The Capital One data breach detected on July 19, 2019, underscores the importance for employers and individuals to increase their cyber security efforts. According to Capital One, the breach resulted in the hacker gaining access to personal information related to credit card applications from 2005 to early 2019 for consumers, applicants and small businesses.
The world is different than it once was. It used to be that you needed a 30-foot phone cord to take the phone into another room just so you could have a little privacy, and that when you left work, you really left work, since there wasn’t any way to login remotely.
Nowadays, technological advances have made us truly mobile by enabling us to stay connected 24/7/365. While the workplace impact of 24/7 connectivity has meant that employee productivity has been on the rise, along with it comes challenges that couldn’t have been imagined even 15 years ago.
With massive data breaches at organizations such as Target, Dairy Queen, and JPMorgan, businesses are becoming more aware of the threat of hackers and external threats to their data. And while it’s important to protect yourself from such exposures, history has shown that the real enemy lies within our own companies. Don’t believe it?
In our 2015 MarketPulse trend study, we introduce our first annual WellnessPulse benchmarking study, in which we survey our clients about their wellness programs and share key results. We also cover trends in executive compensation and benefits, health plan design, healthcare reform, social engineering and cyber risks, workers' compensation, and retirement benefits.
Download the PDF: MarketPulse 2015
Retirement planning is very different from planning for other benefits because the end goal is many years – even decades – away. It’s impossible to develop a foolproof plan that will guide a 25 year-old to her retirement 40 years later. But the practice of planning, the financial education obtained and the savings habits created along the journey can steer employees closer to reaching their retirement goals.
In a society in which job-jumping has become the norm, employers are routinely confronted with the attendant challenges arising from increased employee turnover. Among the challenges presented are also opportunities to understand the cost of turnover, pinpoint potential sources, and implement best practices for preventing employee turnover.
A recent survey by the Society for Human Resources Management (SHRM) reported 94% of leaders feel employee engagement is an important or very important workforce challenge. An engaged workforce increases operational income by over 19%, while a disengaged workforce can drain over 34% of an organizations’ operational income. Additional risks of low engagement can be seen in increased turnover, low customer satisfaction ratings and even increased employment litigation.
Employee retention continues to be a top concern for employers, even more so than last year, according to a PayScale survey of more than 4,000 executives and human resources professionals.
In 2014, a staggering 59% of employers were more concerned about retaining talent than anything else. Five years ago, only half of those employers thought retention was their number one concern.
Do you currently sit on any boards, or are you thinking of doing so? Board membership can take many forms, from small nonprofits to major corporations. And while serving on a board can be very rewarding, it also exposes your personal wealth and assets to potential risk, since board members can be personally liable for the actions (or inactions) of the boards upon which they sit.
Risk management and human resources are traditionally two different job functions, and the people in these areas have rarely crossed paths — but that is changing.
Why are these people starting to work together more frequently?
Many technology exposures originate in an organization’s information technology (IT) department. In addition, client data and intellectual property may be at risk through computer viruses or malware that can penetrate the system — even without fraudulent intent on the part of employees — through poor or nonexistent IT security policies.
Businesses are also exposed to a growing number of online security threats and vulnerabilities from the outside. Establishing policies and safeguards to protect your company from internal misuse, external fraud and malware is absolutely essential.
Introducing our 2019 MarketPulse trend report, where we discuss what our clients and other employers are doing to manage risks, promote employee productivity and morale, reduce costs and improve their organizations as a whole. In this issue, we explore retirement plans featuring target date funds as well as specialty drugs, cyber risk, predictive modeling, workplace well-being, advanced data analytics, the cost of large and often ongoing medical claims, and various emerging trends. In addition to a discussion of each trend, you will find supporting materials at AssociatedBRC.com/MarketPulse.
Download the PDF: MarketPulse 2019
Biometric screenings top the list of wellness tools that employers use today, according to MetLife’s 2014 U.S. Employee Benefit Trends Study. After biometrics, employers use other types of wellness programs as follows:
When it comes to an employer’s health plan, good information is like currency. Resourceful employers analyze their plan’s medical claims data and, with a few tweaks in plan design, they can create significant savings.
Regardless of the industry or the current state of the economy, conducting a criminal background screen on employment candidates has become standard practice for many employers. It is not so much the practice that presents the issue as it is the potential result. To that point, the critical question becomes, what does an employer do if the background check reveals a criminal record?
Enrolled in a high deductible health plan (HDHP)? There may still be time to maximize your health savings account (HSA) contributions for 2018 — you have until April 15th to make your HSA contributions. Current contributions limits include $6,850 for family and $3,450 for single. Family members (or any other person) may also make contributions on behalf of an eligible individual. High deductible health plan (HDHP) requirements are:
You might be tired of hearing about new cyber risks, especially around the holiday season with all of its other stressors, but now is the ideal time to protect your family as smart devices are a very popular type of holiday gift. Like any evolving technology, smart home tech is especially vulnerable to hackers. Do you own — or are you thinking about purchasing — any of the following popular devices?
A benefit plan must not discriminate in favor of highly compensated employees (HCEs) and key employees with respect to eligibility, contributions, or benefits. To ensure compliance, all 401(k) plan sponsors should understand the basics of nondiscrimination testing and, considering the complexity of the rules, make sure this critical duty is being done right. Even if a plan sponsor relies on a third-party administrator (TPA) to perform the nondiscrimination testing, the plan sponsor is responsible for the consequences of noncompliance, which could include tax consequences for plan member investments.
For decades, rising healthcare costs have been a consistent topic of conversation, particularly for employers concerned with enhancing worker productivity, reducing medical costs and meeting occupational health and safety needs. One solution which has arisen with increasing frequency is the establishment of employer-sponsored clinics (or “onsite/near-site” clinics). With this solution, however, comes many considerations and challenges for employers.
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