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  • Offering appealing employee benefits is critical to attracting and retaining top talent. In fact, 77% of employees tend to stay longer with a company if they receive a comprehensive benefits package. With living expenses and inflation continuing to rise, employees’ needs and expectations regarding benefits are evolving.

    As a small business owner, it’s your responsibility to keep up with industry trends and provide an extensive benefits package to keep your skilled employees satisfied. Not only does this enhance workforce morale and loyalty, but it also establishes your business as an employer of choice in a competitive market.

    Traditional Employee Benefits

    Employers offer benefits as extra perks and advantages beyond base salaries and wages to demonstrate a commitment to employee welfare and financial security. Traditionally, employers provide health insurance, retirement plans, and paid time off (PTO). While these benefits are an essential foundation to a comprehensive package, these perks alone no longer meet the expectations of the modern workforce. To keep up with evolving standards, you must supply more desirable and innovative benefits that surpass basic needs.

    Factors Contributing To The Changing Landscape

    In today’s economic uncertainty, the value of an inclusive benefits package has increased, leading employers to rethink their strategies to obtain and keep talented workers. Various elements have caused this shift in attitude towards employee benefits. These factors include:

    • Millennials and Generation Z: The preferences of younger professionals are a significant factor influencing employee benefits trends. These generations prioritize flexibility, work-life balance, and opportunities for personal development.
    • Competitive job market: Businesses must set themselves apart from competitors by offering more than just attractive salaries. Benefits packages should address the diverse and aspirational needs of potential employees.
    • Impact of COVID-19: The pandemic has accelerated the change in trends, highlighting the importance of benefits such as remote work options, mental health support, and financial wellness programs.

    Current Trends In Employee Benefits

    As a small business owner, you must stay up to date on what trends are currently attracting employees. Although every business has differing priorities and strategies, consider adding the following to boost employee satisfaction and productivity:

    Flexibility in work arrangements

    Encouraged during the COVID-19 pandemic, the option to work remotely and choose flexible hours remains a desirable benefit. Offering employees the opportunity to work from home or anywhere with internet access can aid in cultivating a healthy work-life balance. In addition, adopting flexible hours allows employees to manage their work schedules based on their individual needs, adjusting hours for personal commitments and peak productivity times. By embracing these flexible work arrangements, small businesses can foster a more inclusive and accommodating workplace culture.

    Focus on health and wellness

    Many modern employee benefits include initiatives to support employee health and wellness. Businesses are increasingly offering resources and programs to support their employees’ emotional and mental well-being, reflecting the growing focus on mental health in recent years. Benefits can include support systems such as counseling services, hotlines, and educational materials to promote better stress management. Employee Assistance Programs (EAPs) are another way employees can receive counseling along with referrals to external resources. In addition, employers can encourage healthy lifestyles through wellness programs such as fitness challenges, health screenings, nutrition training, and more. Providing benefits that support health and wellness can create a positive and thriving work environment.

    Emphasis on financial well-being

    With 80% of employees experiencing some degree of financial stress, it’s imperative for businesses to offer benefits that help employees improve their financial well-being. Small business owners can empower employees to make informed financial decisions by supplying a range of financial literacy resources, including workshops, online courses, and planning tools. Contributing tuition reimbursement or assistance with student loans is another effective method while also supporting their education. Benefits that equip employees with the necessary tools and knowledge to navigate their finances can help them develop better economic stability.

    Diversity, equity, and inclusion initiatives

    Improving diversity, equity, and inclusion (DEI) is a main priority for many employers to raise awareness and cultural competence among employees. One key component of a successful DEI program is ensuring all your employees have access to benefits that suit their needs. These inclusive benefits packages include expanded health care coverage, flexible paid holidays, comprehensive parental leave policies, and more. Catering to various unique needs through extensive benefit options helps attract and retain diverse talent.

    Strategies To Stay Ahead

    To outpace competitors, employers must develop strategies to meet the evolving needs of their workforce. Regular employee surveys and feedback sessions are essential for obtaining valuable insights regarding employee preferences and areas for improvement. These findings empower you to tailor your benefits package to better meet your employees’ specific needs. Regularly researching industry trends and staying informed about emerging best practices will also help ensure your benefits offerings are relevant and attractive to potential and current employees.

    Overcoming Challenges When Implementing New Benefits

    Implementing new benefits policies and procedures can present its own set of challenges. Budget constraints can pose a significant hurdle as businesses may have limited financial resources to allocate towards new benefits initiatives. Ensuring compliance with ever-changing legal requirements regarding benefits adds another layer of complexity. Moreover, employees may resist change, feeling hesitant toward new benefits programs or initiatives.

    As a small business owner, you can overcome these challenges by developing creative solutions and keeping employees involved. To address budget constraints, consider reallocating resources from less critical areas, such as non-essential equipment upgrades or extra office supplies, and prioritize benefit initiatives based on their potential impact and cost-effectiveness. In addition, stay in line with regulations by remaining current on legal requirements and investing in compliance training for relevant staff.

    Openly communicating and engaging employees in the decision-making process can ease employee concerns about new benefit initiatives. Proactively handling these challenges can help ensure a successful rollout of updated benefits, contributing to the success of your business and your employees in the long run.

    Manage Your Employee Benefits With GMS

    A professional employer organization (PEO) like GMS can help you find a benefits package that meets the diverse needs of your workforce and serves your business’s best interest. From group health insurance coverage to supplemental plan options, we have various employee benefits for you to explore and choose from. Along with finding a plan that makes sense for your goals, we can also support you in managing and administering benefits so that you can concentrate on operating and growing your business. Contact us today to learn more about our comprehensive benefits solutions!

  • The Israel-Palestine conflict is an ongoing tragedy that has impacted not only the lives of those directly involved but also resonates across the globe. The events that unfolded, marked by Hamas’ devastating attack on Israel, opened the door to escalated violence in the region and a formal declaration of war.

    War brings a range of distressing emotions. Employees within your organization may be grappling with concerns related to their safety. In addition, there are concerns about the broader global implications of this violence and how it may further escalate. As an employer, recognizing and addressing these concerns is critical. In the workplace, this translates into the responsibility of business owners to ensure their employees feel heard, valued, and supported. Just as we long for peace and stability on a global scale, creating a safe and nurturing environment within our organizations is essential. In the face of adversity, this commitment not only fosters employee well-being but also strengthens the resilience of our teams and the overall fabric of our organizations.

    Continue reading to explore various ways employers can support their staff and foster a safe work environment during these challenging times.

    Open And Honest Communication

    Clear and transparent communication is the foundation of trust. Employers should openly acknowledge the global situation, express concern for their employees, and provide a channel for discussion. Encourage employees to share their thoughts and concerns and actively listen to their perspectives.

    Offer Mental Health Support

    Conflict and geopolitical tensions can take a toll on employees’ mental well-being. Employers can provide access to mental health resources, such as counseling services, employee assistance programs (EAPs), or wellness initiatives. Normalizing discussions about mental health can reduce stigma and promote a culture of support.

    Additional crisis resources include:

    1. The Disaster Distress Helpline
    2. The Veterans Crisis Line

    Flexible Work Arrangements

    During crises like the Israel-Palestine conflict, employees may face personal challenges requiring flexible work schedules. Employers should consider allowing flexible work arrangements, such as remote work, adjusted hours, or paid time off (PTO), to accommodate employees’ needs.

    Promote Inclusivity

    Diversity and inclusion efforts should be reinforced during difficult times. Encourage open dialogues that respect different viewpoints and backgrounds. It’s essential that all employees feel valued and included, regardless of their personal affiliations or beliefs.

    Charitable Initiatives

    Many employees may wish to contribute to charitable efforts related to this conflict. Employers should consider facilitating this by organizing fundraisers or donation drives. Matching employee donations to relevant charities can also encourage philanthropy.

    To help victims of the Israel-Hamas War, click here.

    Educational Opportunities

    In times of geopolitical tension, promoting compassion and empathy is crucial. Employers can offer educational resources on the Israel-Palestine conflict, its historical context, and the perspectives of both sides. Encourage employees to engage in respectful discussions and debates that promote empathy and tolerance.

    A variety of resources can be found here.

    Conflict Resolution Training

    Conflicts can arise in any workplace, and global conflicts can worsen tensions. Employers can invest in conflict resolution training to equip employees with the skills needed to navigate difficult conversations constructively and peacefully.

    Public Support Statements

    Employers can choose to take a public stance on global issues, such as the Israel-Palestine conflict. If doing so, ensure that all statements are well-informed, respectful, and aligned with the company’s values. Be prepared for diverse reactions and encourage a respectful dialogue within the organization.

    Business Continuity Planning

    Prepare for potential disruptions in your business operations due to external events by creating a business continuity plan (BCP). A BCP is a document that outlines how a business will continue operating during an unplanned disruption in service. It’s essential to have a solid BCP that accounts for crises and ensures the well-being of employees, whether through remote work arrangements or other means.

    Support Employee Well-Being

    Demonstrate your commitment to employee well-being by providing access to wellness programs, stress-relief resources, and fitness initiatives. A healthy workforce is more resilient in the face of external stressors. Consider the following:

    • Schedule regular catchups with your team members
    • Maintain a tidy work environment 
    • Encourage employees to walk around more and step away from their work when applicable 
    • Create quiet time 
    • Provide onsite or distance counseling 
    • Be flexible

    Continued Support From Employers

    With the Israel-Hamas conflict affecting individuals worldwide, employers find themselves in a unique position to offer support to their employees. It’s imperative to recognize that resources and initiatives emphasizing mental well-being, open dialogue, and educational opportunities can be pivotal in fostering a compassionate and resilient workplace. As a professional employer organization (PEO), GMS stands as a resource providing a wide range of support from EAPs and educational opportunities with our learning management system (LMS) to promoting inclusivity. In times of uncertainty, unity and empathy become our guiding lights. For more information on how we can support your business, contact us today.

  • In a critical step towards addressing the ongoing mental health crisis in the United States, the Biden administration has proposed new rules to ensure equal access to mental health and substance misuse treatment. The rules, introduced by the Health and Human Services, Labor, and Treasury departments, will push insurers to comply with the Mental Health Parity and Addiction Act (MHPAEA), a landmark legislation enacted in 2008. This act mandates that insurance plans offer the same level of coverage for mental health and substance misuse care as they do for physical medical treatments.

    However, the administration has recognized that many insurers are not adequately complying with the law, leading to limited access to essential mental health care services. In this blog, we will explore the significance of the proposed rules and their potential to positively impact the lives of millions of Americans facing mental health challenges.

    Breaking Down The Mental Health Parity And Addiction Equity Act

    The MHPAEA was designed to address the historical disparities in health care coverage between mental health and physical medical treatments. This legislation aims to end the discriminatory practices that have hindered mental health and substance misuse care for far too long. By prohibiting private health insurance companies from imposing more restrictive copayments, prior authorizations, or other requirements on mental health and substance misuse care benefits, the act seeks to level the playing field for those in need of these mental health services.

    Recognizing The Mental Health Crisis In America

    In recent years, the United States has witnessed a significant decline in mental health. Factors such as the COVID-19 pandemic, financial stress, inflation, and increased workloads have contributed to rising rates of depression, anxiety, and stress.

    Sadly, many individuals find it challenging to access professional help to address their mental health concerns. Studies show that nearly one in three Americans who need mental health care are unable to receive it, highlighting the urgency of addressing this crisis.

    The Implications Of Non-Compliance

    Despite the existence of the MHPAEA for over a decade, many insurance providers have not fully complied with the law. This lack of compliance has resulted in disparities in access to mental health care, with some individuals facing greater obstacles than others when seeking treatment. These disparities perpetuate the stigma surrounding mental health and can exacerbate the challenges faced by those already struggling with mental health issues.

    The Biden Administration’s Bold Move

    Recognizing the urgency of the situation, the Biden administration’s proposal aims to strengthen enforcement of the MHPAEA. By providing clearer guidance to insurance plans and issuers, the administration seeks to ensure that mental health and substance misuse care receive the same level of coverage as other medical treatments. This move could significantly improve access to mental health services for millions of Americans, potentially saving lives and fostering a healthier society.

    The Path Forward

    The proposed rule is not a final step but rather a crucial milestone in the journey toward achieving true mental health parity. As the rule will be open for public comment for 60 days, it presents an opportunity for concerned citizens, mental health advocates, health care professionals, and stakeholders to contribute their insights and suggestions. By actively engaging in this process, the collective voice can further shape and strengthen the proposed rules, maximizing their impact in bridging the gap between mental health and physical health care.

    Mental Health Matters: Unveiling The PEO Solution For Small Businesses

    To cultivate a workplace that values and prioritizes mental well-being, small businesses have a valuable resource: a professional employer organization (PEO). By forming a partnership with a reputable PEO like GMS, small businesses can tap into a wealth of expertise and resources uniquely tailored to address mental health challenges within their workforce. These organizations can play a pivotal role in bridging the gap between physical and mental health care by providing access to comprehensive employee assistance programs (EAPs) and mental health benefits.

    With GMS’ support, small businesses can foster an environment of understanding and empathy, promoting a culture that encourages open conversations about mental health. This collaborative effort empowers employees to seek the necessary help and support, leading to a more resilient, engaged, and productive workforce. Together, as businesses embrace this transformative approach to mental health, they can build a brighter, healthier, and more harmonious future for their employees and the entire organization. Interested in learning more? Contact us today!