HR, Benefits & business
A forward-thinking, effective business will still prioritize adding value to its benefits package. It attracts skilled employees and retains the workforce. While adding value is usually the intention, business owners should provide benefit plans for the employees. Below are the top 3 things to consider when purchasing group benefits for your employees:
Saving money to ensure that you will have enough in the future is a must. No matter the career or the size of your paycheck, you can consider the following tips to increase your savings. These tips will help you—no matter what stage of life you’re in—and save for the retirement you deserve.
It's been more than a year since the declaration of the first few cases of COVID-19. While the world economy recovers from massive losses, people find ways to secure themselves after the COVID-19 pandemic. From investing for the future to controlling expenses, here are ways people can prepare for a hopeful yet uncertain tomorrow:
Financial freedom is something everyone dreams of. More often than not, people especially young adults, are already worried about gaining financial success in their respective fields.
Some really fail to plan their financials ahead and not thinking further ahead on their future. Young adults have better chances of having financial freedom at an early age or are able to start their own enterprise sooner.
To effectively plan, here are ways you can follow towards financial success:
Group insurance is a group life insurance plan that organizations and employers can customize to their needs. By creating a benefits package that is unique and tailors to fit the needs of your business, you can protect your members and employees.
The decision to offer your employees life insurance is a positive step toward providing a complete range of benefits. Life insurance is a low-cost, high-value benefit - one many small businesses can afford. The question is, do you offer whole or term life insurance?
There are different types of life insurance—the two most popular forms are whole-life and term-life:
•Whole life insurance is lifelong coverage backed by a cash value account. It pays out the death benefits associated with life insurance, but you can also borrow against it, thanks to its cash value and deferred taxation.
•Term life insurance is a short-term policy that offers death benefits only. It's a very affordable plan with low premiums. Terms can range from 10-30 years, and the premiums remain consistent for the course of the term.
Which option is suitable for your team? When deciding, businesses need to consider their employees and their situation. Many variables can sway the decision. Here are some factors to consider:
•Cash flow: The first consideration is your ability to pay the premium for all of your employees each month (or annually). The cost is typically much lower for term policies and can be pretty high for whole life insurance. If your cash flow is tight, term policies tend to be safer. If cash flow isn't an issue, whole life is an option.
•Number of employees: The more employees you have, the more premiums you'll end up paying. Typically, more employees suggest a term policy benefit might be better. That said, whole life insurance can be an excellent offering for small businesses with a few key employees. Once again, the cost comes into play.
•Other benefits: What other benefits are you offering? Do you contribute to a 401k? You might also think about life insurance as a perk for higher-level employees—maybe a term policy that converts to a whole life policy once they reach an executive position?
There is, of course, the consideration of your employees. Life insurance needs vary, which means understanding what's important to them is essential. For example, the ability to pay large medical bills using a whole life plan's cash value may be appealing. Under the proper considerations, life insurance is one of the most meaningful benefits.
Plan design will dictate the type of policy you need. As you consider these factors be sure to talk to an Employee Solutions Group expert before deciding on a life insurance benefit program.
When you think of a successful leader for your company, you think of an organized, experienced, and skilled individual who communicates well with others and gets things done.
However, there's an increasing demand and need for leaders with an often left unacknowledged quality: emotional intelligence. Someone who has emotional intelligence (also known as EQ or EI) has a better understanding of their feelings and those they work with and lead.
EQ leaders can empathize with coworkers and others, allowing them to improve communication on every level and create comradery and a feeling of well-being.
So, what is emotional intelligence? According to American psychologist Daniel Goleman, emotional intelligence is a combination of five key traits:
•Self-awareness: Great leaders know how they feel and how their emotions and actions affect their employees.
•Self-regulation: Self-regulation helps leaders avoid making rushed, emotional decisions that can make a situation objectively worse.
•Motivation: Self-motivated leaders can influence employees and coworkers to raise their standards and build their motivation.
•Empathy: Having empathy is an essential part of leading a team; the leader can more closely relate to coworkers and employees.
•Social skills: The social skills side of emotional intelligence is critical for good communicators to uplift their subordinates and resolve any issues.
With these five elements, any leader can manage their environment, improve the quality of their work culture, and build their company's success.
Leaders with high EQ can create a space for growth and collaborative communication. A feeling of "we're in this together" fosters better performance and higher job satisfaction for employees. When workers feel heard and understood, they are more engaged in their work and their environment. As a result, there's a healthier environment that starts at the top.
Are you hiring for emotional intelligence? Emotional intelligence may be a newer topic in the world of leadership, but it is a concept that will only continue to gain traction as teams everywhere look to their leaders to match their emotional and social needs in the workplace. As society becomes increasingly complex and working relationships are more important than ever, leaders with emotional intelligence play an essential role in a thriving work culture—one that drives sustainable success.
One effective way to keep employees loyal to your company is to offer employee benefits insurance. The popular benefits that job seekers want are disability insurance, medical insurance, and retirement plan. If your company does not offer these benefits, expect that your top employees and applicants might leave.
Jump-start the growth of your business by offering the right employee benefits. Once the employees receive the benefits they want, there will be fewer absences and higher commitment because they are satisfied. The result is also beneficial to your company because you will have more productive employees.
The need to build and develop a team is a result of business growth. It also means someone becomes responsible for wearing the HR hat. However, HR is more than tasks to check off the list; a company without a strategic and focused HR plan is like a pilot flying into a storm without vision or guidance from the tower.
Your team and their ability to be productive influences every aspect of your business, and much like a pilot without a flight plan, without an actionable HR strategy aligned with specific company's objectives, you may not weather the storm and land well.
That is where an outsourced HR plan, such as ESG Advantage can be a valued extension of your executive team - to ensure you focus on strategic implementation to achieve results, regardless of the storm;
The most capable HR professionals will use data analytics and insight to devise a custom strategy and team development plan that fuels growth that is obtainable and sustainable.
The right outsourced HR is focused on your company goals and objectives and becomes an extension of your team. They take the initiative and the responsibility to help guide you through the storms to success.
Learn more about ESG Advantage
You’re probably wondering when you and your employees will be able to get the vaccine and safely head back to work. Here is what you need to know about the COVID-19 vaccine rollout.
Why does the CDC have vaccination phases?
Vaccinating an entire population is a huge undertaking. Due to the nature of the Coronavirus disease, certain groups of people need to be prioritized to reduce the spread of the virus and minimize instances of hospitalization or worse.
The CDC uses the following general guidelines:
Are my employees considered frontline essential workers?
The type of industry you’re in dictates whether you and your employees are frontline essential workers. Currently, the CDC lists the following jobs and occupations in this category:
•Food and agricultural workers
•United States Postal Service workers
•Grocery store workers
•Educational workers (teachers, support staff and daycare employees)
If your business is involved in any of these sectors, it’s likely that your employees are considered frontline essential workers. They’re able to receive the COVID-19 vaccination as soon as the CDC authorized the vaccination rollout to move to Phase 1B.
Are there other essential workers?
The CDC distinguishes between frontline essential workers and other essential workers. Other essential workers include those in the following industries:
•Transportation and logistics
Workers in these industries are eligible for the vaccine in Phase 1C.
Does the age of my employees affect vaccination priority?
Age is a major factor in the COVID-19 vaccination rollout. If you have employees over the age of 75, they’re eligible to receive the vaccine during Phase 1B. Once the CDC approves a move into Phase 1C, those age 65 to 74 years become eligible for vaccination.
What if my employees have underlying medical conditions?
If you have employees with underlying medical conditions who weren’t eligible for the vaccine in Phase 1A or 1B, they will be able to receive the vaccine in Phase 1C if they’re between the ages of 16 and 64. Underlying medical conditions include those which increase serious, life-threatening complications should the individual contract COVID-19.
The challenges of COVID-19 have hit small business owners particularly hard. Luckily, hope is on the horizon. Use the information above to guide you as you plan the future operations of your business and know that help—in the form of an effective vaccine—is on the way.