Annual enrollment with a January 1st plan year is right around the corner and it is time to start planning for 2023 employee benefits.  With benefit costs expected to increase 5.6% in 2023, companies are reviewing their benefit strategies now.  Trends that being considered include;

• Lowering deductibles
• Re-introducing PPO’s
• Expanding behavioral through enhanced EAP services, more on-line resources, and training managers on recognizing behavioral health issues
• Continuing the use of virtual care, such as doctor visits

While focusing on benefit costs and strategies is at the forefront of benefit renewals, time should be set aside to review the plan documents and other communication materials to determine if any changes are needed.  In doing this review, any differences in policies and procedures can be identified and corrected. Company policies, such as extending benefit coverage during a leave of absence, should always match the plan document. ERISA guidelines continue to state that the “plan document” always rules. 

Employers are becoming more committed to Diversity, Equity, and Inclusion (DEI) in the workplace and realizing the benefits. According to the Diversity Hub, DEI encompasses the symbiotic relationship, philosophy, and culture of acknowledging, embracing, supporting, and accepting those of all racial, sexual, gender, religious and socioeconomic backgrounds, among other differentiators.

• Diversity includes groups such as people of color, women, veterans, LGBTQ employees, older employees, and those with disabilities.
• A diverse employee group can bring different thoughts, ideas, experiences, and perspectives  to the workplace.
• Everyone feels comfortable at the workplace and can do their best work. Employees feel like they belong.
• According to a 2020 McKinsey & Co. report, employers with ethnically diverse executive teams were 36 percent more likely to have above-average profits.

Developing a DEI culture;

• Ensure job descriptions and job postings are more inclusive. For example, often a college degree is listed as an absolute requirement, when it could be disqualifying talented candidates who can’t afford colleges. Review to determine if experience can replace a college degree requirement.
• Establish meaningful relationships with colleges and professional groups that targets diverse groups. A meaningful and on-going relationship is crucial to show commitment to DEI is a top priority.
• Ensure interviewers do not have “unconscious” bias when interviewing. Training and practice interviews can help determine any biases.
• Review Employment Applications and determine if all information requested is necessary. Remove any past salary information and focus on paying what the job is worth.
• Current employees can be an excellent source for referring new hires. But to improve companies must have a diverse workforce. If current employees belong to the same social groups, professional organizations, colleges, etc., it will be more difficult to depend on employee referrals.
• Make DEI a part of the main company values and continually reinforce the company’s commitment. Implement policies and initiatives and clearly state the goals.

Promoting a diverse workplace is the “right thing” to do as everyone should have an equal opportunity in the workplace. For more information, send an email to [email protected]

.Employers have heard of the “Great Resignation” as they struggle to find employees, but how about the “Great Reflection”?

Another trend spurred by COVID-19, the Great Reflection has employees re-imagining their lives. Studies show that closeness to family and friends and prioritizing experiences are more important than ever. For employers, flexible hours, autonomy on the job and more freedom to have family time are key benefits for retaining employees as well as recruiting new employees.  

Reasons to stay with an employer vary among different generations.  Baby Boomers (32%), Gen X (35%), and Millennials (31%) were significantly more likely to cite job stability as the most important reason than Gen Z (14%). Instead, Gen Z (18%) prioritizes meaningful work over job stability
For more information on the survey, go to;
​The Great Reflection (forbes.com)
Paychex Research Reveals Job Stability and Meaningful Work Are What Makes Employees Stay (yahoo.com)