Commuting to and from work daily can be quite a headache and consume a lot of valuable time, especially for employees who live near or travel into a big metro area. With the average commute at 26 minutes, it takes nearly an hour each day to get to and from your place of employment. Consider, too, that an estimated 76% of U.S. workers travel to their place of work every day, trying to avoid traffic
Open enrollment can be stressful for employees, HR professionals, and third-party benefit administrators. Vital information must be shared and digested, and timely financial decisions must be made so coverage can start on time. Your company workforce may range from experienced, veteran employees to new hires in their first job. It’s a tall task to pull off an open enrollment season that meets the needs of everyone involved (but you CAN do it!). Here are 12 ways
Open enrollment represents a pivotal moment for both employees and employers each year. This is when individuals can make significant choices regarding their health insurance coverage. For many, it’s the sole chance to enroll in or adjust tax-advantaged benefits such as Healthcare Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs), and Dependent Care FSAs. Grasping the nuances of these accounts will help you make better decisions, enhance your savings, and fully
Attracting talent demands more than just a competitive salary. Today’s workforce highly values a strong employer-sponsored benefits package, and job seekers are increasingly evaluating employee benefits when considering potential employers. For employers, highlighting benefits in job ads has evolved from a best practice to an essential strategy. As the demand for transparency and comprehensive compensation packages grows, savvy employers increasingly leverage their benefit programs to strengthen their appeal to top talent. By the middle of
As employers plan their benefits programs for 2025, they face the daunting task of managing costs while ensuring high-quality healthcare options for their workforce. The annual premium average for employer-sponsored family coverage in 2023 was $23,968, with employees contributing an average of 27.4%, or $6,575, according to the KFF Employer Health Benefits Survey. However, access to healthcare is only the first step. Many employees struggle to navigate the complex healthcare system, often seeking medical services
A recent study by Willis Towers Watson (WTW) indicates that 72% of U.S. employees now prefer to stay with their current employers, marking a shift in workforce dynamics. This trend presents an opportunity – especially for small- and medium-sized businesses – to gain a competitive edge by offering strategic, appealing benefits packages. The annual open enrollment period is pivotal for companies to reinforce employee loyalty. A well-structured benefits package that reflects employee priorities can significantly
The financial services industry has undergone significant changes over the past decade, driven by technological advancements, regulatory reforms, and evolving customer expectations. Over time, Business Process Outsourcing (BPO) has emerged as a powerful tool for financial institutions to enhance client service, improve compliance, and achieve greater agility. The Role of BPO in Client Service Enhancement Today, clients demand seamless, personalized experiences, strict adherence to regulatory standards, and the ability to quickly adapt to changing market
With a growing emphasis on flexible, customized, and cost-efficient health benefit solutions, Individual Coverage Health Reimbursement Arrangements, commonly called ICHRAs, are gaining popularity. A new report by the HRA Council found that U.S. employers’ adoption of ICHRAs increased by 29% between 2023 and 2024. The Rise of ICHRAs ICHRAs debuted in 2020 as a significant departure from traditional group health plans. Instead of offering a uniform policy to all employees, these accounts enable companies to
As the labor market becomes increasingly competitive, employers are beginning to understand the need to implement employee financial wellness programs. Such programs enhance employee satisfaction, retention, and overall productivity. According to a Bank of America study, 97% of employers feel responsible for employee financial wellness. Health Savings Accounts (HSAs) are pivotal in successful financial wellness programs. Workplace Financial Wellness Programs Employer-sponsored financial wellness programs give employees the authority to manage their fiscal responsibilities. These programs
The world of electronic funds transfer (EFT) underwent a significant shift in September 2022 with the implementation of the NACHA Nested Third-Party Sender (TPS) rules. Those impacted include third-party benefits administrators (TPAs) who utilize an ACH provider to initiate payroll deductions or premium payments, thus acting as nested TPSs within the ACH network. Understanding the NACHA Nested TPS rules is crucial to ensure smooth operations and avoid potential penalties. What are the NACHA TPS rules?