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SOURCE: Springboard Public Relations
Celebrate National Employee Benefits Day with CheckPoint HR
Edison, NJ (PRWEB) April 04, 2012
CheckPoint HR, an Administrative Service Organization (ASO) focused on human capital management and benefit programs for small to mid-sized companies, today celebrates National Employee Benefits Day by offering tips and insight to employers to maximize their employee benefits programs. Employee benefit programs have become scrutinized in recent years due to changing legislation with Health Care Reform and the escalating costs of premiums however remain a vital tool in the recruitment and retention of key employees.
Employers who offer competitive benefits packages see lower turnover rates and have the advantage in attracting new talent, allowing them to remain competitive within their respective industries. Yet the rising costs of healthcare have many employers reconsidering their benefits programs.
“Companies that take a proactive approach to the employee benefits process can improve their offerings while reducing expenditures,” said Patrick Carragher, Vice President and Director of Benefits for CheckPoint HR. “There are a number of strategies that can be implemented to deliver competitive healthcare benefits without impacting the bottom line.”
Consider the following tips to help your organization optimize its employee benefits offerings:
1.) Promote Employee Wellness - Each year employers spend millions of dollars in health care claims as a result of poor employee health. Integrating an employee wellness program is a simple, yet effective way to reduce health care costs and improve productivity. This can include anything from a fitness membership to on-site screenings, which offer employees convenient ways to stay healthy and reduce absenteeism.
2.) Utilize Health Savings Accounts (HSAs) - HSAs pair high-deductible, lower premium health insurance plans with tax-advantaged savings accounts. With HSAs, employers pay less in premiums for qualified plans than other more traditional health insurance plans, but because of the high-deductible aspect, the quality of the coverage remains high.
3.) Switch to Self-Insurance - Different from fully-insured plans, with self-insured plans the responsibility of paying for medical claims is shifted from the insurer to the employer. With these plans, employees are not burdened with the rising rates of full-insurance plans and employers have the opportunity to collect claims data, providing them with the information necessary to note where costs are coming from and where money can be better spent.
4.) Offer Supplemental Benefits - Many times, benefits plans will offer basic health insurance, but maybe not dental or prescription drug coverage. With supplemental benefits, these types of benefits can be added to a basic health insurance plan, and the premium payments would come from an employee’s paycheck. Usually, when buying through an employer, discounts are made available to the employee and the cost for the employer is minimal or nothing. This allows employees to choose plans to better fit their needs.
5.) Reduce Coverage - Reducing coverage is logical, but must first be communicated to employees. Rather than simply cutting coverage, work with employees to offer the type of insurance that fits within their lifestyle. Many times employees will be willing to trade off certain benefits, should they find others to be more beneficial.
“Employers who follow these recommendations can be better equipped in the retention and recruitment processes, while controlling costs and improving workplace morale,” Carragher added. “A robust benefits package better allows organizations to find and maintain qualified workers, an organizations most important asset.”
About CheckPoint HR
CheckPoint HR, based in Edison, New Jersey, an Administrative Service Organization (ASO) focused on human capital management and benefit programs 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.
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