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Employee Benefits

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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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

How to Simplify Communicating New Hire Rates to Employees

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Communicating new hire rates to employees has grown increasingly complex in recent years. Back in the day, it was simple and straightforward: rates were the same for either single employees, an employee plus a spouse, or an employee with a family. Unfortunately, this is no longer the case.

Since the inception of the ACA in 2010, California employers with 100 or less employees have a rate based on each employee’s actual date of birth and their home zip code. On top of that, each eligible dependent has a rate based on their birth date. When you combine that with most companies having somewhere between six to eight plan choices, the layers of complexity really start adding up.

How can you simplify this?

Between differing rates, benefits plans, multiple products, regional variances, state requirements, and demographics, you need to find a sustainable way to communicate these specifics in a clear and easy to understand way to your employees. To us, this really starts and ends with automating the process. If you’re not embracing technology for this, you’re missing out on a huge opportunity. Automating this process means employers can deliver all of their rates, plan options, benefit summaries, and even the SBCs to remain compliant in a seamless, paperless experience.

If your Employee Benefit enrollment experience is clunky or is still paper based, let’s talk. We can help you save time, save money, and increase efficiency and compliance. We’d love to help make your organization look great to your team and your potential new recruits.

6 Tips to Successfully Attract and Retain Employees in 2022

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new employee enters a brightly lit office holding a box of belongings

The workplace has been transformed by the pandemic, now employees have higher expectations for compensation, benefits, and workplace flexibility. Due to this, employers of all sizes are facing attraction and retention challenges like never before. Compared to 2021, organizations are experiencing a 3x increase in difficulties attracting employees and a 4x increase in difficulties retaining employees.

Successful efforts to win over new employees can require investments of time and costs that are higher than ever. Most businesses don’t have a lot of resources to invest in attracting and competing with large, well-capitalized organizations so it’s time to think outside of the box. We encourage you to get creative. Don’t be afraid to risk being unique and different in order to attract the talent you need to achieve your goals.

We’ve put together our top tips to help you successfully attract and retain employees in 2022:

1. Review your Benefits

Health insurance has to be a vital part of your compensation package but don’t stop there. Build out a well-rounded benefit offering that will wow your prospective employees. Include vision, dental, life, disability, 401K plans, and more. After you put together this plan, make sure you have ways to communicate them clearly to your prospects.

2. Review Your Recruiting and Hiring Process

Make sure your recurinting and onboarding process is welcoming and engaging from beginning to end. New employees will notice the difference and it will help set the tone for their time at the company.

3. Offer Bonuses for Employee Referrals

Expand your recruiting to include your employee base. Offer employees a cash bonus for referrals that are hired to the team. If your employees love where they work, they’ll be motivated to refer their friends.

4. Focus on Developing Your Employees

Include educational reimbursements, extracurricular learning, and skill advancement opportunities in the areas of their interest.

5. Establish a Hybrid Work Environment

There’s no escaping it, flexible work environments are the new normal. Create a clear hybrid work policy that allows for flexibility between in-office and remote work when an employees’ positions allow for it.

6. Focus on Enriching Workplace Culture

Continue to work on your workplace culture for employees who come to the office. Help your team foster community by encouraging friendship. This can include free lunches, team happy hours, or company-wide social events that help to bond your staff together and build camaraderie.

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Need help with improving your company culture? Contact us at marketing@corpstrat.com

This Company Is Changing the Employee Benefits Game

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Are you an employer looking for a new and innovative health insurance plan to offer your employees? Wouldn’t it be amazing if there was a new company in the market that actually did something different from all the traditional insurance carriers? Well, we think there is.

There’s a new kid on the block with a really different approach to Employee Benefits. It’s a publicly traded company built by some of the brightest minds in America: venture capitalists in Silicon Valley. They’ve already partnered with one of the biggest health insurance companies in America to leverage an A+ rating. Also, they provide access to a network of doctors one million strong. With these forces combined, they’re able to offer a completely new approach to healthcare that both empowers employees and makes health insurance better.

This may sound too good to be true. So how do they do it? They use technology and mobile apps to create telemedicine that actually works.

Through the app, you’re able to

  • Talk to a doctor anytime for zero copay
  • Refill prescriptions with the push of a button
  • Gain access to a network as big as the blues
  • Specialist referrals are not needed

By partnering with one of the biggest insurers in the nation, they’ve created great leverage on healthcare providers to push the negotiated rates down. There are also a host of tools baked into the app, designed to incentivize employees to be healthier. Think things like walking rewards, amazon gifts cards for buying healthy groceries, discounted gym memberships, and access to a huge behavioral health network.

What are you waiting for? Give your current and prospective employees a benefits package to brag about. We can help you get set up today!

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We think the future of Employee Benefits is here. If you want to hear more about how this could benefit your business, please reach out to us at marketing@corpstrat.com