What are employee benefits?
Employee benefits are any kind of tangible or intangible compensation given to employees apart from base wages or base salaries. This employee benefits definition points to examples of job benefits such as insurance (including medical, dental, life), stock options and cell phone plans.
How do employers choose the right benefits for their employees?
Also, some employers pay attention to the demographics of their employee base to give everyone the benefits they need most based on their characteristics. For example, in order to retain and engage millennials, businesses may offer them benefits such as student loan repayment support and co-sign support for auto loans.
Where can I get help with federal employee benefits?
Benefit Programs for Federal Employees and Survivors. For information on and help with federal benefits, contact your agency's personnel or human resources office or call the Office of Personnel Management (OPM).
What are the benefits of being a federal employee?
Pay and Benefits for Federal Employees. 1 Pay Scales for Federal Employees. The government publishes new pay tables for federal employees every year. 2 Benefit Programs for Federal Employees and Survivors. 3 Civil Service Retirement. 4 Federal Employees' Thrift Savings Plan. 5 Federal Employees' Group Life Insurance (FEGLI)
Are benefits part of HR?
Here are eight of the functional areas that a human resources team can focus on: Recruiting and staffing employees. Employee benefits. Employee compensation.
What is an employee benefits administrator?
The benefits administrator position is responsible for directing and planning the day-to-day operations of group benefits programs (group health, dental, vision, short-term and long-term disability, worker's compensation, life insurance, travel and accident plan, flexible spending plan, retirement plans, etc.).
Are benefits paid by the employer?
An employee benefits package includes all non-wage compensation provided by an employer. These benefits might include employer-sponsored health insurance, paid time off, and retirement plans like 401(k)s.
How are employee benefits determined?
Find the benefit load by adding the total annual costs of all employees' perks and divide it by all employees' annual salaries to determine a ratio — that ratio is your company's benefits load.
What is a benefit coordinator?
Job Summary: The employee benefits coordinator position assists employees with benefits enrollment and questions, verifies all insurance billing, maintains employee database and files, and ensures compliance with required benefit notices.
What does a benefits manager do?
Benefits managers administer an organization's employee benefits program, which may include retirement plans, leave policies, wellness programs, and insurance policies such as health, life, and disability.
What are the 4 major types of employee benefits?
There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Below, we've loosely categorized these types of employee benefits and given a basic definition of each.
Do all employees have to be offered the same benefits?
There are no federal laws requiring plans to provide the same benefit coverage to all employees. However, some states have laws on certain benefits, such as paid sick leave, that apply to all of an employer's employees.
Do employers pay for health insurance?
While there is no legislative requirement to do so, many employers offer supplemental private health insurance to their employees to help cover some of the expenses that are not covered under the public health care plan.
My debate with myself: One side
HR departments spend several months each year tweaking plan design, usually with a financial objective in mind. They spend another several months in open enrollment, chasing and policing compliance so that employees didn’t miss the chance to enroll or change.
My debate with myself: The other side
What gets in my way of agreeing with the first argument is relinquishing control of such an important element of the decisions around how to attract and retain the workforce.
Please weigh in
So you see why I need help here. I can effectively argue both sides. But my question remains – is the administration of employee benefits something that a strategic HR team should accept?
Something in the middle?
What I struggle with is the administration of employee benefits. It just doesn’t seem like a role that does anything to help HR in our quest to be strategic.
Carol Anderson
Carol Anderson is the founder and Principal of Anderson Performance Partners, LLC, a business consultancy focused on bringing together organizational leaders to unite all aspects of the business – CEO, CFO, HR – to build, implement and evaluate a workforce alignment strategy.
How does employee benefit affect HR?
Employee benefits have a significant impact on the administrative aspect of HR, especially when regulatory issues are involved. But there are ways to manage benefit plans more effectively to save time and reduce the possibility of mistakes. Here are five things to consider:
How do employees choose to invest?
Employees choose how to invest contributions, or how much to contribute from their paycheck through pre-tax deductions. Employers may also contribute, in some cases by matching a certain percentage of employees’ contributions. At retirement, employees receive the balance in their account.
Why do employers pay attention to demographics?
Also, some employers pay attention to the demographics of their employee base to give everyone the benefits they need most based on their characteristics. For example, in order to retain and engage millennials, businesses may offer them benefits such as student loan repayment support and co-sign support for auto loans.
What is fringe benefit?
Before we get into the nitty-gritty of employee benefits (or fringe benefits), let’s define the term: Employee benefits are any kind of tangible or intangible compensation given to employees apart from base wages or base salaries. This employee benefits definition points to examples of job benefits such as insurance (including medical, dental, ...
What is retirement benefit?
Retirement. Retirement benefits help employees feel more secure about their future after retirement. In the U.S., for example, a common benefit is the 401 (k) in which both company and employee make defined contributions to the employee’s account on a regular basis.
How to find the right software for HR?
To find the right software, do your research and make a compelling business case. Measure benefits and costs diligently . This will be the responsibility of the finance department, but it’s important for HR to keep track of rising or plummeting costs and gains.
Is health insurance mandatory?
Offering health insurance, or some kind of medical plan, is mandatory in many countries, and there’s often publicly available medical care sponsored by employers. However, many companies opt for private group or individual insurance in order to provide better options to their employees.
What are the benefits of an employee?
Employee benefits include non-wage compensation in addition to regular salary. Various types of employee benefits typically include medical insurance, dental and vision coverage, life insurance and retirement planning, but there can be many more types of benefits and perks that employers choose to provide to their employees.
What is specialist services?
Specialist services. Specialist services, including referrals from primary care physicians, make up a portion of many employee benefits packages. From dermatological health services to sleep specialists, many health coverage options include coverage for non-routine specialist exams and procedures.
What are the options for retirement?
Several common retirement options employers offer include 401 (k) and IRA plans, 403 (b) retirement plans (especially if you're employed with a nonprofit), simplified employee pension (SEP) plans and more.
What is group term life insurance?
Often, these life insurance policies are group-term life insurance, which means the insurer provides the employer with a master contract that extends life insurance coverage to all staff members and is in effect for a certain time period.
What is disability insurance?
Some employers may offer temporary disability insurance plans that provide income support to employees who have suffered an injury or illness outside of work. While disability benefits can vary between employers, many offer some form of short-term disability coverage in the event you're injured on the job.
When will the benefits package be available for 2021?
February 22, 2021. Most employers offer employee benefits packages, which can include basic health coverage and retirement planning. In addition to basic health coverage, employers offer a variety of other perks, depending on the nature of their companies. It can be worthwhile to find out what your employer offers in terms of benefits packages, ...
Why do people invest in companies?
Investing in your company means you can benefit from its growth and profitability while increasing your personal net worth.
How to find out about federal benefits?
To learn about your federal benefits or get help with them, contact your agency's personnel or human resources office. And visit the Office of Personnel Management (OPM) website. You can also Contact OPM.
Who pays Social Security taxes?
Federal Employees Pay Social Security Taxes. All federal employees hired in 1984 or later pay Social Security taxes. This includes the president, the vice president, and members of Congress. It also includes federal judges and most political appointees. They all pay the same amount of Social Security taxes as people working in the private sector.
What is TSP retirement?
The Thrift Savings Plan (TSP) is a retirement plan for federal government employees and members of the military. Find the basics about participating - Eligibility, contributions, loans, withdrawals, setting up and managing your account. Learn about investment funds - Overview of fund types, fund options, and performance.
Does OPM have access to beneficiary information?
OPM and the Office of Federal Employees' Group Life Insurance (OFEGLI) do not have access to your records and cannot answer questions about coverage or beneficiaries.
What Are Good Job Benefits?
Job benefits represent extra incentives outside of a regular salary and government-required allowances. These incentives may be cash or non-cash-based and are typically indirect. Companies with the best benefits usually have dedicated and loyal workers. As a result, they may experience less employee turnover.
Importance of great job benefits and perks for employees
Excellent employee benefits can substantially improve your general quality of life, financial health, and your family’s wellness. Substantial job benefits also significantly improve employee retention .
10 companies with great benefits packages
Companies that provide their employees with excellent compensation packages deserve to be recognized for their people-first efforts. Top Workplaces rewards these companies with credible employer recognition.
Find more Top Workplaces
Ready to find a job you’ll love? Explore Top Workplaces to find a company that fits your values and lifestyle.
How to save on healthcare expenses in 2016?
on healthcare expenses in 2016 would save by using a healthcare flexible spending account. To figure out your potential savings, simply multiply your tax rate by the amount you'd stash in an FSA and spend down. (Source: WageWorks) If you have kids under 13, fund a dependent care FSA.
Can I get subsidies on Obamacare?
If you’re offered health coverage from your employer and you decline it, you are not eligible for subsidies on the Obamacare exchanges. Still the exchange could be a better deal if your employer’s plan is expensive or not comprehensive. If you’re married, compare your plan offerings with your spouse’s carefully.
Is it safe to underestimate expenses for a dependent care FSA?
It’s safer to underestimate expenses for a dependent care FSA because you can always take the dependent care tax credit on your income tax return (we explain why the credit is generally less valuable than the dependent care account here ). Watch out for picky rules: Day camp counts but overnight camp doesn’t.
Who does a benefits coordinator report to?
A Benefits Coordinator typically reports to the HR Department Manager and refers to them with questions or concerns. However, in large corporations, a Benefits Coordinator may work for the benefits department, and therefore reports directly to the Benefits Manager.
What is a benefit coordinator?
A Benefits Coordinator, or Employee Benefits Coordinator, is responsible for helping employees enroll in company benefit programs. Their duties include meeting with employees to discuss their benefit options, keeping detailed records of employee insurance information and overseeing the enrollment process. Build a Job Description.
What makes a good benefits coordinator?
A good Benefits Coordinator has a kind and friendly nature that enables them to communicate with employees and helps employees feel comfortable enough to ask questions. They also have excellent written and verbal communication that allows them to teach employees about their benefit options and how to enroll.
How many years of experience do you need to be a benefits coordinator?
A candidate for the post of Benefits Coordinator should have at least 3 years of experience in human resources. They also need to demonstrate familiarity with benefits and payroll software systems.
What is behavioral health practice?
Behavioral Health Practice is in search of a professional leader to support the practice. Monday - Friday and Saturdays once a month. This position is working remotely during stay in shelter in place for the state of Maryland. In addition, this position will start as part time with the option of full-time.
What education do I need to become a benefits coordinator?
To qualify for the position of a Benefits Coordinator, a candidate needs a high school diploma or a General Education Diploma (GED). A bachelor’s degree in human resources, business or related fields is preferred.
What does a broker do for employee benefits?
Your choice of employee benefits broker has far reaching effects. Your broker helps you manage a budget of 25-40% of payroll. Even a small difference in capabilities and results can have a dramatic difference on costs. A broker’s work doesn’t only impact the financial wellbeing of your company.
What is employee benefits brokerage?
Employee benefits brokerage has become a complex profession and process, regardless of company size. Optimizing benefits isn’t just about shopping for coverage from carriers. It involves a holistic approach to your overall company strategy, budgets, benefit plan design, HR strategy and even IT concerns.
Why is it so hard for employers to understand how different brokers deliver different results?
Second, it is often hard for employers to understand how different brokers deliver different results because historically good tools for broker comparison were not available. Third, they don’t see a measurable difference in broker options clearly enough to warrant change from a broker they “like.”.
What to do after selecting a benefits broker?
After selecting your benefits broker, you need to take some final steps to make the hire and get off to a great start. Consider signing a services agreement that governs the relationship, so there is no confusion about rules of engagement.
What is HR broker?
Many brokers now have access to, and some even own, human resources (HR) software that can help you manage portions of (and sometimes the entirety of) your HR processes. Depending on your company’s level of HR sophistication, you may want to ensure your broker understands the HR technology landscape.
