benefits

In its 2016 report on employee benefits, the Society for Human Resource Management (SHRM) took a look back at 20 years of employee benefits offerings in the U.S. (1996 to 2016). Here are some of the more interesting findings.

Only a few benefits have noticeably increased.

Benefits outsourcing can be a wonderful way for businesses large and small to offer top quality benefits on a limited budget, but many organizations new to the Professional Employer Organization industry don’t know what to expect from their PEO provider. As one of the nation’s leading PEOs, CoAdvantage, is no stranger to businesses who are unsure how benefits outsourcing works. Here are our top three frequently asked questions.

How does outsourcing benefits help employers?

We wrote previously about an interesting study that found people are less stressed at work than at home. In that article, we discussed some strategies for cultivating that reality and making sure employees would look forward to Monday morning.

Most employers are intimately familiar with the usual suspects of employee benefits, like 401(k) plans and health coverage options, but have you ever wondered about all of the other kinds of benefits different employers offer? Let's take a comprehensive look at all of the different kinds of benefits that organizations offer today, including some you may never have even considered.

Wellness and Health Benefits

The Affordable Care Act (ACA) worked hard to encourage small employers (generally those with fewer than 100 full-time equivalent employees, though state-specific requirements can also apply to state-run Exchanges) to provide health insurance to their workers. Chief among its efforts to ease accessibility and favorable pricing is the Small Business Health Options Program, or SHOP.
How many companies outsource benefits-related functions? Short answer: more and more. Two recent studies both demonstrate this dramatically. The third annual Guardian Workplace Benefits Study found that one-third of employers now outsource all of their benefits administration, a 65% increase since 2013.
Recruitment is a keen challenge for small businesses in today’s employment marketplace. According to The Conference Board, we’re facing a 15-year period of tight labor market conditions. That has translated into nearly a third (29%) of business owners that are dealing with positions they cannot fill right now, according to the National Federation of Independent Businesses; that’s the highest number since April 2006.
Presenteeism – or when workers show up when they shouldn’t – is the flip side of absenteeism. Contrary to many opinions, it’s just as bad for business. Most often, presenteeism means sick workers coming into work when they’re unwell, unproductive, and often – much worse – infectious.
Wholesale Services refers to sales of an enormous range of durable products, from professional and commercial equipment through motor vehicles and parts through electrical goods. It's a gargantuan industry that deals in $6 trillion in annual sales and, remarkably, is one poised for substantial growth.
From the employer’s perspective, a benefits package has a job to do. You spend time, energy and money putting together a competitive package, and it should benefit not just your workers, but also the organization itself.
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