funded tax credits to middle-class enrollees. And Californians who don’t enroll in health insurance will be faced with a new tax penalty.

These two statewide initiatives are set to be implemented in order to keep California’s health insurance premiums low in 2020. The tax penalty will partly fund the state-funded tax credits which is why premiums are expected to rise by an average of 0.8% next year, the lowest increase in the past few years compared to this year’s average increase of 9%.

Covered California, California’s official health insurance agency under the Affordable Care Act, estimates that these two initiatives—the state-based tax credits and the new state tax penalty—will bring in 229,000 newly insured Californians.

Eleven of the health insurers participating in Covered California will return next year, with Anthem Blue Cross expanding its offerings within the state. They are set to expand into Central Coast, parts of the Central Valley, Los Angeles County, and the Inland Empire.

However, depending on the region, not all eleven will be offered. California is divided into 19 pricing regions and each region will provide differing options. Rate increases will also vary, with some regions receiving higher rates than the statewide average and the others receiving lower. Nonetheless, nearly all Californians will have a choice of at least two insurers. And the final price will depend on the person’s area of residence, their income, the desired level of coverage, and their choice of insurer.

Covered California’s open enrollment for 2020 began on October 15, 2019 and is set to continue until January 31,2020, with these individual mandates going into effect at the start of 2020.

The penalty for not having insurance will be the same as the one under the Affordable Care Act, which was $695 per adult and $347.50 per child under 18 or 2.5% of annual household income, whichever is greater.

These penalties can amount to thousands of dollars a year. So, in order to avoid them and be eligible to receive tax credits, everyone in California must have health insurance for 2020.

To learn how you and your employees can enroll to avoid these penalties, contact CorpStrat for more information on the upcoming year.

Rising Health Care Costs – Is There Hope for Change?

Rising Healthcare costs

Company-provided health insurance is getting more expensive. As the most common form of health coverage in the United States, the cost of employee-sponsored coverage is expected to rise another 5% in 2020.

What does this entail? Well, when employees go in for a check-up, they may learn that their doctors will no longer be covered. Or they may notice higher deductibles being charged on their payroll. Either way, rising costs will affect millions of employees who rely on their company’s health insurance policy. In addition, employers will not be immune to these rising costs either—insurance bills they need to pay off will continue to rise, probably higher than wages and inflation.

While in search of a better solution, employers may have heard about the “Medicare for All” plan, a proposal by Democratic candidates to reform the system. But how feasible is this proposal?

The biggest obstacle of this proposal is the lack of a concrete solution—how do they plan to make the health insurance delivery system “more efficient”? Candidates are throwing around vague plans to “expand access to health care” without actually addressing how the care is going to being delivered.

One possible solution to the delivery system comes in the form of telemedicine. Employers have recently shown interest in covering telemedicine to improve access to care. Telemedicine has been a growing field in the health care industry, as seen through the announcement of Amazon Care. Through a virtual clinic, telemedicine makes healthcare more accessible and cost-effective. Physicians and patients can share information and receive a diagnosis without having to wait for an appointment and in the comfort of their own home. But some employees may be slow to adopt this technology since they are not used to accessing heath care this way.

Health care is a complex topic, but one fact is simple: employers want their employees to have access to the most efficient, high quality and affordable health care possible. Some companies have been bringing in more services to help employees navigate their benefits, navigate the delivery system, and understand their treatment options. However, these companies may want to cut down on these costs if they don’t want to charge higher deductibles, especially with the rising costs of health benefits in 2020.

Want to understand health care and what the New Year means for your company’s health insurance? Feel free to contact us at CorpStrat.