Benefit Integrations
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Transcript of Benefit Integrations
Innovative Benefit Solutions
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Tom Carlin(612) 889-0614
43 Main Street SE; Suite 513Minneapolis, Minnesota 55414
WOODBURY FINANCIAL SERVICES, INC. MEMBER FINRA, SIPC, AND REGISTERED INVESTMENT ADVISOR, P.O. BOX 64284, ST. PAUL, MN 55164,
800-800-2638.BENEFIT INTEGRATIONS IS UNAFFILIATED WITH WOODBURY FINANCIAL
SERVICES, INC.
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Are you throwing money away?
THE HIDDEN COST OF BUSINESS
The average cost of hiring is 20-25% of salary.
This equates to $10,000 spent to recruit, hire and train one $50,000 salaried employee.
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WORKER SHORTAGE
By the year 2010, the U.S. will experience a shortage of 10 million workers. I
60% of all new jobs in the 21st century will require skills possessed by only 20% of the workforce. II
In a recent survey of business leaders, respondents indicated that recruiting, retaining and developing talent are “Top” or “Critical”
issues.
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COMPREHENSIVE BENEFIT AND COMPENSATION PACKAGES ARE INTEGRAL TO RECRUITING AND
RETAINING QUALITY EMPLOYEES.
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“We already offer a benefit program that is within our budget”
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Health plan costs are escalating at more than 5 times the rate of corporate profits and 5 times the rate of inflation. IV
In 2005, health care spending in the United States reached $2 trillion, and was projected to reach $2.9 trillion in 2009. Health care spending is projected to reach $4 trillion by 2015. v
In 2006, employer health insurance premiums increased by 7.7 percent – two times the rate of inflation. The annual premium for an employer health plan covering a family of four averaged nearly $11,500. The annual premium for single coverage averaged over $4,200. VI
LIMITED BENEFIT RESOURCES WITH THE RISING COST OF HEALTH INSURANCE
050
100150200250
300350400450500
1996 1997 1998 1999 2000
After tax Profits Health Benefits Costs
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Workplace benefits cost employers more every year, yet many employees do not fully understand what is offered, how it works or
what they are worth.
THE PERCEIVED VALUE OF BENEFIT PROGRAM
Employees can’t appreciate what your doing for them if they don’t know what you are doing for them!
"Employers can spend huge sums of money on benefits, but if their employees aren‘t aware of the cost or don‘t appreciate the value of the benefits, they aren't going to see a return on their investment,”
VII
Eighty-one percent (of companies surveyed) do not associate a dollar value with their benefits…Only 19%
detail the dollar value of their benefits so the recruit can evaluate the total compensation offering. III
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sBENEFIT QUESTION
With the benefits
currently offered, are
you getting
the most of your
investment?
&
Can the value of your
current benefit
program be improved
without increasing
expense?
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BENEFIT ENHANCEMENT
77% of workers reported that the benefits a prospective employer offers are very
important to the decision to accept or reject the job. VIII
With the rising cost of health insurance, companies are looking for ways to offer attractive benefit plans without adding additional budget constraints. In a recent study of over 2,000 employers,
nearly 90% offer employee-paid voluntary benefit programs.Voluntary products have become an effective solution for employers to enhance their benefit offering at no addition
corporate expense.This can provide positive impact on employee turnover as well as a
means to attract new employees.
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Voluntary benefits offered in
conjunction with Financial Education
VOLUNTARY BENEFITS
While employees are able to
purchase these individual products
outside of the workplace,
Participation through an employer
sponsored benefit package can offer savings of 20-40%
off the same product.
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THE BENEFIT
“The content in financial education program should include all employee benefits because money is at the heart of every benefit. In fact, a financial program is
“the benefit” that unites all employee benefits. Employee financial education can provide a better understanding of the economic value of employer-
provided benefits so employees can make choices that are best for them from all the available options. This can be a powerful tool to motivate, reward and retain
the best employees. “ IX
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WORKPLACE FINANCIAL EDUCATION
one-quarter of workers are very confident about their financial security in retirement (27 percent), while more than 4 in 10 are
somewhat confident (43 percent). However, at least some of those who say they are very confident may be overconfident: 24 percent of very confident workers are not currently saving for
retirement, 43 percent have less than $50,000 in savings, and 37 percent have not done a retirement needs calculation. X
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WORKPLACE FINANCIAL EDUCATION
Now, more than ever, an educated employee is a better employee. That’s why we have developed a
series of seminars that speak to the major issues and investment topics
facing investors today. Our targeted concepts help plan
sponsor educate employees on key aspects of retirement planning and
drive greater plan participation.
Benefit Integrations’ series of seminars offer you the opportunity to provide an additional level of value to
your employees.
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COMMUNICATION
Every business faces unique challenges with informing
employees about their benefit program and the value it provides.
Face to Face MeetingsSeminars
TeleconferenceWebinars
Enrollment SoftwareBrochures
We provide the solutions for your benefit communication needs.
CO
NTA
CT
BENEFIT INTEGRATIONS
43 Main Street SESuite 513
Minneapolis, Minnesota 55414
WOODBURY FINANCIAL SERVICES, INC. MEMBER FINRA, SIPC, AND REGISTERED INVESTMENT ADVISOR,
P.O. BOX 64284, ST. PAUL, MN 55164, 800-800-2638.BENEFIT INTEGRATIONS IS UNAFFILIATED WITH WOODBURY FINANCIAL
SERVICES, INC.
I. U.S. Department of Labor StatisticsII. U.S. Department of EducationIII. Aon Consulting 2007 Benefit Talent SurveyIV. Lifestrive/Allstate Workplace DivisionV. Borger, C., et al.: “Health Spending Projections Through 2015: Changes on
the Horizon,” Health Affairs Web Exclusive W61: 22 February 2006VI. The Henry J. Kaiser Family Foundation: Employee Health Benefits: 2006
Annual SurveyVII. Kathryn Yates: Watson Wyatt’s Global Director of Communication ConsultingVIII.Employee Benefit Research Institute: Value of Benefits Survey 2002IX. E. Thomas Garman: “What can Employers do?”X. Employee Benefits Research Institute: Retirement Confidence Survey 2007XI. National Underwriter, May 2002