Month: October 2024

Jeff knows that flextime can be a valuable benefit for his employees, but he isn’t sure how to implement a flextime program.

Trying to balance work and life demands can be hard for employees. A traditional workweek schedule doesn’t offer the flexibility that all employees need. Allowing employees to work flexible schedules is an inexpensive way to help them find their work/life balance.

Flextime is any schedule that doesn’t follow the standard workweek model. A flextime workweek could consist of four 10-hour days or of hours set by the employee that include the business’s defined peak work hours. Schedules can essentially be whatever both Jeff and his employees agree upon.

For the flextime program to work successfully, Jeff will have to watch schedules carefully to ensure that key people will be available during critical work hours. He also should ensure that there is sufficient supervision and coordination between departments within his business. And safety and security issues will need to be reexamined and policies changed as necessary before flextime can be implemented.

_{Client Profile is based on a hypothetical situation. The solutions discussed may or may not be appropriate for you.}

Consider tightening up the following three communication areas to make sure your open enrollment is a success.

First, make sure to get the word out about the value of your benefit offerings regularly. Benefits can comprise 20% to 40% of an employee’s total compensation, so sharing this information is important to help your company attract and retain the best and brightest.

Second, communicate through channels most likely to reach your employees throughout open enrollment. This means via smartphones and apps for younger workers and print and in-person presentations for an older workforce.

Third, make sure you communicate simply in a language your employees understand. Eliminate jargon to increase understanding. As important, give employees easy-to-reach resources should they have questions.

As summer turns to fall, employers across the country are getting ready to present their annual open enrollment options for employee benefits. As an employee, whether you’re a newbie or an experienced hand at choosing employee benefits, it is crucial to do your homework before making your selections.

WEIGH YOUR CHOICES

Health and other benefit options can change from one year to the next, even when providers haven’t. Health insurance plans regularly change their premiums, deductibles and other out-of-pocket costs, and employers could pass increases on to employees. Plans add and subtract network health providers, and may do the same with peripheral benefits such as chiropractic care and acupuncture.

You’ll also want to examine any health savings plans offered, including the Health Savings Account (HSA) if you have a high-deductible health plan. HSA contributions are deducted pretax, and potential earnings and qualified withdrawals are tax-free. In 2025, contribution limits will increase to $4,300 for self-only coverage and $8,550 for family coverage.

AND THERE’S MORE

Disability income (DI) insurance may also be an important coverage for younger employees, who are much more likely to become disabled than to die at their age. This insurance protects what is many employees’ largest asset — their ability to earn a living.

While health insurance is the primary “want” of most employees, other benefits may play an important role in your financial and risk planning. Employer-sponsored life insurance — typically of the term variety — can provide a good foundation of insurance to help protect loved ones. Because it is group life insurance, it typically won’t need underwriting — an important consideration for employees with preexisting conditions.

Life insurance, DI and other benefits may also be tax-advantaged, reducing taxable income and, ultimately, taxes. These are a few of what can be many benefit offerings.

Discuss your choices with your financial and tax professionals.