Knowledge Corner

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As the holidays approach, and friends & family begin to celebrate, this becomes a time of stress for many. That’s why it’s a good time to remind your employees of their Health Benefits. This simple reminder will not only benefit your employees mentally & emotionally, but it will also help your employees be a more positive person in the workplace.

Here are some tips to share with your employees this holiday season:

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37% of Americans are not saving for retirement. Only 4 in 10 businesses with less than 100 employees offer retirement benefits. These are sobering statistics. In response to these stats, state governments are taking action. They are passing legislation to require small businesses to provide their employees with some type of retirement plan. Employers satisfy this requirement by either enrolling their employees into a state-sponsored retirement program or sponsoring their own plan (ex., 401K) via the private market. The state-sponsored program is normally a Roth IRA.

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As a California Employer, you are familiar with the CalSavers Retirement Savings Trust Act passed in 2016. As of June 30, 2022, this state-run program will require that employers with 5+ employees participate or offer a qualified retirement plan.

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Planning ahead is the best strategy you can use when it comes to your Employee Benefits Program. Typically, in a renewal cycle, there are three major considerations: changing plans, contributions, and Carriers. 

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Misunderstandings about mental health have led to a negative stigma about it. This stigma has prevented employees from obtaining the proper care they need. As an Employer, providing a good mental health benefits package to your employees is crucial. It demonstrates that your company encourages your employees to seek the treatment they need. In doing so, Employees who take care of their mental health are more likely to have increased levels of productivity. If Employees don’t prioritize their mental health in the workplace, it can lead to increased accidents, claims, disability, workplace violence, etc.

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It can be hard to find good employees. So when you do, it’s important that you keep them. One way to accomplish this is to offer a good benefits package.

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If we have learned anything from COVID-19, it is that we all need to prioritize our mental health. As an employer, you might not think you should concern yourself with your employees’ mental health. That would be a mistake. Mental health affects your employees’ productivity levels, lateness, and time away from work. All these things can have a negative impact for your business. That’s why it’s crucial you have a good Mental Health Benefits package.