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  • Open enrollment is here again, and it brings the stress of navigating and enrolling in the ideal health care plan. Under the Affordable Care Act (ACA), employers with 50 or more full-time employees or the equivalent must provide health care to their team. Regardless of your team’s size, health care is a leading benefit that can assist with hiring and retention efforts due to the rising cost of personal health expenditures. Therefore, offering health care to your employees is something you should take seriously.

    Finding and evaluating multiple plans and pinpointing the best option for you and your team is no easy feat. Moreover, after making your choice, ensuring your team comprehends and successfully enrolls in their chosen plans adds another layer of complexity.

    So, how can you best prepare your workforce and ensure a seamless experience for all? Collaborating with a professional employer organization (PEO), like GMS, can effectively reduce some of the stress and complications associated with open enrollment. In the meantime, we’ve gathered some strategies to help you get started.

    Open Enrollment

    Open enrollment occurs annually, usually from November to January. During this time, employees can enroll in a new health insurance plan, tweak their existing coverage, or, if necessary, say goodbye to their current coverage.

    The significance of this period lies in the fact that any changes outside this window are restricted and limited. If you miss the enrollment season, make a mistake, or decide you want a different plan after it’s over, you’ll have to wait until the next open enrollment period to make those changes. Some exceptions include qualified life experiences such as having or adopting a child, marriage, or divorce, to name a few. Making informed decisions during this time can significantly impact your financial and overall well-being throughout the year. So, take your time, weigh your options, and ensure you’ve covered everything.

    Mistakes To Avoid

    Open enrollment is confusing enough. Preparing for the most common mistakes can help you and your team have a successful enrollment season.

    Missed deadlines

    Missing deadlines is one of the most common pitfalls because open enrollment can vary from year to year. However, open enrollment typically begins on November 1st and concludes on January 15th. To ensure your employees meet these deadlines, it’s essential to be well-prepared, maintain transparent communication with your team, and consistently send reminders about approaching cut-off dates. Timely submission of enrollment forms is necessary to secure coverage for the upcoming year.

    Defaulting to past plans

    We know you have a lot on your plate, and sticking with your previous year’s plan might seem like the most straightforward option. However, this can be detrimental in the long run. Health plans and their associated costs frequently change from year to year, and so do the health care needs of your team. Failing to reassess your coverage options can result in inadequate coverage or unexpected costs. It’s imperative to take the time to reevaluate your current plan and determine if it aligns with the evolving needs of your employees.

    Providing too many choices

    While offering various health care plan options is critical, it’s equally crucial not to overcomplicate the selection process. Limiting the choices to the most essential or popular plans is key. Providing too many options can confuse and overwhelm employees, making it difficult for them to make an informed decision. A concise selection of plans can streamline the decision-making process, making it easier for employees to choose the most suitable coverage.

    Ignoring plan details

    Another common mistake employers make is not thoroughly evaluating the details of the available plans. You should review each plan’s specifics to understand the coverage and costs. Ignoring these details can contribute to a poor plan selection, leading to discontent among your team, ultimately affecting employee satisfaction and, in turn, harming your retention and recruitment efforts. Therefore, it’s vital to take the time to thoroughly examine each plan to guarantee you’re making the best choice for your employees’ well-being and satisfaction.

    Not considering family needs

    Health insurance isn’t a one-size-fits-all solution. Failing to consider your team’s and their families’ specific health care needs can result in inadequate or too expensive coverage, which would, in turn, be noncompliant with the ACA. Assess whether the plans you choose meet the needs of your employees, their spouses, and dependents, including any special health care requirements or medications.

    Underestimating the cost-benefit analysis

    While lower monthly premiums might seem appealing, it’s essential to consider the broader cost-benefit analysis. A plan with slightly higher premiums may offer better coverage and lower out-of-pocket expenses, ultimately saving you and your team money in the long term.

    Failing to educate employees

    Proper information is the cornerstone of informed decision-making. Failing to educate your employees about the available plans and their intricacies can result in uninformed choices. To address this, providing clear and comprehensive information about each option is essential, including coverage details, costs, in-network providers, and any changes from the previous year. Consider conducting informational sessions or webinars to ensure your team has the knowledge to make well-informed decisions about their health care coverage.

    Forgetting ancillary benefits

    In addition to health care, other valuable benefits are often available during open enrollment, such as dental, vision, life insurance, and retirement plans such as a 401(k) match program. Overlooking these ancillary benefits can mean missing out on essential perks that contribute to the overall well-being of you and your team.

    By avoiding these common mistakes and investing time and effort into open enrollment, you can make informed decisions that lead to better health care coverage and financial well-being for you and your team.

    Compliance

    Maintaining compliance with the ACA requires meticulous attention to your health care plan choices. This encompasses a thorough assessment of various aspects, such as out-of-pocket maximums and the essential health benefits mandated by the ACA. These requirements are the foundation for ensuring that your health plans align with the legal framework and offer comprehensive coverage for your employees.

    In addition, fostering an inclusive environment is crucial for ACA compliance. It’s imperative that all employees, regardless of their circumstances, have an equal opportunity to engage in the benefit enrollment process.

    This commitment to inclusivity extends to employees with disabilities, who should receive the support they need through auxiliary aids, alternative formats, and other necessary accommodations. These measures guarantee regulatory compliance and cultivate a work environment that respects the diverse needs of all team members, contributing to a more equitable and welcoming workplace.

    Comprehensive Small Business Health Insurance Solutions

    Offering small business health insurance is easily one of the most complicated and costly aspects of running a business. You want to provide your employees with the best health care benefits, but you’re also dealing with rising insurance premiums, compliance, and mountains of paperwork. With a PEO like GMS, you can decrease costs while providing top-tier medical coverage and reducing administrative burdens.

    GMS represents more than 45,000 employees, which allows us to help small businesses purchase group health insurance for an average of 24% lower for employee premiums and 21% lower for family premiums than the U.S. average. GMS is the only PEO that provides an in-house master health plan that helps you avoid large swings in usage, trends, and renewal rates.

    Our experts are here and are ready to provide guidance on how to utilize your plans best. Contact us today and let us help get your team the best health care possible!

  • In a world marked by economic uncertainties, small business owners need to be attuned to their employees’ concerns and needs more than ever. As you gear up for the 2023 benefits open enrollment season, Voya Financial, a retirement, investment, and insurance company, released its consumer research survey, unveiling crucial insights that can empower you to make informed decisions.

    Inflation Concerns: A Growing Worry

    The shadow of inflation continues to loom over working Americans across the nation. Voya’s research highlights that 79% of working Americans are apprehensive that their workplace benefits will become more expensive during this open enrollment season due to inflation. This represents a significant increase from the 66% recorded in June of 2022 when inflation was at its peak.

    As a small business owner, this rise in inflation-related concerns should serve as a call to action. It’s time to consider benefits packages that help your employees navigate the financial strain caused by inflation, ensuring that their hard-earned money goes further.

    The Intersection Of Finances And Mental Health

    Voya’s research underscores the deep connection between financial stability and mental well-being. 57% of Americans surveyed agree that financial stability directly impacts their mental health. This revelation places mental health at the forefront of your employees’ concerns, particularly as they approach this year’s open enrollment season.

    In addition, the modern workforce is increasingly vocal about their expectations regarding mental health support. 55% of employed individuals believe that their employer is responsible for ensuring their mental and emotional well-being. This sentiment becomes even more apparent when 48% express their willingness to invest more in workplace benefits that offer enhanced mental health support and resources.

    Crafting Comprehensive Benefits Packages

    Traditional benefits such as medical and dental vision remain essential; however, Voya’s research illuminates the importance of evolving your benefits package. Your employees now expect a holistic approach that addresses financial and mental health needs. Employees are willing to commit to employers who offer mental health benefits, with half of employed Americans indicating they’re more likely to stay with their current employer if these resources are available.

    One positive development observed in today’s environment is that employees are becoming more thoughtful about their benefit selections, given the overarching financial concerns. 79% of employed individuals express interest in receiving support to maximize their workplace benefit dollars across retirement savings, health savings accounts (HSAs), health care insurance, and voluntary benefits.

    Prioritizing Financial And Mental Well-Being

    As you prepare for the 2023 benefits open enrollment season, you must address the concerns related to inflation, by offering comprehensive benefits that encompass financial and mental health needs. At GMS, a professional employer organization (PEO), we understand that the well-being of your employees is paramount, which is why we offer a comprehensive range of solutions to address your business needs. From employee assistance programs (EAPs) that provide crucial mental health support to a wide array of voluntary benefits and personalized guidance, we ensure that your workforce can make the most informed choices during open enrollment. With our expertise and commitment to your employees’ financial and mental well-being, we help your small business thrive while prioritizing what matters most – the health and happiness of your employees.

    Kristy Rittenour, GMS’ Benefits Account Specialist Manager, expressed, “Every year, GMS partners with our clients to enhance or change their benefit offerings, helping them recruit and maintain top talent. Based on mid-year utilization reporting, group size, and unique needs, GMS prepares the client in advance for their benefits renewal. An early evaluation of this information removes the guesswork and is critical to successful open enrollment.

    Contact us today to prepare yourself for the open enrollment season.

  • As the calendar pages turn, business owners should begin thinking ahead to the next open enrollment season, understanding the importance of bridging the benefits communication gap. With November months away, it may seem premature to focus on benefits communication, but the truth is that early preparation is key to ensuring a smooth and successful open enrollment process.

    With the open enrollment period for employees approaching, business owners face a common challenge: effectively communicating the value and details of their benefits package to their workforce. Failure to bridge this benefits communication gap can lead to the following:

    • Employee dissatisfaction 
    • Low utilization of benefits 
    • Missed opportunities for both employees and the business itself

    Continue reading to explore practical strategies that business owners can employ to close the benefits communication gap, ensuring that employees understand, appreciate, and maximize their benefits.

    Start Early And Create A Clear Timeline

    Opening the communication lines well before the open enrollment period is crucial. Develop a clear timeline that outlines key dates, milestones, and other important information. Then, communicate this timeline to employees, giving them ample time to review and understand their benefit options.

    Meg Williams, GMS’ Benefits Account Manager, emphasized, “Effective communication has always been vital to open enrollment season. For employees, it’s a time that can make them feel confused and anxious. Open communication during the open enrollment process can help streamline this process and increase participation in important benefit offerings.”

    Tailor Your Message

    You must recognize that employees have diverse needs, preferences, and levels of understanding regarding benefits. Craft your communications to cater to different employee demographics, ensuring each group receives targeted information that resonates with their specific concerns and interests. It’s essential to remember that everyone is on their own unique journey. Take, for example, a 24-year-old recent graduate, full of excitement and starting their career, compared to a 60-year-old employee who is approaching retirement while potentially dealing with health challenges. These individuals have vastly different needs and interests regarding their benefits. Recognizing and addressing these diverse life stages and personal circumstances is essential in crafting benefits offerings that resonate with employees and support them at every step.

    Simplify Complex Information

    Benefits information can often be dense and overwhelming. Simplify complex concepts by using clear, concise language. Consider using visual aids, such as infographics or videos, to break down intricate details and make them more digestible for employees.

    Utilize Multiple Communication Channels

    Let’s face it; Everyone has different communication preferences. Some prefer email, while others may be more receptive to in-person meetings or a bigger group gathering such as a town hall meeting. With that in mind, utilize a combination of channels to reach employees, ensuring that the benefits information is accessible to everyone. This may include email newsletters, intranet portals, bulletin boards, webinars, and one-on-one sessions.

    Offer Personalized Guidance

    Many employees struggle to navigate the intricacies of benefits packages and may be unsure which options best suit their needs. Consider providing access to benefits specialists who can offer personalized guidance and answer questions. This can be done through dedicated support hotlines, online chat services, or even arranging in-person consultations.

    Consider Sharing Success Stories

    Highlighting success stories of employees who have maximized their benefits can inspire others to take advantage of available options. Encourage employees to share their positive experiences, whether through testimonials, case studies, or even internal newsletters. Real-life examples can help employees see the tangible value of their benefits.

    Foster A Culture Of Wellness

    Beyond the open enrollment period, business owners can further engage employees by promoting a culture of wellness. Offer workshops, lunch-and-learns, or seminars on mental health, nutrition, and work-life balance topics. By emphasizing the connection between well-being and benefits, employees will develop a deeper appreciation for the value of their benefits.

    Get Rid Of This Process In Its Entirety By Partnering With A PEO

    Closing the benefits communication gap is vital for business owners as open enrollment approaches. We understand that the open enrollment period is stressful and time-consuming, especially for small business owners. Fortunately, there’s a solution you may not have thought of – outsourcing your benefits administration to a professional employer organization (PEO) like GMS. This is a game-changer for small business owners looking to prepare early and ensure a smooth open enrollment season. With our expertise and resources, we can assist in crafting a comprehensive benefits communication strategy.

    By simplifying complex information, tailoring messages to different employee demographics, and utilizing various communication channels, PEOs help small business owners effectively convey the necessary details and actions employees must take. From providing personalized guidance to organizing workshops and consultations, PEOs empower employees to understand and make informed decisions during open enrollment. Meg added, “GMS has Benefits Account Managers on staff that work with clients to notify employees when it’s time to enroll in their benefits, provide concise overviews of all plans being offered, and provide easy access to benefits through the GMS Self Service Portal.”

    By leveraging the support of a PEO, small business owners can confidently navigate the open enrollment process, ensuring that all employees are equipped with the knowledge they need to take full advantage of their benefits when the time comes. Contact us today to learn more.

  • Life is unpredictable, and even the most carefully laid out plans can be disrupted by unexpected events. Whether it’s a marriage, a divorce, a birth, or a job loss, major life events can significantly impact your finances and insurance coverage. These events are known as qualifying life events (QLE). Understanding how they can affect your health, life, and other insurance policies is crucial for protecting your family and finances. In this blog, we’ll explore the ins and outs of QLEs and provide you with the knowledge you need to make informed decisions about your insurance coverage.

    What Are QLEs?

    A qualifying life event is an event that triggers a special enrollment period for individuals or families to purchase health insurance outside of the regular annual Affordable Care Act (ACA) open enrollment period. Qualifying life events typically include, but are not limited to, the following:

    • Having a child
    • Adopting a child
    • Becoming newly married or divorced 
    • Experiencing a death of the insurer in the family
    • Losing health insurance coverage due to a job loss
    • Losing eligibility for Medicare, Medicaid, or Children’s Health Insurance Program (CHIP)
    • Turning 26 years old and losing coverage from your parent’s health insurance plan 
    • Moving to a different county or zip code changes your health plan area

    How Does It Work? 

    To take advantage of a qualifying life event, you typically have a limited time frame to make changes to your health insurance plan. This period varies depending on the event and the insurance provider; however, it usually lasts around 60 days. To make changes, you must provide documentation of the QLE to your insurance provider. The documentation you must provide varies on the life event but could include the following:

    • Birth certificates 
    • Adoption records
    • Marriage license 
    • Divorce papers 
    • Death certificates 
    • Rental agreements/mortgages 
    • Termination documents 

    If you experience a qualifying life event, signing up right away is important. Check your plan materials, contact your employer, or call the phone number on your member ID card. In most instances, you’ll need to change your health insurance plan within a specific time frame of the QLE. Changes can most often be made within either 30 or 60 days of the qualifying life event. 

    Amie Hatlovic, GMS’ Manager of Benefits Account Managers, expressed, “Guidelines set forth by the ACA state that job-based group plans must provide at least 30 days for a special enrollment period (SEP). That 30-day starts with the exact date of the qualifying life event. A partnership with GMS provides your employees with access to GMS Connect. In GMS Connect, the employee self-service portal is equipped with a feature to add a life event that will launch a notification to the Benefits Account Specialist at GMS. Supporting documentation can be uploaded during this period. The assigned benefits team is always available for assistance.”

    If you miss the deadline, you’ll have to wait until the next open enrollment period, which could be as long as a year. It’s essential your employees understand how long they have to sign up for a qualifying life event so they can enroll in the benefits suited to their needs. 

    Don’t Face Life’s Challenges Alone – Let A PEO Be Your Partner

    In times of change and uncertainty, having a trusted partner by your side can make all the difference. When it comes to navigating the complexities of qualifying life events and their impact on your employee benefits, a professional employer organization (PEO) such as GMS can be the partner you’re looking for. We provide clear communication to employees about their options and deadlines for making changes to their health insurance. In addition, we help you evaluate the available health insurance plans and recommend options that are best suited to the employee’s needs and budget. Finally, we manage the ongoing administration of the health insurance plans, such as processing claims, managing enrollment, and answering employee questions. Don’t face these challenges alone. Contact us today so we can help you through life’s ups and downs.

  • Starting November 1st, open enrollment begins, where consumers can enroll in an Affordable Care Act (ACA) health plan. The ACA is a comprehensive health care reform law that was enacted in March 2010 and has the following goals:

    • Make affordable health insurance available to more people
    • Expand the Medicaid program to cover all adults with income below 138% of the federal poverty level (FPL)
    • Support innovative medical care delivery methods designed to lower the costs of healthcare generally

    The annual open enrollment period allows individuals to enroll in various major medical health insurance plans or ACA-compliant health insurance plans. Individuals may sign up for health insurance, make adjustments to their current plan, or even cancel a plan. The deadline to get enrolled is on January 15th, 2023. If you miss this open enrollment period, you will have to wait until the next open enrollment period in the fall of 2023.

    GMS Is Here To Save The Day

    If you choose to make your job simpler and partner with GMS, we’ve got you covered during this stressful time. Your designated benefits account manager works with you and your employees to ensure everyone gets the coverage they want and need. GMS does more than simply offer coverage like a medical insurance company. We also provide our clients with various tools and resources to find a coverage solution tailored to their needs. Let’s make open enrollment more efficient this year. Contact us today!

  • While the benefits open enrollment period is quickly approaching, it’s essential to have a step-by-step plan in place to ensure a smooth enrollment experience. Open enrollment is the annual window where employees may enroll or make changes to their healthcare benefits package. 

    As a business owner, implementing an effective plan is important for your employees. Continue reading to learn simple steps to improve your open enrollment process for 2023. 

    1. Reflect On Previous Open Enrollment Periods

    Before the upcoming open enrollment period, reflect on last year’s wins and losses. Typically, business owners should sit down right after the enrollment period ends to reflect on the ups and downs and prepare for the following year. Being open about the mistakes made and how to improve the internal process provides significant value to employees and ultimately creates a smoother experience. The following are the most common mistakes that occur during the open enrollment period: 

    • Missing the deadline
    • Defaulting to last year’s plan
    • Over or under-insuring
    • Passing up tax-free savings
    • Assuming all employees should be on one plan
    • Ignoring add-ons

    If any of these mistakes occurred last year, what would you do differently to prevent them from happening again? When you partner with a PEO like GMS, we take on this entire process, so you don’t make the same mistakes. Your designated benefits account manager sits with you and your employees to ensure everyone understands the plan. 

    2. Have A Strategy In Place

    Having a strategic plan in place before open enrollment is the key to success. You may ask yourself, how can I change the way I approach open enrollment to ensure a successful one? Starting early is the most important way to create an efficient and positive employee experience. Creating a renewal timeline halfway through the benefits fiscal year will allow your employees to stay on track ahead of the renewal deadline. 

    Rules and regulations constantly change, especially in the healthcare industry. Ensure you stay up to date with the changing regulations, so you know exactly what you’re getting into before open enrollment begins. In addition, if you have any significant benefit changes, your employees need to know as soon as possible. Be sure to explain the previous plan, what the new plan entails, and any changes they need to be aware of so it’s not a surprise when the enrollment time comes.

    3. Ensure Your Employees Understand Benefit Details

    With the number of benefits available, it can be confusing for your employees to determine which package best fits their needs. In addition, offering a quality benefits package is one of the best ways to retain and attract top talent, which is why it’s more important than ever to explain your benefits plan accordingly.

    Did you know, nearly a third of employees don’t think their employer’s benefits communications are easy to understand? When you outsource your benefits functions to a PEO such as GMS, you are provided with experts who guide you and your employees on how to best utilize their plans, maintain compliance, and stay on top of Affordable Care Act regulations. In addition to a dedicated benefits specialist who is there to help you through the open enrollment period, you also gain access to a team of experts who train your employees on how their plan works and answer difficult coverage questions.

    4. Outline Employee Vs. Employer Costs

    When deciding on a benefits package, employees care about price. As an employer, it’s essential to consider how much the employee will have to pay with your plan. In addition, showing the plan’s overall value will provide them with additional information to help with their decision. They want to see what they will get from the benefits package to ensure they are covered accordingly and receive the best possible option. Ensure you are transparent about the cost upfront, so they have all the necessary information before entering the open enrollment period.

    5. Work With A PEO To Develop And Implement Your Benefits Strategy

    The most effective way to ensure a smooth and positive enrollment period for your employees is by partnering with a PEO like GMS. At GMS, our benefits outsourcing services allow your company to offer competitive, cost-effective benefits while you focus on what you do best – running your business. GMS helps small businesses offer customized health insurance tailored to your needs. Our experts manage everything from benefits enrollment to ongoing plan education through our proprietary technology and dedicated customer support. The following are the benefits of partnering with a PEO for employee benefits administration:

    • Saves you money
    • Saves you time
    • Simplifies employee management

    Set Yourself Up For Success, Partner With GMS

    Your benefits package is one of the best ways to attract and retain top talent. Your open enrollment period needs to be effective and positive for your employees. When you partner with GMS, your employees will experience an easy and seamless process. We offer flexibility, control of premiums, access to data and networks, and overall options that you can’t find elsewhere. Make your employees happy and partner with GMS today. Contact us here.

  • As the third quarter comes to an end, that means it’s time to start thinking about open enrollment. Open enrollment is the annual period when individuals can begin enrolling in a health insurance plan for the upcoming calendar year. Your employees may choose to add or drop health insurance, allowing them to make changes to their coverage. As a small business owner, this time of year can become overwhelming. Open enrollment for 2023 runs from November 1st, 2022, to January 15th, 2023.

    Due to recent changes, signing up for benefit plans during the open enrollment period has transitioned into a more digitalized process. Not only does this help you as an employer, but it also streamlines the process, making it less stressful for your employees. As open enrollment approaches, it’s crucial to increase engagement from year to year for your program to be successful.

    Raising Engagement During Open Enrollment

    Make an impact with your employees during the open enrollment period and drive engagement to an all-time high with the following advice:

    • Clearly communicate dates to your employees
    • Create engaging benefit planning meetings for all employees
    • Ask your employees what they want
    • Provide simple and engaging resources
    • Continue the benefit conversation 
    • Put emphasis on creating goals and tracking progress

    Understanding what your employees want and need is the key to successful open enrollment. By taking a continuous and proactive approach throughout the year, you can ensure that your employees know the resources and support available.

    Stress No More

    Benefits are complex making it easy for employees to become overwhelmed by the information they need to make informed decisions. When you partner with GMS, we take on the burdens of the open enrollment period so you can focus on other aspects of your business. Your designated benefits account manager works diligently with you and your employees to provide the best benefit plans while also educating your employees. You gain access to a team of experts who can train employees on how their plan works and answer difficult coverage questions. We get it. Health insurance is complicated. Let us provide guidance on how to utilize your plans best, maintain compliance, and stay on top of the Affordable Care Act regulations. Contact us today.

  • Many businesses have been forced to adapt to new working conditions due to the COVID-19 pandemic. As a result, many workers maintain a hybrid or remote work schedule. With the rise of remote employment, the focus has shifted to developing clear communication. This is vital to employers being able to communicate and meet the needs of their employees. Another major concern for employees stems from rising inflation and talk of an upcoming recession. This is the time when employees look to their employers for guidance. Let them know you care during the open-enrollment period by developing a plan that fits everyone’s needs.

    Communication Means Success

    As open enrollment is approaching, the need for effective and open communication is the biggest asset employers can implement. It’s imperative that employees have access to all information about each plan and can ask questions about it. Employees want to communicate with their employers. As the open enrollment period begins, they will be looking for guidance. Developing an open line of communication will create a happy, healthy, and productive workforce.

    Virtual communication is not likely to change anytime in the future. Even as businesses welcome their employees to return to in-person positions, virtual communication is here to stay. At the click of a button, employees can access their information when and where they need it. This will allow employees to understand their benefit plan offerings. When there is easier access to learning, employees will be more likely to take advantage of the offerings provided.

    GMS Steps In

    Many employers question which benefits their employees want to see during the open enrollment period. GMS can help you develop a plan that is right for your employees, along with creating a personalized experience working with a benefits account manager. Finding a plan that fits your business during open enrollment can be overwhelming. Let GMS simplify the process every step of the way, easing the line of communication with your employees. Contact us today to learn more.

  • Employees’ needs have changed since the pandemic in 2020. Alongside the pandemic, there’s currently a tight labor market, hybrid work options are becoming increasingly popular, and benefits packages are being reviewed. Continue reading to learn what additional actions employers may take before open enrollment.

    Mental Health Benefits

    As an employer, it’s vital to understand that mental health support at work is no longer a perk; it’s a must-have resource for employees. A survey showed that 42% of employees with access to mental health benefits in the workplace say they’re more likely to stay at their job. In addition, 44% of employees who don’t have access to mental health benefits felt unsupported by their employers. Employers can enhance mental health benefits by expanding services offered through employee assistance programs and providing many other resources.

    Employee Financial Wellness

    Due to a tight labor market and fear of a recession, financial well-being programs have become increasingly popular. Researchers show that 69% of workers are stressed about their finances, with 72% of individuals worrying about their personal finances at work. Companies have begun launching financial wellness programs for their employees to support getting their finances back on track.

    In addition, financial stress results in a 34% increase in absenteeism and tardiness. Employees who worry about money miss almost twice as many days per year compared to colleagues who don’t have the financial stress. As an employer, if you can take away some of your employees’ financial worries out of the equation, you’re one step closer to a healthier and happier workforce.

    Medical Travel Benefits 

    When the Supreme Court announced its abortion decision, Dobbs vs. Jackson Women’s Health Organization, businesses started offering their employees travel benefits should an employee need an abortion. Another 16% of employers plan to provide abortion travel benefits in 2023, while 21% consider offering this benefit to employees. Learn more about what actions employers are taking to ensure their employees feel heard by clicking here.

    What Actions Will You Take? 

    As a business owner, it’s crucial to keep and attract quality employees to continue growing your business. Offering a quality benefits package is one of the best ways to retain and hire top talent. However, the only problem is that providing a quality benefits program often becomes increasingly more expensive and time-consuming. Be proactive and prepare yourself for open enrollment by partnering with GMS. Contact us today.