Organizations that offer competitive healthcare and benefits packages often have the advantage in attracting qualified employees, giving them the opportunity to stay competitive in their respective industries.
Edison, NJ (PRWEB) April 4, 2011
CheckPoint HR, the trusted ally in web-based Human Resources management for small to mid-sized companies, today celebrates National Employee Benefits Day, CheckPoint HR by offering tips for employers to help optimize their healthcare benefits programs.
Employee benefit programs have long served organizations as recruitment and retention tools, further fostering workplace loyalty. According to Patrick Carragher, Vice President and Director of Benefits for CheckPoint HR, "Organizations that offer competitive healthcare and benefits packages often have the advantage in attracting qualified employees, giving them the opportunity to stay competitive in their respective industries."
Consider the following tips and trends to help your organization maximize its employee benefits program without incurring additional costs:
1. Implement Cafeteria Plans: Flat dollar allocations to all employees so they can shop and customize their personalized benefit package. Offering these types of benefits, a la cart style, on a voluntary basis, allows employees to select the benefits they need and can afford. This offering enables the employer to save on taxes and the employee to increase their individual spendable income.
2. Flexible spending accounts (FSAs): These accounts can save employees about 30 percent on eligible health care and dependent care expenses by using pre-tax contributions from their paychecks. This includes prescriptions, over the counter medications, and both elder and child care. Because employers do not pay payroll taxes on these employee contributions they have a tremendous opportunity to save as well. Opportunities exist to offer health care FSAs, dependent care FSAs, or limited purpose FSAs for dental and vision care only.
3. Promote Wellness: A wellness program can improve employee morale, reduce health-related absences, retain employees and encourage a healthy workspace. Companies recognize that the well-being of their employees is significant to the success of their organization. Healthier employees have higher morale, are less stressed and are absent less -- all of which can drive down health care costs and increase company success. Health coaching programs, online health surveys and incentives for preventative medical visits are just some examples of new initiatives that businesses are offering.
4. Shop your plans: Evaluating dental, vision and disability plans is time consuming and often leaves the employer choosing a plan which may not be the most beneficial or cost effective. As your contract nears expiration make sure to shop around.
5. Phone in the doctor visits: Medical Phone services allow your employees to get personalized, non-emergency medical care over the phone eliminating a trip to the office. Typically a medical history is completed after which the employee is allowed to converse with doctors using an 800 number. Doctors can provide diagnosis and prescriptions for routine conditions like sinus infections and strep throat.
6. High-deductible plans: Coupled with a voluntary buy-up option minimizes an employee's out of pocket liability. With a voluntary buy-up, employees can access the benefits they need without adding premium charges for your company.
7. Premium-sharing: A strong alignment of health plan options and premium-sharing relative to "like" sized employers and "like" industries will provide employees with benefits similar to other companies, keeping you competitive within the industry without overrunning costs.
"By following these suggestions employers can help to control the costs of employee benefits while improving the health and happiness of employees," Carragher added. "A strong benefits package can help attract and maintain employees, a priceless asset to any company."
About CheckPoint HR
CheckPoint HR, based in Edison, New Jersey, is the trusted ally in web-based Human Resources management for small to mid-sized companies. The company's complete portfolio combines payroll, benefits and HR management services with a web-based Human Resource Management System (HRMS) technology platform to offer customers an affordable and centralized solution. This allows small to mid-size companies to improve efficiencies, streamline operations and reduce costs. Clients include Innophos Holding, Inc., New York Organ Donor Network, and Hamon USA. For more information on CheckPoint HR, please visit http://www.CheckPointHR.com, call 800.385.0331 or follow us on Twitter at http://twitter.com/checkpointhr.
Copyright © 2011 CheckPoint HR, LLC. All rights reserved.
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