Fall is the Time for Businesses to Reevaluate Employee Benefits Budgets

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Before reevaluating 2013 business budgets, Benefit Specialists encourages employers to assess the options of how they should be compensating their employees.

The fourth quarter of the budgeting year is coming quick, and every time that happens businesses know that they’ll need to start considering budgeting changes soon. Before they start getting pressured about adjusting other business budgets, employers should have already determined if the amount of money they’ll spend to compensate their employees will be changing. And if so, how it’ll change and whar those compensations will go towards.

Over the past few years, employee benefit solutions have become more desired forms of compensation by employees. However, not all businesses can afford to provide their employees with an ample salary and significant heath benefits. Luckily, there are group health plans that can be customized to fit for groups large or small, providing fully insured benefits or self-funded plans.

Another questions employers need to address is what types of benefits their employees want or need. Employee assistance programs provide services designed to help balance life’s demands, and are designed to reduce absenteeism, reduce presenteeism, improve overall organizational health, offset or contain increasing healthcare costs, increase employee loyalty and retention, lower disability and worker’s compensation claims, and educate and train management, supervisors, and human resource staff. This type of compensation could greatly benefit the long-term success of any organization.

The last consideration employers should ponder is whether they have employees who might be wanting to invest in long-term care in the near future. As the cost of healthcare and healthcare-related services continue to rise, employees should consider the fact that their retirement assets and health insurance may not be adequate to fund their long-term care needs. Long-term care insurance can be offered on a group or individual basis. By offering long-term care to employees, the employer is helping them to prepare for life’s unexpected changes such as illness or disability due to an accident. Long-term care offers an excellent solution to enable employees to preserve their quality of care and their families’ quality of life when services are needed.

By taking time to evaluate what types of employee assistance employees could be demanding in the future, employers can stay competitive and keep their employees – on of the most valuable assets they have – motivated and satisfied.

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Rick Greener
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