“Organizational culture” may be an overused phrase, but culture — and the employer-employee connection culture generates — has become part of recruiting, retention, and the assembling of the right benefits package to engender long-term loyalty.

How important are culture and connection within an organization? They definitely can make a major difference in candidate interest and employee satisfaction. Just consider the following;

• Mentioning culture in job postings increases engagement with the listing (67%).
• One-quarter of employees say they’ll leave an employer if they’re not happy with an organization’s culture.
• Nearly 15% of job seekers will decline a job offer because they don’t feel comfortable organization’s culture. 

Employee handbooks are important tools for establishing employee expectations, addressing workplace issues, and defending against potential lawsuits.

Failing to update employee handbooks regularly can make employers vulnerable to legal risks and liabilities, resulting in costly fines, penalties, and attorneys’ fees.

Employment laws are often complicated, and employers need to be aware of any new regulatory developments that may impact their organizations and workforce. Each new calendar year provides employers with an excellent opportunity to review and update the policies in their employee handbooks.

Here are five employment policies employers should consider reviewing in 2023. 

A growing number of employers are currently experiencing a rise in catastrophic health claims, largely due to medical and pharmaceutical advances (e.g., specialty drugs and cell and gene therapies).

In the past, employers have expanded cost-sharing methods to reign in rising health expenses, such as offering high deductible health plans, but today’s employers are hesitant to shift costs onto employees amid the tight labor market.

As a result, many employers with self-funded health plans are actively looking for impactful mitigation strategies. One of the most common strategies is purchasing aggregate stop-loss insurance to help cover catastrophic health claims.

Let’s face it. Rising interest rates and stubbornly high inflation are causing financial stress among those who previously felt financially secure. One can therefore appreciate how this one-two punch is now overwhelming anyone who wasn’t already in a decent financial position before these two economic conditions took hold. 

It’s well documented that concerns over money and financial security are now contributing to declines in mental wellness. At present, 19.86% of American adults, equivalent to nearly 50 million people, are experiencing a mental illness of some sort.

Well-constructed and employer-led financial wellness programs can help alleviate some of this pressure, leading to greater happiness and workplace productivity. Financial wellness now plays an essential role in ensuring what we like to call a Quality Employee Experience or QEX for short.

Regulations aside, employee benefits management hasn’t changed much in several decades, so it’s notable that employers are beginning to use traditional marketing tactics to make sure their benefits efforts hit the mark for their employees. 

Case in point: HUB Workforce Persona Analysis.  It’s a smarter way to inform your benefits strategy, meeting employees where they are. If your organization isn’t taking steps to understand your population using audience segmentation, you should. (You can watch a video on Persona Analysis here.)

Analysis of workforce personas enables employers to design personalized experiences from multiple perspectives. Seeing benefits from different angles can make your benefits spend smarter, resulting in a return on investment 5% to 8% ahead of a one-size-fits-all approach. Just ask any consumer marketer and they nearly unanimously will tell you that personalization also deepens customer relationships.

So why can’t this approach also advance your employee relationships? It can, for organizations that stop to take the pulse of their workforce and apply what they learn to guide how we engage each other and nurture healthy employee cultures. These actions ultimately inform better benefits design, improved job performance, boosted impacts from leadership, and reduced employee churn.

Here's how to look at it;

As businesses expand beyond their borders, it can be a significant management challenge to structure an employee benefits program.

There’s the risk of failing to meet regulatory requirements or offering packages that are competitive in the United States, but aren’t appealing elsewhere, or are unnecessarily expensive.

In addition, acquired rights rules in most countries outside the U.S. make it difficult to rescind benefits after they’ve been offered, making it essential to get it right the first time.

What’s more, multinational employers need to devote sufficient management time and due diligence efforts to ensure that benefits are appropriately designed and cost-effectively delivered.

As companies continue to rebound from the pandemic, ongoing challenges — including staffing shortages, unpredictable demand, and rising supply costs — have businesses on the hunt for any advantage. Evaluating funding strategies for medical benefits programs may be a good place to start.

With employers offering richer benefits to employees as a recruitment and retention incentive, organizations are taking a hard look at the options available. Captive insurance can be an ideal solution for medical benefits, offering mid-sized companies across most industries the opportunity to control medical and pharmaceutical costs and design a more customized health plan.

Compared to companies offering traditional, fully insured plans, companies retain more control and transparency through participation in a medical captive. Employers may also save as much as 30% to 50% in total prescription costs through an actively managed pharmacy program. Overall healthcare expenses may also trend lower over time, creating a cost advantage over competitors and a benefit to the bottom line. However, participating in a benefits captive involves more work and oversight in exchange for plan flexibility and the chance to create healthcare savings.

Just as HR professionals quickly adapted to changes at the height of the pandemic, they must now adapt and respond to today’s evolving expectations of organizations and employees alike.

As such, savvy HR leaders and professionals will approach 2023 with human-centric strategies that holistically support and benefit workers. Organizations will benefit from putting people first and listening to what their people need.
 
Today we'll highlight six HR trends to follow in 2023.

On nearly the eve of its expiration, Congress has extended the ability of high deductible health plans (“HDHPs”) to offer first-dollar telehealth coverage through plan years beginning before January 1, 2025. This will allow participants receiving this coverage to continue to contribute to a health savings account (“HSA") for this purpose.

Separately, the agencies responsible for enforcing prescription drug reporting have issued good faith relief, an extension, and some additional flexibility in reporting.

Deciding how many HR professionals an organization needs to operate effectively is a hotly debated topic. Some organizations rely on metrics to guide them in making this decision.

One of the most common metrics organizations use when deciding whether to hire HR professionals is the HR-to-employee ratio. When properly analyzed, this ratio can aid employers in meeting their HR needs and benchmarking their organizations against others.

It can help employers determine not only how to fill their HR staffing needs, but also analyze how well their HR professionals are delivering on organizational goals.
 
Today we'll explain the HR-to-employee ratio, how organizations can use it, and what employers should consider when deciding whether to hire HR professionals.