Monday, 10 July 2017 14:11

The Value of Benefits Benchmarking

Employee benefits benchmarking is a critical component of managing your benefits program and ensuring market competitiveness.  When you consider plan changes, do you know the potential impact that the proposed changes may have on your ability to attract and retain employees?  How about employee morale?  These are important questions that must be considered prior to making any changes.  And you need to have a short and long term strategy…otherwise you may end up cost shifting every year when a band aid approach would probably have a better impact on morale.  

Health care costs continue to rise, and making benefit and employee contribution changes to reduce costs is an unfortunate reality.  But you can’t make decisions about your benefits program in a vacuum.  You need to know if the benefit changes you are considering will impact your level of competitiveness, be able to anticipate the employee’s reaction, and proactively address their concerns. 

Published in Barry Blog style

Spring-2017-Disability

There are very few changes a company can make to its benefits program that can achieve cost savings with absolutely no downside to the employees or the company. Changing the administration of your company’s temporary disability benefits (TDB) program is one of them.

In New Jersey, all employers must provide TDB to their eligible employees. These benefits must cover two-thirds of an employee’s pay, up to a weekly maximum of $633 ($615 in 2016). What many employers do not realize is that these state-mandated benefits can be administered by a private plan through an insurance carrier rather than by the state plan through the state of New Jersey. Private plans must be at least as liberal in benefit amounts, eligibility requirements and duration of payments as the state plan.

Published in Blog style

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