Overview: Employee benefit programs typically account for one-third of employee compensation costs. HR professionals are charged with managing this investment wisely. This includes ensuring compliance, controlling costs, having an effective communication strategy and making sure the benefits program attracts, retains and engages employees.
This is especially challenging in light of rising health care costs and an increasingly complex regulatory environment. With only so many dollars to spend on employee benefits, a key part of the strategy is to determine how much to invest so that both the needs of the employee and the employer are met. The regulatory environment has a significant impact on how employee benefit plans are designed and administered as employers ensure plans are operated in compliance with ERISA, COBRA and HIPAA.
Having a benefits strategy that is linked to business strategy can serve as a significant competitive advantage for employers. Clearly aligning the vision of employee benefit programs with the employer's business goals demonstrates how HR functions as a business partner and contributes to the bottom line. Effective benefit communications can support this vision and will ensure that both employers and employees get the most from the substantial investment in benefits.
Trends: The newer requirements of the Patient Protection and Affordable Care Act (ACA), commonly referred to as Health Care Reform or Obamacare, in addition to the repeal of section 3 of the federal Defense of Marriage Act and the legalization of same-sex marriage in numerous states, will challenge HR professionals in both the short- and the long-term as they monitor developments and adjust benefit strategies accordingly.
Author: Tracy Morley, SPHR, Legal Editor
The end of every calendar year brings with it a multitude of annual payroll and Affordable Care Act reporting and filing requirements for which an employer must carefully plan ahead. XpertHR provides the resources an employer needs to successfully manage key year-end challenges and deadlines
Updated to include information on the forthcoming Health Care Coverage Waiver Form.
Updated to reflect new information regarding moving expense reimbursements, and meal and entertainment expenses, effective January 1, 2018.
Updated to reflect new information regarding moving expense reimbursements, effective January 1, 2018.
During this 60-minute webinar, June Mara, founder and CEO of XL Communications, reviews best practices that can help you develop a powerful and persuasive benefits communications strategy, and make your job significantly easier.
Updated to reflect final rules on forthcoming paid family and medical leave premium payments.
President Trump has signed an Executive Order instructing the Department of Labor (DOL) and the Treasury Department to consider regulations to make it easier for small businesses to offer retirement savings plans.
HR and legal considerations for employers regarding employee benefit programs. Support on following regulations and requirements on this topic.