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Open Enrollment – Why Getting a Head Start is More Important Than Ever Before
Jul 22, 2021
In prior years, you have always felt a sense of urgency to have your benefits open enrollment wrapped up in a timely manner to ensure your employees have sense of calm knowing they are covered with ID cards in hand. This also ensures your billing is accurate, employees who get deductions taken from their paychecks are correct and allows you to focus on looking ahead. The COVID-19 pandemic put us into unknown territory last year with deadlines being constantly moved, a remote workforce and uncertainty in every market. The job market has changed drastically in one years’ time and employees have started to take stock in what matters to them big picture. When that comes to their career, a benefits package is a huge part of incentivizing new employees to join your team and lets your current employees know you care.
How to Retain and Attract Great Employees
Experts are predicting a huge amount of turnover in the latter half of 2021. Reports suggest that employees who would have normally searched for jobs in the past year may have held off and are getting ready to start that search again. The reasoning? Workers are more financially secure now than a year ago and are willing to leave their employers for an arrangement that may be more favorable to them.
Employers now have a huge opportunity for stabilizing their workforce and recruiting if they begin open enrollment efforts early in 2021. Using benefits as a retention tool is more important now than ever so letting your employees know early on exactly what your benefits are that will be offered for this next year is crucial. There are ways to tailor your benefits to what your employees are looking for without breaking the bank. The COVID-19 pandemic showed us that employees are now looking for perks that they didn’t realize were important prior. These benefits or arrangements started from necessity that the pandemic created and now many employees expect at least come of these benefits to become permanent.
What Employee Benefits Matter Most Now
There were various surveys and reports and the following are some of the benefits employees are looking for right now:
- Flexible or hybrid scheduling
- Greater compensation
- Employee Assistance Programs (EAP)
- Mental health resources
- Developmental opportunities
It is critical to speak with your employees and find out what benefits matter most to them and seriously consider offering additional programs this year. Gaining employee feedback prior to enrollment shows your employees you are committed to a caring work environment and growth. It can go a long way to proactively retain employees by showing them that their quality of life matters.
How to Communicate Your Benefits Effectively
After solidifying your benefits, employers need to be clear with communication. The messaging sent to employees should state the continuation of any current benefits with a larger focus on new or updated benefit offerings as a way to incentivize employees to stay. This same messaging can be used as a tool for recruitment.
Each employer will not only need to be clear with communication but need to create a strategy on how to present this information to employees. There have been countless surveys that show employees want more help understanding their benefits options and that starts with the first communication of offerings. Open enrollment is the one time a year that employees are presented with a formal look at what is available to them and can make any necessary changes without needing a qualifying event. The following components lead to successful employee engagement and a better understanding for what is being offered:
- Group meeting for high level overview of available benefits
- One-on-one meetings for personal questions and advice
- Options for communication methods such as printout, presentations, PDF and comprehensive guides
- Ongoing resources for questions
- Reminders sent directly to employees on deadlines and specific instructions
Providing employees ample time to understand their benefits can help retain employees who may be on the fence about changing jobs. The employer should showcase clearly all of the perks that employees have available to them ahead of the expected turnover that is sure to come.
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The holiday season is a time for celebration, but it can also bring potential risks for employers. To ensure a safe and enjoyable experience for all employees, consider the following strategies to mitigate risks during your company’s holiday gathering. 1. Make Attendance Optional Clearly communicate that attendance at the holiday party is optional. It’s essential to create an environment where employees don’t feel pressured to attend, as this can lead to resentment or claims of discrimination. Ensure that managers understand the importance of not implying that attendance is linked to performance evaluations. 2. Keep It Non-Work Related To maintain the festive spirit, avoid any work-related activities, such as presentations or updates. Hosting the event off-site and outside of regular business hours can reinforce the idea that this gathering is a time for relaxation and fun. Allowing employees to bring a guest can also enhance the social atmosphere. 3. Set Clear Expectations Prior to the event, establish guidelines around respectful behavior and responsible drinking. Remind employees that company policies, including those regarding harassment and conduct, remain in effect during the festivities. 4. Monitor Alcohol Service Plan to manage alcohol service carefully. Ensure that no minors or visibly intoxicated individuals are served alcohol. Consider hiring professional servers or holding the event at a venue with trained staff who can refuse service to those who have had enough to drink. 5. Opt for a Cash Bar Hosting a cash bar can reduce liability, as it signals that the company is not providing alcohol directly. This approach may also limit consumption, as employees will be more mindful of their spending. 6. Limit Alcohol Intake Distributing a set number of drink tickets can help control the amount of alcohol each attendee consumes. While this tactic has limitations, it can be beneficial in promoting responsible drinking. 7. Choose Appropriate Entertainment Select entertainment and venues that foster a respectful and inclusive atmosphere. Avoid any activities that could be seen as provocative or offensive, as these settings can lead to uncomfortable situations, especially when combined with alcohol. 8. Plan for Safe Transportation Make arrangements for employees to get home safely after the event. Options may include providing ride-sharing services, public transportation vouchers, or organizing group transportation. Encouraging attendees to designate a sober driver at the beginning of the party can also be an effective strategy. 9. Offer Food and Non-Alcoholic Beverages Provide a variety of food and non-alcoholic drinks. This consideration not only helps ensure the safety of employees but also demonstrates that the company values all attendees, including those who may not wish to consume alcohol. 10. Act Responsively If an employee is visibly intoxicated and needs assistance getting home, don’t hesitate to arrange transportation. It’s crucial to prioritize employee safety over any reluctance to intervene, as taking swift action can prevent serious consequences. Conclusion By implementing these strategies, employers can create a holiday party that fosters enjoyment while prioritizing safety and respect. With thoughtful planning and proactive measures, your company’s celebration can be a memorable and positive experience for all employees. Happy holidays from Simco!
In April 2024, we shared the U.S. Department of Labor’s (DOL) announcement of a new overtime rule under the Fair Labor Standards Act (FLSA), setting higher salary thresholds for white-collar exemptions, which first took effect on July 1, 2024. Now, as the second increase approaches, employers should prepare for the final phase of the rule, effective January 1, 2025, when salary levels will again rise for executive, administrative, and professional employees, as well as highly compensated employees. What Are the New Salary Thresholds? Starting January 1, 2025, employers will need to ensure that salaries meet the new DOL requirements to maintain overtime exemptions: Executive, Administrative, and Professional (EAP) Employees: To qualify for the overtime exemption, EAP employees must now earn a minimum salary of $58,656 per year (or $1,128 per week). Highly Compensated Employees (HCE): HCEs must earn at least $151,164 annually to maintain their exempt status under the new guidelines. These changes aim to ensure fair compensation and proper classification for employees, helping prevent wage and hour violations. Action Steps for Employers While there may be challenges ahead, employers must take proactive steps to get ready for the rule’s implementation as scheduled. Here are some recommended actions: Evaluate Your Workforce and Classifications: Review exempt roles, including job responsibilities and salary levels, to determine how upcoming changes will affect your organization and identify any necessary adjustments. Seek Legal Guidance: Collaborate with your legal team to understand the new rule's implications and ensure compliance with state laws. Prepare for Changes: Develop strategies for potential reclassifications, including necessary training and clear communication plans to inform affected employees about changes to their status and compensation. Final Thoughts As you prepare for the upcoming changes in the DOL's overtime rule, take this opportunity to review and optimize your compensation practices. Ensuring that employee classifications and salaries align with the new thresholds will help safeguard your organization against compliance issues and promote a fair work environment for all employees. If you need assistance or have questions, contact Simco !
If you recently received a notification that your Medicare plan is being discontinued for 2025, you're not alone. According to Healthpilot, a digital Medicare broker, some insurers are exiting unprofitable markets, leading to approximately 1.5 million Medicare Advantage enrollees losing their plans. Whether your plan is being discontinued or not, it’s important to take action quickly to ensure continuous coverage and get the best fit for your healthcare needs. Why Are Medicare Plans Being Discontinued? Many Medicare Advantage plans are being discontinued due to rising costs and changes within the industry. Insurers are facing increasing medical expenses as members require more care, compounded by the effects of the Inflation Reduction Act. Additionally, as the healthcare landscape evolves, insurers are grappling with how to remain profitable while still offering competitive health plans. This combination of factors has led to many plans being discontinued, prompting members to seek new coverage options. My Plan is Being Discontinued – What Now? Act Quickly: With your current plan expiring, you need to enroll in a new one. The standard Annual Enrollment Period (AEP) runs from October 15 to December 7, but if your plan is discontinued, you have until December 31 to select a new one. Just be aware that waiting past December 7 may leave you with a gap in coverage. Review Your Notice: Unlike the standard Annual Notice of Change (ANOC), the notification you received is a crucial signal to start your search for new coverage. Take a moment to read through it carefully, as it contains important details about your current plan’s discontinuation and next steps. Research Your Options: Don’t wait until the last minute. Start evaluating different Medicare plans that align with your healthcare needs and financial situation. Consider factors such as coverage specifics, provider networks, and costs. Our licensed insurance agents are available to assist you in comparing your options and finding a plan that works best for you. Avoid Coverage Gaps: To avoid any interruptions in your healthcare services starting January 1, make it a priority to enroll in a new plan by December 31. Double-check that your new plan starts on January 1 to maintain continuous coverage. My Plan Isn’t Being Discontinued – Should I Still Act? Even if your plan will continue next year, you might still want to consider making a change. Medicare plan benefits, premiums, and coverage can change annually. Whether it's finding better coverage, more competitive premiums, or improved benefits, it’s worth exploring your options. You can still schedule a meeting with one of our licensed insurance agents to review your current plan and discuss potential alternatives. We’re Here to Help At Simco, we understand how overwhelming it can be to navigate Medicare, especially during enrollment periods. That’s why our licensed insurance agents are here to provide personalized support and help you make the best decision for your needs. Whether your plan is being discontinued or you’re just looking for better options, don’t hesitate to reach out. Contact us today to schedule a 1-on-1 meeting or for more information on Medicare options. We’ll help you find the right plan to keep you covered in 2025!
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The holiday season is a time for celebration, but it can also bring potential risks for employers. To ensure a safe and enjoyable experience for all employees, consider the following strategies to mitigate risks during your company’s holiday gathering. 1. Make Attendance Optional Clearly communicate that attendance at the holiday party is optional. It’s essential to create an environment where employees don’t feel pressured to attend, as this can lead to resentment or claims of discrimination. Ensure that managers understand the importance of not implying that attendance is linked to performance evaluations. 2. Keep It Non-Work Related To maintain the festive spirit, avoid any work-related activities, such as presentations or updates. Hosting the event off-site and outside of regular business hours can reinforce the idea that this gathering is a time for relaxation and fun. Allowing employees to bring a guest can also enhance the social atmosphere. 3. Set Clear Expectations Prior to the event, establish guidelines around respectful behavior and responsible drinking. Remind employees that company policies, including those regarding harassment and conduct, remain in effect during the festivities. 4. Monitor Alcohol Service Plan to manage alcohol service carefully. Ensure that no minors or visibly intoxicated individuals are served alcohol. Consider hiring professional servers or holding the event at a venue with trained staff who can refuse service to those who have had enough to drink. 5. Opt for a Cash Bar Hosting a cash bar can reduce liability, as it signals that the company is not providing alcohol directly. This approach may also limit consumption, as employees will be more mindful of their spending. 6. Limit Alcohol Intake Distributing a set number of drink tickets can help control the amount of alcohol each attendee consumes. While this tactic has limitations, it can be beneficial in promoting responsible drinking. 7. Choose Appropriate Entertainment Select entertainment and venues that foster a respectful and inclusive atmosphere. Avoid any activities that could be seen as provocative or offensive, as these settings can lead to uncomfortable situations, especially when combined with alcohol. 8. Plan for Safe Transportation Make arrangements for employees to get home safely after the event. Options may include providing ride-sharing services, public transportation vouchers, or organizing group transportation. Encouraging attendees to designate a sober driver at the beginning of the party can also be an effective strategy. 9. Offer Food and Non-Alcoholic Beverages Provide a variety of food and non-alcoholic drinks. This consideration not only helps ensure the safety of employees but also demonstrates that the company values all attendees, including those who may not wish to consume alcohol. 10. Act Responsively If an employee is visibly intoxicated and needs assistance getting home, don’t hesitate to arrange transportation. It’s crucial to prioritize employee safety over any reluctance to intervene, as taking swift action can prevent serious consequences. Conclusion By implementing these strategies, employers can create a holiday party that fosters enjoyment while prioritizing safety and respect. With thoughtful planning and proactive measures, your company’s celebration can be a memorable and positive experience for all employees. Happy holidays from Simco!
In April 2024, we shared the U.S. Department of Labor’s (DOL) announcement of a new overtime rule under the Fair Labor Standards Act (FLSA), setting higher salary thresholds for white-collar exemptions, which first took effect on July 1, 2024. Now, as the second increase approaches, employers should prepare for the final phase of the rule, effective January 1, 2025, when salary levels will again rise for executive, administrative, and professional employees, as well as highly compensated employees. What Are the New Salary Thresholds? Starting January 1, 2025, employers will need to ensure that salaries meet the new DOL requirements to maintain overtime exemptions: Executive, Administrative, and Professional (EAP) Employees: To qualify for the overtime exemption, EAP employees must now earn a minimum salary of $58,656 per year (or $1,128 per week). Highly Compensated Employees (HCE): HCEs must earn at least $151,164 annually to maintain their exempt status under the new guidelines. These changes aim to ensure fair compensation and proper classification for employees, helping prevent wage and hour violations. Action Steps for Employers While there may be challenges ahead, employers must take proactive steps to get ready for the rule’s implementation as scheduled. Here are some recommended actions: Evaluate Your Workforce and Classifications: Review exempt roles, including job responsibilities and salary levels, to determine how upcoming changes will affect your organization and identify any necessary adjustments. Seek Legal Guidance: Collaborate with your legal team to understand the new rule's implications and ensure compliance with state laws. Prepare for Changes: Develop strategies for potential reclassifications, including necessary training and clear communication plans to inform affected employees about changes to their status and compensation. Final Thoughts As you prepare for the upcoming changes in the DOL's overtime rule, take this opportunity to review and optimize your compensation practices. Ensuring that employee classifications and salaries align with the new thresholds will help safeguard your organization against compliance issues and promote a fair work environment for all employees. If you need assistance or have questions, contact Simco !
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