Employee Benefit Guidance & Compliance Solutions

Posts Tagged "July 2019"

Onboarding – A Key to Retention!

By on Jul 5, 2019 in Human Resources | 0 comments

Onboarding – A Key to Retention! By Maggie Johnson     If you think onboarding consists of new employees completing documents such I-9 and W-4 forms, among others, on their first day of employment, you may be missing the value a robust onboarding process can bring to your organization. Onboarding can be the key to increased employee engagement, higher productivity and lower turnover. After spending considerable time, effort and, most likely, dollars recruiting the right person to join your organization, it makes sense to make every effort to effectively assimilate that employee into your company for a mutually successful outcome. According to Work Institute’s 2019 Retention Report, there are 150 million people currently working in the US, that’s more than ever before. In 2018, 41.4 million US workers voluntarily left their jobs. National employee voluntary turnover was over 27%. The cost of voluntary turnover is estimated to exceed $600 billion. A report on onboarding by Urban Bound stated the following statistics:   Without Onboarding Companies lose 25% of all new employees within one year As much as 20% of staff turnover occurs within the first six weeks of employment It takes 8 – 12 months for new employees to gain proficiency With Onboarding 50% greater retention of employees 34% faster for new employees to gain proficiency It’s hard to retain employees, but you can increase your chances of keeping them by starting them out right! How? Based on the above statistics, the answer may be through a well-executed onboarding program. Here are some suggestions:   Reach Out to New Employees Before Their First Day of Work Send them information about the company Give them a call Send a simple “Welcome” email letting them know how excited you are that they will join your team On the First Day of Work Make sure your new employees meet everyone on the team and others who they might work with on a regular basis Make sure their desk is set up with a supply of tools they’ll need to do their job Give them a tour of the work premises Take them to lunch Send an announcement to the company about their hire Match them up with a Work Buddy/Mentor Assign a...

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Monthly Newsletter July 2019

By on Jul 1, 2019 in Newsletters | 0 comments

Dear Valued Clients and Associates, Wishing you a safe and enjoyable time celebrating our Country’s Independence this week. When was the last time you had someone other than your current Group Benefits Broker look at the Medical and Ancillary plans available for your organization? A second set of eyes is always a good business decision when it comes to one or your biggest Company expenses and staying compliant. Contact me now and I’d be happy to see if there are plans you haven’t been shown before, that would be a better fit for your goals. No obligation. Here is your July 2019 Newsletter with a combination of HR and Health related news. I hope you enjoy!     IRS Releases Inflation-adjusted Limits for HSAs and HDHPs for 2020 On May 28, 2019, the IRS released Revenue Procedure 2019-25 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2020. These limits include: The maximum HSA contribution limit The minimum deductible amount for HDHPs The maximum out-of-pocket expense limit for HDHPs These limits vary based on whether an individual has self-only or family coverage under an HDHP. HSA Contribution Limits for 2020 The IRS limits for HSA contributions increase for 2020. Eligible individuals with self-only HDHP coverage will be able to contribute up to $3,550 for 2020, while eligible individuals with family HDHP coverage will be able to contribute up to $7,100 for 2020. The $1,000 catch-up contribution limit that applies to HSA-eligible individuals who are age 55 or older will remain unchanged. HDHP Cost-sharing Limits for 2020 For self-only coverage in 2020, the HDHP minimum deductible will increase to $1,400 and the out-of-pocket maximum will increase to $6,900. For family coverage, these limits will increase to $2,800 and $13,800, respectively. Action Steps Because these limits change for 2020, employers that sponsor these plans may need to make plan design changes for plan years beginning in 2020.     1 In 6 Insured Hospital Patients Get A Surprise Bill For Out-Of-Network Care by Rachel Bluth – Kaiser Health News On average, 16% of inpatient stays and 18% of emergency visits left a patient with at least one out-of-network charge, most of those came...

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