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Benefits: 10 Key Take Aways

Over the last several weeks we went over the no or low-cost ways to make your company a great place to work. We went over many tips on what you can do right as far as offering benefits to your staff to make them want to work with you and your company. 

We talked about:

  • Why you need to look after your employees
  • Good leadership
  • Creating the right environment
  • Challenges, training and development
  • Employee perks
  • Company benefits
  • Choosing the right benefits
  • Communicating benefits correctly
  • Ways to get benefits wrong

In a nutshell, here are 10 most popular takeaways from this series on benefits.

  1. It pays to make your company a great place to work. Although base pay is still vitally important, it is not the only thing talented employees are looking for.
  2. Good leadership is vital. 27% of people who don’t trust their managers, don’t plan to stick around.
  3. Workplace culture starts at the top. To created a culture of communication, collaboration, fun and respect, the boss has to lead by example.
  4. Millennials rank training and progression opportunities as a top reason to stay in their job.
  5. Flexible working is a popular perk and could improve your employees’ productivity.
  6. Voluntary benefits enable you to offer attractive benefits at no or low cost.
  7. The benefits employees want are dependent on their circumstances and their outlook – so flexibility is key.
  8. Company-offered benefits such as accident insurance and hospital indemnity insurance can fill in the gaps in health care coverage.
  9. With paid time off plans and incentives to reduce unscheduled leave, offering paid leave can be a cheaper and more realistic option for small businesses.
  10. By effectively communicating benefits to your employees you help them understand the value of offering, which helps them get the most out of it. Voluntary benefits providers can help with this.

 

Highest regards,

 

 

Stacia

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Colonial Life, The BeneChoice Companies, Stacia Robinson, insurance, education, community, contribution, employer, employee, benefit, benefits, benefit administration, benefit administrator, life, health, accident, long term disability, workers compensation, planning, The BeneChoice Companies, workplace, employees, turnover, benefits, insurance, turnover, Stacia Robinson, Montgomery, AL, Colonial, accidental, voluntary, communicate

Communicate Your Benefits Effectively

For employees, understanding their benefits can be intimidating. It takes a whole lot of math – probabilities, prices, copays and deductibles — not to mention trying to weigh up the other options outside of what their employer o ers. So what do they really need to know? And how can you help?

 

Make sure staff know the value of their benefits

To get the credit you deserve for sta benefits, you need to communicate effectively about what you’re offering.

 

Not many people could accurately tell you what their health care package costs their employer. Not many know that, on average, their benefits package makes up just under a third of their compensation (31.7%).29 The better employees understand the value of their benefits, the more likely they are to judge their employer as a good place to work.

 

Help people get the most out of their benefits

Most employees don’t feel informed. They don’t feel comfortable making decisions about their benefits. It’s especially a problem for people with lower household incomes. And that means they don’t make the most out of the benefits offered to them.

 

Giving people reading material doesn’t work unless they’re already engaged and enthusiastic. More likely, that email will be deleted, or the booklet will end up forgotten under a pile of paperwork. Combining these methods with more direct benefits communication is usually the most effective option.

 

Keep your staff informed. Do your employees know the value of their benefits?

 

Highest regards,

Stacia

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Know What Coverage Options Benefit You and Your Team Most

When choosing coverage for your company, there are many factors that you need to keep in mind.

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  • Should your coverage include families?
  • Should your benefits be offered to part-time workers?
  • What demographic works best for you and your team (Millenials, Baby Boomers and Generation X)?

 

It is always important to think about how the benefits you want to offer will fit with factor such as the key objectives of your business, what competitors are offering to their employees, the budget you have to work with (are you going to fully fund these coverages, share the cost with your employees, or make your employees solely responsible to fund them), and the wants of your employees. Most employee demographics today span a wide range of generations.

 

Another important thing to consider is what millenials are looking for in coverage as opposed to Generation X.

 

To explain this further, Millenials have a lot of the same values as the older generation, along with benefits that will help with the balance of work and other aspects of their lives.

 

Some of these coverages include, paid leave, retirement plans and parental leave.

 

On the other side of the spectrum, Generation X looks for an employer who will fill the gaps in regular coverages they already have.

 

They ask themselves about the “what ifs” in life, things that will require immediate attention; not later in life like Millennials. Coverages they look for include, hospital indemnity insurance, life insurance, accidental insurance, and disability insurance.

 

Once you know the coverage options you want to offer, it is important that you consider the legal matters, large mistakes can result in large penalties and greatly affect your ability to offer benefits to your employees.

 

Follow these rules, and you will come up with the perfect package to not only benefit you, but your employees and their families as well.

 

Warm regards,

 

Stacia

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Millennials Want Your Investment

If you were to ask a Millennial what is their number one thing they want in a company? They would tell you a great training and development program.

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Why would this be? Well a Millennial is focusing now just on having a job now but what opportunities will allow them to move upward into leadership roles. Most millennials today are concerned about their contribution to the whole. They do want the skills to make them successful now but they are looking for workplaces that they can be loyal to today and in the future.

 

I opened this with what Millennials want but come to think of it, that is what all generations want. They want to be developed. They want to know that they belong. They want to know that they have something to contribute. They want to know that they have a home in an employer group.

 

When you give employees the space to be innovative it can create a win/win for the employee and the business.

 

Colonial Life did a survey and 78% of all employees report they would stay with their current employer if they knew there was a career path they could follow.

 

  • Have conversations. Development should be discussed annually at every performance evaluation and at every review in between
  • Ask your people what development looks like to them and how they’d like to grow.
  • Let your employees decide what skills to develop.
  • If you can, give them a budget and freedom to choose their own courses – except for underwater basket weaving of course.
  • Tell people what they can work towards – promotions, responsibility, project management
  • Reward people for taking initiative.
  • Ask your team for their suggestions and proposals.

 

Earning their loyalty will not only bring you new and innovative ideas but it will build their trust as well.

 

Highest regards,

 

Stacia

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Create A Great Workspace

In looking at your company, are you creating a great workspace for your team to come to? Most people when asked say “of course” my team and I are.

Now that we have the immediate response out the way, I’ll ask again. Are you really creating a great place to work?

This isn’t about the paint on the walls or the carpet on the floor. Any building can look nice from an aesthetics point of view but what I am referring to is are you creating the right environment from the people point of view.

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The workplace that helps employees thrive is one that is respectful of every. People communicate openly, honestly and they function from a place on integrity. Everyone is just happier and more productive.

HALT. You are thinking that this doesn’t exist. It does. You must create it and get others to buy into it.

A good workplace starts at the top. If you want others to work as a team, you must be the leader that is a team player. Leading by example is the most effective way to transform a work environment.

Have some fun! Sometimes work can just be so serious. What if you chilled out a little bit more. Others might chill as well. Celebrate birthdays, dress up for the holidays, run an occasional competition.

The other thing that must be mentioned is be aware of bullying. 27% of workers have a current or past direct experience with abusive conduct at work. Everyone has something to contribute and people want to know they are valued and that their ideas and thoughts will be valued.

You should watch for bullying and your managers should watch for bullying. Take care of the situations at  hand immediately by following the proper chain of actions that your organization has outlined. If they haven’t outlined them, do this immediately.

Highest regards,

 

Stacia

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leadership, Colonial Life, The BeneChoice Companies, Stacia Robinson, insurance, education, community, contribution, employer, employee, benefit, benefits, benefit administration, benefit administrator, life, health, accident, long term disability, workers compensation, planning, The BeneChoice Companies, workplace, employees, turnover, benefits, insurance, turnover, Stacia Robinson, Montgomery, AL, Colonial

Create Good Leadership Within Your Company

My friend in Colorado was a corporate recruiter and she told me that for 14 years, the number one reason people left their positions or even changed companies was because of poor leadership.

 

We are not just talking about the immediate boss, but the leadership team.

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Your day to day interaction at work will primarily be with your co-workers and your immediate boss but there are others who will have an impact on your life with that company.

 

Consider these things:

  1. When your current staff does a good job at something, what does your company do. Do they get a thank you, a pat on the back, recognition? It takes less than a minute to do any of those things, yet the value they bring to the environment is unmeasurable.
  2. When someone makes a mistake, do they get yelled at, taken into a private meeting room, is there a grudge held against that person forever? No one is perfect. At least not where I am from.

 

Managers need to treat their staff with respect, and in turn, employees respect them. Respect breeds trust. Trust keeps people engaged.

 

So how do you fill your company with amazing leaders?

  • Inspire your employees – ask them for their ideas and thoughts on what your company is trying to do.
  • Get on the same page – when employees feel heard and know the big picture, they can see how they can fit in.
  • Celebrate success – not matter now big or how small. Make all success worth celebrating. It is about creating a culture of celebration and success.
  • Learn from the failures. Seek the lesson and then drop it. Forgive and grow together.
  • When your customers are happy, let your staff know that they are part of something bigger than they can possibly see from their desk.

 

Colonial Life says, 73% of people who trust their managers plan to say at their workplace a long time. Which means 27% don’t plan to stick around.

 

Be a good leader no matter if you are the direct boss, a neighboring departmental boss, a director, an executive or even the CEO.

 

Highest regards,

Stacia

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Colonial Life, The BeneChoice Companies, Stacia Robinson, insurance, education, community, contribution, employer, employee, benefit, benefits, benefit administration, benefit administrator, life, health, accident, long term disability, workers compensation, planning, The BeneChoice Companies, workplace, employees, turnover, benefits, insurance, turnover, Stacia Robinson, Montgomery, AL, Colonial

The True Cost of Turnover

If you are in business to stay in business then you must take care of and retain your best team members and continually attract new top performers.

 

So what do you need to do to look after your employees?

 

The simple answer is take care of the people in your employment fold. You want to attract them and keep them.

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According to Colonial life, 65% of employers are experiencing problems attracting top performers and 54% are having difficulting retaining them. So it is clear employer are struggling with retention.

 

When an employee stays with your organization long term, there are some measurable benefits:

  1. You gain from their business experience
  2. You make more money
  3. You save money on recruiting
  4. You save money on training and development
  5. You keep employee morale intact as people are building relationships

 

This handy calculator can show you how much you save when you reduce employee turnover. Consider all that goes into finding your next best top performer. You have to write the ad, run the ad, sort through resumes, interview, check references, do background checks, welcome them on their first day, have other employees cover the work during the process, train them, mentor them and give them time to learn the ropes before they might even make a financial impact.

 

So how do you get employees to stay with you?

 

Maybe you can not give company cars, huge bonuses, etc. That is alright. Employees don’t just care about the money. What they want most is to fit in, feel valued and that they are part of a team. They want to enjoy going to work and they want to know that there is a plan for their future in regards to opportunity, benefits and financial stability.

 

If you are in a situation where you have high turnover, please watch our blogs over the next few months as I’ll be giving you some thoughts on how to make your workplace the place to be.

 

Highest regards,

 

Stacia

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Colonial Life, The BeneChoice Companies, Stacia Robinson, insurance, education, community, contribution, employer, employee, benefit, benefits, benefit administration, benefit administrator, life, health, accident, long term disability, workers compensation, planning, The BeneChoice Companies, workplace, employees, turnover, benefits, insurance, turnover, Stacia Robinson, Montgomery, AL, Colonial

Stop the Headache of Turnover

For myself and many other small businesses, employee turnover is a huge issue.  When you have a small team and on person leave, it leaves a gap in what others have to do to make up the difference or it just not get done at all.

 

This doesn’t even take in the amount of stress it puts on anyone or the cost of replacing them. This shift in responsibility can create productivity issues and lower moral.


So the more we can keep our talent, the better.  The number one thing at the top of the list for why employees leave is money. Pay a solid base pay. This is at the top of the list for both employee attraction and retention.

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So what are the things we can do as employers to keep our top talent?

  1. Be A Good Boss. According to the Society for Human Resources (SHRM), “28% of employees say they would rather have a btetter boss than a $5,000 raise, it’s clear that having a good boss is something that is highly rated by your team.
  2. Provide clear developmental opportunities. Have you ever thought that you were going nowhere in a job? If you have thought that ever, then your team has too.  As an employer it is vital so show your team where they can go – what skills they can grow and contribute, opportunities to serve, and really dial into their heart’s desires.
  3. Create a great place to work.  Think about your idea workplace. Most people seek stimulating projects, organizational and personal well-being, and dedicated teammates. Allowing others to be toxic poisons the whole. Be an employer who is mindful of what is truly happening around you.
  4. Get creative with employee perks. If you don’t have a huge budget, that is is ok. YOu just have to think outside the box and even ask your team what they want. Perhaps they would like to have game consoles, pet to work days (people are gaga about their pets), or even just extra recognition. People will do more for recognition than money somet
  5. Pay attention to employee benefits. According to  SHRM, 63% of employee s say benefits are “very important” which was even ahead of compensation/pay at 61% and job security at 59%.  If you are a small employer that can not afford benefits at the level of a large organization, consider voluntary benefits to your team.


Our team would love to help you see the value in offering a solid employee benefit or voluntary benefit plan to your organization – no matter what the size.

 

Highest regards,

Stacia

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New Teacher Success Program Sponsored by Colonial Life

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Colonial life has made a $25,000 commitment to University of South Carolina’s teacher induction program which will help pay for the continual support for graduates and teachers in their first three years of the classroom.

 

USC’s College Education Dean said the district would save $6,000,000 annually if we can keep teachers in their roles at an increased level of only 25%. That will benefit and bless the education of our children in local schools.

 

These funds will help new teachers build relationship with new graduates and teachers offering them professional development, instructional coaching and sharing best practices with them.

 

Colonial Life’s Community Relations Manager, Marie McGehee, says, “Education is the main focus of Colonial Life’s community giving. Thir program is a strong fit for our efforts to support education by equipping teachers and students with tools that help drive workforce development and economic success across the state.”

 

This is the our first venture with USC. Colonial Life has a long history of partnerships with the University of South Carolina, including naming rights at the Colonial Life Arena, support for the installation of a world-class sculpture at the Darla Moore School of Business and providing tuition scholarships through the Arnold School of Public Health.

 

The company also sponsors several programs to support educators, including the Midlands Educator Leadership Experience and the Strong Schools Grants program. Employees contribute to the company’s educational outreach efforts by volunteering with reading, mentoring and financial literacy partnerships at local schools; assisting with spring, summer and winter camps at Riverbanks Zoo and Garden; and coordinating after-school enrichment programs for Boys & Girls Clubs of the Midlands.

 

Colonial Life is a great caring company to represent. Here at The BeneChoice Companies we are grateful to be part of such a caring company!

 

Highest regards,

 

Stacia

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Telemedicine is the Answer

Have you heard the term “telemedicine” before this article? If not, you have probably used it. Dictionary.com defines telemedicine as “the diagnosis and treatment of patients in remote areas using medical information, as x-rays or television pictures, transmitted over long distances.

 

Take a step back and think about things for a moment: we live in a world where instant access in the new normal. You can select next-day shipping for your online purchases. You can binge watch any show for several seasons. Any type of music is a quick swipe away from hearing. If you want an answer to any question, just ask your phone.

 

With all of this information just click away, why should immediate access to medical care be a long wait? Telemedicine is changing the way we look at healthcare. It’s more about getting the correct answer quickly and less about making an appointment and waiting to be seen.

 

Telemedicine is not a new concept but it is a growing option for employers to add to their health care packages. Ultimately, this helps to cut costs for health care and improve access for all employees. Now, 80 percent of employers offer a telehealth benefit to their employees. This may be access through apps on their phones, access to ask a nurse a question 24/7 through a phone line/internet service, and many more.

 

For many employers and employees, this may mean the difference between taking time off to visit a physician or being able to make quick inquiry and access to pick up a prescription at a local pharmacy quickly. This saves time for employers, employees, and licensed physicians. It’s predicted that this could save companies more than $6 billion a year in health care costs. With the savings of time and money, it is no surprise that employers and employees are flocking to the idea of telemedicine as a solution to give more access to everyone for healthcare options!

Highest regards,

Stacia


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