Businesses are always looking for new ways to attract and keep the best employees in their industry and benefits are one of the most powerful tools they have available. The New Year brings new trends and benefits, and if you are lucky, your employer will offer one or more ways to boost your loyalty to the company.
What are a few of the benefits you might see offered in 2016?
Health
Many companies now offer wellness programs that are related to health, but are not specifically health insurance or healthcare coverage. These wellness programs are intended to help employees feel better, make healthier choices, and live their best lives. Programs can range from providing resources and information, to sponsoring gym memberships, to running fitness competitions, to offering money for wellness therapies not covered by health insurance, such as massage or acupuncture. Wellness programs are mutually beneficial for employees and employers – when the health and well-being of employees are improved, they are more productive and miss less time from work.
Finances
In additional to physical wellness programs, employers are also providing access to financial wellness programs. Many have recognized that improving financial health reduces stress and helps employees perform better. When an employee is not worried about money, he or she can focus on productivity and creativity. Programs include scheduling advisement seminars, offering online resources, or providing access to retirement planning tools.
Retirement Planning
Speaking of financial wellness, many employers are making a shift toward more hands-on and transparent retirement planning. In 2016, we’ll see more disclosures concerning investment fees, so investors know exactly what is being spent and what is being saved. This also means employers are transitioning to flat dollar amounts for fees, instead of percentages of assets. In most cases, this means you are paying less than you were, you are just more aware of it.
Organization
Finally, there is likely to be more automation when it comes to benefits, organizing the process for everyone involved. Fewer and fewer things are processed by hand and there is now greater access to information online. This means fewer administrative hang-ups and in most cases, faster reimbursements.
There is also a trend toward coordinating benefits into a single system, so it might be possible for an employee to access information about health insurance, retirement, and other benefit programs in one place. Companies are implementing human resources databases to make things easier and more organized for everyone.
The important thing when it comes to benefits is to make sure you understand what is available through your employer and to know that you are receiving all to which you are entitled. If you believe you are being denied a benefit for any reason, you have a right to ask for an explanation and to request a change. And if one does not occur, legal action might be an option.
To learn more or to speak to someone about an issue with your employee benefits, contact Borrelli & Associates, P.L.L.C. to discuss your situation.
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