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Employers benefit from providing financial education to employees

Providing employees with financial education is a benefit that can have a positive impact on employers as well. This type of education can help employees become more invested in improving their personal finances. In addition, employees tend to be more productive at work when they’re less stressed about their finances. Here are some benefits companies might find if they make the investment in financial education for their employees: More participation among financial programs in the workplace: The more employees are educated and aware of their finances and their specific needs, the more likely they are to seek the company benefits that will best suit them. Ensuring that employees are educated will help employers ensure they have adequate participation in benefit plans to offer the most valuable productions and options.  Financial burdens and stress can have a significant impact on overall physical health and wellbeing. In 2015, nearly 25 percent of adults felt “extreme financial s ...

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HR Update: New Paid Sick Leave Requirement in the City of Los Angeles Going Into Effect

Earlier this month, Mayor Eric Garcetti signed the Los Angeles Minimum Wage Ordinance which includes a paid sick leave requirement.  The City of Los Angeles will generally require employers to provide paid sick leave to any employee who, on or after July 1, 2016, works in the City of Los Angeles for the employer for 30 or more days within a year from commencement of employment.

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Health benefits to cover transgender surgery might become a requirement for companies

New regulations associated with the Affordable Care Act and the Department of Health and Human Services might make it a requirement for company-sponsored group health insurance plans to cover transgender surgery. There might be additional requirements for other transgender health benefits. This requirement would likely go into effect January 1st, 2017 or at the beginning of the plan’s new coverage year. The new requirements aim to completely prohibit any type of discrimination based on sex, age, disability, race, color or national origin. Not all employer health plans are required to comply with the new provisions. These plans are required, however: Any group plans sponsored by home health groups, hospitals, nursing homes or any organizations that receive funding from Medicaid or Medicare Part A.  Employer- sponsored health plans that are fully insured when the insurance company offers any type of coverage on the exchange.  Employer-sponsored group health plans that are s ...

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Workplace culture is more than benefits and perks of the job

Employers have to understand that no amount of benefits and perks will drive the company’s success the way a strong workplace culture will. Experts say there’s a direct relation between organizations that have a strong culture and strong performance. Although tech giants have driven this idea, companies outside of Silicon Valley should take note of the idea of a strong culture in the workplace. So what components are needed to build the cultural balance within an organization? Companies should focus on several factors including work-life balance, opportunities for development, flexibility, recognition and the opportunity to build strong working relationships. Many companies are trying to evolve. Previously, companies were made to be stable. Now, they have to be flexible and withstand constant change. Experts have some tips to help companies drive culture: Ensure that employees have ample opportunities. Employees need to feel their employer’s investment in their future and profes ...

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Small and midsized companies need to shift their focus to benefits

One of the most prominent issues facing companies of all sizes is attracting and retaining the type of workforce they need to be successful. For smaller and midsized companies, this task can be especially challenging as large companies often steal the show. Small and midsized businesses are encouraged to leverage unique benefits to help keep their talented employees with the company. Recent research indicates that small and midsized businesses are offering health insurance benefits for employees and their families. This ensures they can remain competitive with larger companies. However, companies this size might have a more challenging task to identify what additional benefits might be the best investment for their company. Experts have some tips to help these organizations select meaningful and useful benefit offerings: Employees main focus is health insurance and securing their financial future with retirement savings: A recent survey among employees indicates that the top three benefit prioriti ...

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