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Lower Salaries & Better Employee Benefits: Part 2

Last week on the blog, we covered how employee recognition can help employers lower salary costs. Well this week, we take a less optimistic (but equally useful!) approach to the issue. As employers struggle to raise salaries, they need to keep in mind that employee benefits are part of compensation as well. Going beyond the "expected" benefits like health insurance, boosting an employee benefits program can be more cost effective and lead to employee satisfaction in the case of financial limitations. Adding benefits like a commuter program to help curb the cost of commuting or parking, or an organizational health and wellness initiative, or a company-wide employee recognition program that is well communication and used often can all be great ways for employers to boost benefits packages without boosting salaries. Adding these types of additional benefits allows employees to feel like they are getting something extra from their employers, while employers can apply fixed costs to these programs. Commuter programs can put a dent in employees' cost of commute. Health and wellness programs are a great way to motivate employees toward healthy behavior and maintain their own personal healthcare by offering preventative health screenings. Employee recognition programs are another way to provide non-cash bonuses in the form of a gift card or some extra time off that allow employees to indulge. Since all of these can be applied to an annual budget and used incrementally throughout the year it can put much less financial strain on the organization's total budget.
For more information on maintaining employee satisfaction through employee benefits check out Employee Benefits News.

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Employers Offering More Health and Wellness Benefits

Employers are spending more on health and wellness benefits while decreasing the amount of spending on other types of benefits.  According to the Society of Human Resource Management's (SHRM) 2014 Employee Benefits report, 28% of employers have increased the benefits they have offered to employees in the last year. Employers are finding it crucial to maintain or increase key benefits in areas where costs are rising - which has mainly been healthcare and wellness. And decrease benefits like undergraduate tuition, personal car use for business purposes reimbursements, and long-term care insurance.

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Webinar: Complying with PPACA & Building a Successful Incentive Program

Join Gift Card Partners and CVS/pharmacy on Tuesday November 19th, at 2:00 PM EST, as we host a live webinar in conjunction with the Employer Healthcare & Benefits Congress titled: Wellness in the Corporate Environment and Complying with PPACA; How to Build a Successful Gift Card Incentive Program. Presenting will be Ralph Lardieri, wellness manager, Wawa, Inc., Judith Wethall, shareholder, Littler, Finn Pressly, Associate, Mendelson and moderating the Q&A session will be Edward Shulkin, president, GiftCard Partners. How do you plan to improve your workplace wellness program in 2014?

About the webinar Tuesday November 19th, at 2:00 PM EST: Wellness programs are an effective method to maintain group health plan costs and motivate employees to take control of their health, while assisting employees to lead happier, healthier and more productive lives. Employers seek solutions by offering incentives that are tangible, easily accessible and tailored to the employees work/life balance for voluntary participation. Prior to the passage of the Affordable Care Act, navigating the legal landscape of wellness programs and incentives could be treacherous. However, the Affordable Care Act seemed to be a clear endorsement of standards-based wellness programs by the government. PPACA generated even more opportunities to get creative with these wellness programs, but it is important to understand the risks. We will address:

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WEBINAR: Complying with PPACA & Building a Successful Incentive Program

Join Gift Card Partners and CVS/pharmacy as we host a live webinar in conjunction with the Employer Healthcare & Benefits Congress titled: Wellness in the Corporate Environment and Complying with PPACA; How to Build a Successful Gift Card Incentive Program. Presenting will be Ralph Lardieri, wellness manager, Wawa, Inc., Judith Wethall, shareholder, Littler, Finn Pressly, Associate, Mendelson and moderating the Q&A session will be Edward Shulkin, president, GiftCard Partners.
healthcare reform and incentives updates for 2014

About the webinar Tuesday November 19th, at 2:00 PM EST: Wellness programs are an effective method to maintain group health plan costs and motivate employees to take control of their health, while assisting employees to lead happier, healthier and more productive lives. Employers seek solutions by offering incentives that are tangible, easily accessible and tailored to the employees work/life balance for voluntary participation. Prior to the passage of the Affordable Care Act, navigating the legal landscape of wellness programs and incentives could be treacherous. However, the Affordable Care Act seemed to be a clear endorsement of standards-based wellness programs by the government. PPACA generated even more opportunities to get creative with these wellness programs, but it is important to understand the risks. We will address:

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Infographic: Are You Communicating Your Benefits Program?

The infographic below offers some pretty staggering statistics on how employee loyalty is tied to benefits, and how employees are often less loyal to their organization because they are not aware of the extent of their benefits. If benefits were better communicated and employees were aware of all that their employers were offering loyalty and retention rates would be higher. The lack of communication is apparent, since employee loyalty is at a 3 year low, even as the economy recovers and companies begin hiring again. Happy employees are productive employees, so ensuring that your employees are aware of benefits from health and wellness rewards, to spot rewards like gift cards for a job well done, will result in a measurable return on investment for your business.

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