This week’s 5 for Friday rounds up five stories about the latest trends in comp and benefits.
5. Using Return-to-Work Programs to Improve Profits and Morale Life Health Pro: “RTW programs can help save costs and boost morale, both of which can lead to increased employee productivity. Today, companies are running lean and absences impose both additional direct and indirect costs. Direct costs include wages and benefits paid to absent employees; indirect costs include lost productivity, expenses of hiring and training replacement workers, and the risk of disrupting customer relationships.”
4. DC plans lead to less commitment, higher employee turnover Benefits Pro: “Not having a steady pension plan would also increase employee turnover, the report found. DC accounts and cash balance plans no longer defer compensation into the future and thus offer fewer economic incentives to employees to stay with public employers.”
3. Managers scramble to understand health law changes Capital Gazette: “When 2014 passes, it seems like employees will know more about it than I will,” said Rose Lis, the human resources manager at a Beltsville-based cleaning company and the president of the Anne Arundel County Chapter of the Society for Human Resource Management.
2. Your Paycheck or Your 401(k) Wall Street Journal: Companies also worry that more employees will opt out at higher contribution levels, but studies show that people don’t do that, says Shlomo Benartzi, chief behavioral economist at Allianz Global Investors.
1. Administration Defines Benefits That Must Be Offered Under the Health Law New York Times: “The rules also give employers new freedom to reward employees who participate in workplace wellness programs intended to help them lower blood pressure, lose weight or reduce cholesterol levels. The maximum permissible reward would be increased to 30 percent of the cost of coverage, from the current 20 percent.”