Tag Archives: Brokers

HR Technology: What’s All The Hype?

Technological Innovations

Working with HR technology has never been more exciting. HR is evolving, as is the technology that supports it. It is empowering to provide businesses with technology that can help manage the people side of their organization. Technological innovations have created the opportunity for HR departments to generate a far greater impact than ever before. HR technology trends in 2018 are creating unparalleled automation for achieving stronger cohesion and communication. In addition, they will undoubtedly attract millennial workers, while also maintaining familiarity with the older generation.

HR automation technology eliminates paperwork, manages compliance, onboards new hires, tracks PTO, benefits enrollment and communication Applicant tracking, document signing, performance management, terminations, ACA compliance, documentation management, and list goes on!

Every Company Can Benefit from a Solid HR Technology Platform

In todays business world, it’s critical for even the smallest companies to be compliant and create effenciencies so they may thrive in a competitive market. Prior to the internet, HR recruiters had to rely on print publications to post jobs and find qualified candidates. Technology has revolutionized and globalized the way in which we find these qualified candidates.

Electronic imaging has made it feasible for companies to retrieve and store files in electronic format. HR technology makes it easy to simply print any necessary forms that an employee may need from a central digital library.

Increased performance management is yet another byproduct of technological improvement. With the use of metrics, companies can ensure that employees are meeting performance standards; based on these metrics, employers can either implement additional training, or transition the employee out of their position.

With all of these developments, business leaders would be wise to understand these technology trends that will shape the year ahead, and far beyond. As a result, companies are vastly improving their strategic recruiting, performance management, employee development, social networking, and internal employee communications – all vital business issues.

This is a very compelling time to be in business, especially with all of the technological options available to business owners – and they will continue to get more and more innovative!

ERISA Compliance – What Every Employer Needs to Know About Plan Documents

How does the DOL enforce ERISA?

The DOL has broad authority to investigate or audit an employee benefit plan’s compliance with the ERISA. The DOL’s EBSA division handles audits of employee benefit plans. To perform these audits, EBSA employs over 400 investigators working out of field offices, many of whom are lawyers or CPAs or have advanced degrees in business or finance. The DOL has authority to assess civil penalties for many different types of ERISA violations.

How can an employer minimize its risk of being audited by the DOL?

As a practical matter, an employer has little control over whether it will be audited by the DOL. However, an employer can take the following steps to help minimize its exposure to a DOL audit:

Respond to participants’ benefit questions and requests for information on a timely basis;
File Form 5500 on time and make sure it is complete and accurate;
Create and distribute participant notices required by law (for example, the summary of benefits and coverage) by the deadline; and
Make timely updates to plan documents and summary plan descriptions (SPDs) to reflect legal and design changes.

How can employers be prepared for a DOL audit?

The best way to prepare for a DOL audit is to remain in compliance with the law and establish a recordkeeping system for maintaining all of the important documents relating to your employee benefit plans. Retaining complete and accurate records will help move along the audit process and provide an accurate picture of an employer’s benefit package. As a general rule, these records should be retained for seven years.

Because the DOL has increased the frequency of health plan audits, employers should consider reviewing their health plans for compliance now, before they are selected for audit. It is important for employers to get their health plans’ paperwork in order as part of this process. Don’t be fooled into thinking you are “too small” for ERISA. Employers of every size who provide any type of Employer Sponsored Benefit Plan are subject to ERISA. Ask your broker if you need documents and get them done!

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How to Tackle Health Benefits in The 4th Quarter

Behind in the game? Here’s how you can finish strong and tackle health benefits in the 4th quarter.

Despite ACA/Obamacare, your health insurance rates are likely slated to increase this 4th quarter, with 90% of small businesses in California due to renew their health insurance plans by December 1st.

Not to mention that deductibles and out of pocket expenses will likely rise for most plans, regardless of the carrier (all of whom by-the-way will be overwhelmed since just about every single health insurance plan will be renewing at the exact same time.) So what can you do to avoid some of the stress?

Prepare Don’t Procrastinate

“A task left undone remains undone in two places — at the actual location of the task, and inside your head. Incomplete tasks in your head consume the energy of your attention as they gnaw at your conscience.” – Brahma Kumari

We are all a bit guilty of procrastinating from time to time, especially when it comes to tasks we think may be unpleasant, but success was never found in procrastination, it was seized through action and in effort. In the long run, and this applies to almost every situation, procrastinating will only drain you of more energy, time, and money than if you had gone ahead and taken care of it, so it’s best to take steps now, however small, before the flood gates open in Q4.

Just imagine if someone dropped a years worth of work on your desk all at once and asked you to complete it ASAP. Do you think you could give every matter it’s full attention? Would you be able to sift through each detail?

That’s what Q4 will be like if you fail to prep, not to mention that some important money saving and even regulatory details may be overlooked, putting you and your business at risk. Those who are unprepared or uninformed can expect rocky times ahead. In other words, it won’t be pleasant for those who procrastinate.

Consult With A Broker To Develop A Game Plan

Not sure where to start? Well that’s where strong, skilled brokers like us come in to play, as seasoned brokers can help clients navigate and review the market, benchmark opportunities, as well as help to build vibrant benefit plans that are perfectly suited for your business.

If you’re looking to hire and retain great employees in 2017 then you need to ensure the plans you put in place are more than just cost effective and within regulation, they should also be designed to help your business attract and retain top talent in order to keep your business moving forward. Experienced brokers can provide you with valuable insight and put together plans that will ultimately lead to improved retention rates and happier employees.

Ask Questions

Don’t ever be afraid to ask questions, a lot of questions. Great brokers love their clients, but most importantly, they love educating them. If you consult with a broker who isn’t happy answering all your questions, then find one who is, because trust and open communication is vital in an industry such as this and you don’t want to get left in the dark.

Own Up and Speak Up

It’s not easy for some to reach out and admit they’ve made a poor decision or that they’ve procrastinated. For some managers and business owners, pride trumps all, but it shouldn’t. Great leaders know that trail, error, and failure are all a part of the game, so if you’re worried about appearances, don’t be. If the plans you have in place now are questionable at best, then say so. Honesty with your broker is an important step when it comes to the success of your business so don’t be afraid to say what works and what doesn’t either.

So in the end, if you’re a bit behind in the game, dreading the final quarter, and not sure where to turn then finding a strong broker to take charge is the best way to win.

* We here at Corporate Strategies are one of the leading employee benefit brokers in CA, ranking as Premier Partner status for most carriers, making us an excellent choice for small and medium sized businesses seeking change and assistance in tackling health benefit plans.