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Monthly Archives

January 2018

ONLINE BENEFITS ADMINISTRATION — WHAT’S NOT TO LIKE?

By Employment Resources

Looking for real-time information on your company’s benefit plan(s)? You — and your employees — can probably find it online. Workers can use a home computer, tablet, or smartphone to check the details of their benefit plans (costs, options, enrollment period, etc.), review documents, and update their personal account whenever they’d like.

Employers can access plan information that is: 

Accurate. Online access makes it easy to enter data once and check for errors.

Cost-effective. One survey found that changing from manual to online enrollment in benefit plans slashed the cost from $109 to $22 per employee.

Timely. Provides instant access right from your keyboard.

Efficient. Streamlining plan information entry and access frees up employee time for more productive activities.

Private and secure. Access to information on individual plans is restricted (password protected), while company and plan administrators can monitor any unauthorized attempt to tap into plan data.

Open ended. Participants can use hyperlinks to garner information on claims procedures, directories of providers, “healthy living” guidelines, and other helpful Web-based resources.

We can work with you, and your workers, to get the most out of accessing benefit plan information (“high tech”), while providing personalized service (“high touch”).

How to Handle Pay Raise Complaints

By Employment Resources

At the beginning of the new year, many companies offer raises to employees. What happens, though, when employees express unhappiness about the raises they receive? If they complain to each other, productivity and morale decline. Use several tips as you handle these complaints promptly and properly and encourage a positive, productive and healthy work environment.

Welcome Pay Raise Discussions

Employees should feel comfortable discussing any subject with you, including pay. Strive to cultivate an open door policy, and listen carefully to your employees so they feel comfortable being honest with you about all their concerns.

Compare Standard Industry Pay Rates

Search the U.S. Bureau of Labor Statistics, PayScale.com, Salary.com and job listings to find the current pay rates for employees in your industry. For the most accurate data, research companies of comparable size with employees of similar talents and skills to your employees.

Provide Performance Details

If your company’s pay raises depend on employee performance, prepare a review of the employee’s record and performance during the last year as you outline the reasoning for their specific pay raise. Offer suggestions for improvement, too, so your employees know exactly how to qualify for a bigger raise next year.

Review the Raise Policy

Your company may offer larger raises to employees after they work there for a certain number of years, or your raise policy may give everyone the same raise regardless of merit. Review this policy with employees as you explain their pay raise.

Offer Alternative Benefits

In lieu of large pay raises, the company may boost the employee benefits package or offer alternative benefits like extra time off or a flexible work schedule. Discuss these perks with employees as you help them understand this year’s pay raise.

Explain the Company’s View

Your company could have multiple reasons for giving lower-than-expected raises. While you don’t have to explain all the reasons to your employees, share some details, such as the employee budget, increase in insurance benefits or slow production, that help them understand your point of view.

Note Pay Raise Complaints

When employees take time to complain about their pay raise, record their concerns, including why they believe they deserve a bigger raise, your reasoning for the raise they received and any suggestions you made for their future improvement. The employees will appreciate being heard and the fact that you take their compensation complaints seriously.

If employees complain about their pay raise, you can take these steps to address the complaint promptly and properly. Handle the situation the right way, and you build rapport and create a stronger company.

Top Topics To Avoid Discussing At Work

By Employment Resources

After spending 40 hours a week together at work, you and your coworkers may become close friends. Unfortunately, certain conversation topics can cause awkward situations and increase stress, decrease productivity, motivation and performance, and threaten your job. Protect your health and career when you avoid talking about these topics.

Politics

Whether you avidly follow or purposely avoid politics, political conversations should be off-limits at work. The subject ignites tempers and undermines team spirit.

You may announce that you vote. However, avoid candidating for a specific party, and change the subject if your coworkers introduce the topic.

Pay Rate and Benefits

Under federal law, you may openly discuss your pay rate, insurance coverage and other benefits with coworkers. These discussions may benefit others if they lead to equal pay for equal work, but they could also cause hard feelings and hinder cooperation.

Discuss your paycheck and benefits only if the conversation will benefit your team, and never brag about or belittle someone else’s paycheck. Always err on the side of respect.

Personal Relationship Problems

Maybe your spouse stopped sleeping with you or your child is bullied at school. Share these personal relationship problems at work, and you undermine your authority as a supervisor or manager. The information could also fuel the rumor mill or anchor a sexual harassment complaint.

Restrict personal conversations to neutral topics. Then discuss and resolve your personal relationship problems outside of work.

Health Concerns

You may decide to tell your coworkers about your struggle with chronic pain or depression, especially on challenging days. Consider how your health concern affects your reputation and even your ability to promote, though.

If you must share health information, don’t talk daily about your challenges or discuss every detail. Rely on your family and friends for support and focus on your job when you’re at work.

Career Aspirations

Career aspirations can motivate you to better yourself. Your coworkers may question your loyalty or resent you, however, if you share your goals with them.

Tell your boss privately that you want to move up the ladder. Then do your best work every day as you demonstrate that you’re a team player and committed to the company’s success.

Religion

Faith is a personal and sensitive subject. Even an innocent comment about church or a holiday can make your coworkers feel uncomfortable.

While you can mention your faith, avoid in-depth religious conversations. Take care to never belittle or disagree with someone else’s beliefs, and don’t try to convert anyone.

The conversations you have at work influence your job performance, reputation, success and health. Aim to promote respect, cooperation and peace as you talk to your coworkers.

SAVING FOR A RAINY DAY IS KEY TO YOUR FINANCIAL FUTURE

By Your Employee Matters

In our nation’s tumultuous environment of skyrocketing unemployment and plummeting home values, saving up for an emergency fund or retirement might be the farthest thing from your mind. Considering the sad state of our economy, most consumers are happy to just make ends meet. Although some economists encourage consumers to spend to stimulate the economy, most financial experts say saving is still as important as ever.

Is saving money a lost art? Recently, Bank of America Merrill Lynch conducted a study to determine whether Americans are saving enough. In the four decades after World War II, the average American saved between 6% and 10% of their after-tax income. However, around 1985, that number started to decline, dropping below an average of zero in 2005. That’s when consumers started spending more than they earned with the help of easily accessible credit cards and loans.

For the most part, the average American has saved less than 3% of their income during the past five years. That number has increased slightly to 4% as gun-shy Americans scramble to save in this depressed economy. However, many economists say that’s still not nearly enough. It almost seems as if saving has become a thing of the past, but consumers run the risk of serious financial turmoil if they don’t start saving for a rainy day. And then there’s the retirement issue. Without a healthy nest egg, far too many retirees will outlive their money.

A mountain of debt. Of course, a lack of savings isn’t our nation’s only financial problem. Most families are facing a mounting load of debt, as well. In 1960, the typical American family’s debt equaled about 55% of their after-tax disposable income. Today, the average debt-to-income ratio (DTI) for a U.S. household is a whopping 125%. Of course that’s better than 2008, when household debt reached an all-time high of 130%.

Financial experts say that a 100% DTI is a healthy debt ratio. Let’s say you and your spouse earn $150,000 a year, but you owe a total of $200,000 on your house, car, student loans and other financial obligations. If you want to reach 100 percent DTI, you should try to pay down your debt by $50,000 to reach a “healthy” DTI.

Slowly rising savings rate. As mentioned, the savings rate has inched up to about 4% recently. Some economists say that as the savings rate continues to slowly rise, U.S. consumers will use about 80% of their savings to pay down debt and the other 20% to invest in interest-earning assets. Although this is certainly a financially responsible move, some experts point out that the U.S. economy depends on consumer spending. Therefore, if consumers stop spending as much and saving more, the economy will not bounce back any time soon.

Based on a study by Federal Reserve economists Reuven Glick and Kevin Lansing, the savings rate would need to climb to 10% within the next eight years for U.S. households to lower their debt to normal levels. Reuven and Lansing say that would shave 0.75 percentage points off economic growth each year, which could lead to a continued depressed economy and a lack of new jobs.

Saving is still important. Regardless of these new theories about “saving too much,” most financial experts say that saving is still critical. After all, your financial well-being depends on it — now and well into the future. Although the idea of saving less and spending more is a popular one, it’s probably not the smartest move for most consumers. First of all, saving is absolutely necessary if you want to ensure a comfortable retirement. Secondly, financial experts say consumers should also save up for an emergency fund. Think about it this way: What would happen if you lost your job tomorrow? What if you suffered from a severe illness and faced thousands of dollars worth of medical bills? Could you afford it? Probably not. And that’s precisely why you should keep between three and six months worth of living expenses in your emergency fund.

Unemployment Benefits For Seasonal Layoffs

By Your Employee Matters

The slow winter season may lead certain employers to lay off employees for a few weeks or months.  If you’re affected by a layoff, you could file for unemployment. Understand this coverage and how to file for it so you can receive financial benefits as you wait to return to work.

What are Unemployment Benefits?

Most employers pay unemployment insurance so employees who lose their jobs or are laid off can receive temporary unemployment benefits. While your state administers the benefits, you are responsible to file a weekly claim for the benefits.

How to Qualify for Unemployment

Every state sets different guidelines for unemployment eligibility. Typically, you may receive benefits if you are laid off seasonally, and these benefits will last up to 26 weeks or until you return to work. However, you may need to meet certain employment qualifications. For example, in some states you must work for your employer for a certain number of weeks or earn a set income per month before you can apply for unemployment. You also must receive a W-2 from your employer, which means independent contractors or freelancers will not qualify for unemployment benefits.

Check with your Human Resources department to ensure you qualify for unemployment benefits. In most cases, you’ll receive details about your eligibility and information on how to file for benefits before your layoff starts.

How to File for Unemployment

It may take a week or longer to begin receiving unemployment benefits, so file a claim for benefits as soon as possible. You can sign up online or over the phone, and you will need your:

  • Social Security and driver license number
  • Complete mailing address and daytime phone number
  • Names and addresses of all employers from the last 18 months
  • Information from your W-2 form

After you file the initial claim, you will file for benefits weekly either online or through the automated phone system. Be prepared to answer questions about how many days you were willing and able to work that week. To continue receiving benefits, you also may need to prove that you’re actively looking for work even if you expect to be rehired in the near future.

Amount of Benefits you will Receive

Your state’s unemployment program and your job history affect the amount of unemployment benefits you receive. Typically, you can expect to receive up to half of your regular wages. Weekly benefits are capped, however, so you might earn less than half if you are a high-earner.

Unemployment benefits provide financial income if you’re laid off for a season from your job. Discuss your specific benefits with your Human Resources department to ensure you understand the specific benefits you can receive.

OFFICE SAFETY AND SECURITY: WHAT WORKERS NEED TO KNOW AND DO

By Your Employee Matters

Although most people think of business places as safe and serene, in fact they’re rife with risks, both inside and outside the building. Security experts recommend taking these safety precautions:

Parking Lot Security/Lighting. 

Because crime flourishes in the dark, implement a “buddy system” to ferry workers to and from their cars. Limit parking lot access to controlled points and have the lots as well lit as possible. In fact, light is such a deterrent to crime that it’s wise to keep your entire facility lit, inside and out, during non-business hours.

Entrance Area Safety. 

Make sure a receptionist is on duty at all times. Provide a registration system for all visitors (even if they wear the uniform of contract cleaning or other service personnel). Have all doors, windows, and locks checked frequently for proper operation. Use badge or other photo ID systems, with frequent checks of entry code systems. Never let employees prop open a door with a chair so that it doesn’t lock behind them outside on a break.

Suspicious Activity. 

Urge employees to report any suspicious persons or activity around the building. Never allow employees to open suspicious packages. Instead, report them to the authorities for proper search and disposal.

Information Safety. 

Unfortunately, it’s increasingly easy for computer hackers or disgruntled employees to steal your organization’s vital business information. To guard against this threat, use the latest security software for your entire system, updated frequently, and make sure to have regular backups for this information. Shred paper documents with critical information as soon as they’re no longer needed.

Equipment Security. 

Keep an inventory of all your critical equipment, hardware, and software. This is especially important as electronic devices keep shrinking in size, making them easier to conceal and remove. Having an inventory (many experts suggest taking photos of important items) will also make it easier for your insurance carrier to process any claim if anything “goes missing.”

Employee Valuables. 

Provide secure places, such as lockable drawers and closets, for employee property and encourage their use. Valuables, especially any item that reveals personal information, should be locked away during company gatherings or breaks.

Safety Team. 

Set up a group of managers and employees who meet regularly with a set agenda. Our experts would be happy to work with you in creating a comprehensive workplace safety program. Feel free to give us a call.

Work Resolutions That Improve Your Health

By Your Employee Matters

With the launch of a new year, you may resolve to improve your career and expand your skills, mentor someone or climb the corporate ladder. Have you considered workplace resolutions that improve your health? Stay strong, fit and active and succeed on the job with several resolutions.

Learn Something New

Stimulate your brain function, improve memory and stay young when you learn something new. Study a new language, take a college or professional development class or engage in a new hobby during your work breaks as you expand your mind and improve your health.

Change Your Eating Habits

Skipping breakfast, chowing on donuts in the break room and eating fast food for lunch cause you to gain weight, feel sluggish and struggle to focus at work. Resolve to make dietary changes as you improve your health. Prepare portable burritos or egg muffins for breakfast, bring nuts and fruit for snack time and pack a balanced lunch. These simple eating habit changes assist you in staying healthy at work this year.

Move More

Your body and your brain need movement to function properly. Adequate movement improves your physical health, focus and sleep, so plan to walk at least 10,000 steps per day with these tips.

  • Hold walking meetings.
  • Pace your office as you talk on the phone.
  • Stretch every 30 minutes.
  • Walk during breaks.
  • Join an intramural sports league with your coworkers.

Reduce Stress

Stress affects your motivation, productivity and morale, and it can cause health problems like headaches, obesity and depression. While you can’t remove all stress from your work day, resolve to identify unhealthy stressors and reduce those challenges. That may mean transferring to a different department, addressing problems with your boss or rethinking expectations and saying no to extra projects as you lower stress and improve your health.

Achieve Better Work-Life Balance

Productivity, creativity and problem-solving skills actually decrease as your work hours increase because your brain and body need downtime to relax and recharge. Instead of working over your lunch hour, take a walk, read a book or call a friend, and turn off your phone at home. With work-life balance, you actually relax, improve your health and perform better at work.

Get Social

Strong relationships reduce health problems, improve sleep and increase longevity, so resolve to cultivate beneficial relationships with your coworkers. As you get social and chat more, improve collaboration and spend time together during breaks, you build relationships that help you live longer.

With these work resolutions, you can get healthy this year. You may also talk to your doctor or health insurance agent to discover additional resolutions that improve your health in 2018.

BUILDING VALUATION: CLOSING THE ‘UNDERINSURANCE GAP’

By Construction Insurance Bulletin

When settling Building Insurance claims, it can be tough to determine the real cost of replacing or restoring damaged property. Unfortunately, the methods that policyholders, insurance companies, and agents usually use to set the right amount of coverage all have their weaknesses; according to insurance experts, this means some buildings might be underinsured by up to 40%!

This shouldn’t be a surprise. Basing the amount of coverage on the purchase price of a building doesn’t factor in possibly significant changes in the value of the location. The same problem applies with using real estate appraisals, which are based on the sale price.

Although setting coverage by estimating square footage and material costs can be fairly accurate, these methods depend on the validity of the data plugged into the formulas. What’s more, changes in zoning or building regulations can have a significant impact of the value of the building.

As a construction professional, you can’t afford to “guestimate” the cost of building repair or restoration after a loss. For example, you probably have a strong grasp of arcane and complex zoning and building ordinances in your everyday work.

We’d be happy to provide a complimentary review of the valuation of your buildings for coverage purposes and recommend any needed changes. We can then explore opportunities to improve the accuracy of building valuations for your clients — and ours, so that we can help close that 40% “underinsurance gap.”

Safety Tips For Your Construction Fleet

By Construction Insurance Bulletin

In your construction business, you use vehicles every day and insure them with commercial auto insurance for construction vehicles. Unfortunately, accidents can happen as you drive on the road or operate the vehicles on a job site. Utilize several safety tips as you protect your construction crew, fleet and company.

Create a Vehicle Operating Policy

Your employee handbook should include your company’s policy for proper vehicle operation. It will include details about driver expectations and safety procedures. Include any information your insurance company requires, too. With this policy, you help your employees understand safe driving practices and minimize accident risk.

Inspect Vehicles Annually

The pickup, dump and flatbed trucks you operate on the road must be inspected annually before you and your employees may legally drive them. Schedule inspections and any required emissions testing with a qualified inspection station. For the excavators, cranes, bulldozers and other vehicles in your fleet that don’t require an annual inspection, implement regular maintenance checks to ensure these vehicles operate properly. Keep accurate and updated records of every inspection as you prove that you’ve met your legal obligations, prioritize safety, and protect your employees and company.

Train Employees

Your employees must know how to operate vehicles safely before they start the engine. Give every employee an operating exam, and retest annually as you verify that they can safely operate the vehicles on the road or job site.

Between annual exams, provide trainings on safe operating procedures. Every employee should know defensive driving techniques, all Department of Transportation (DOT) guidelines, job site safety procedures and what to do after an accident.

Establish a Troubleshooting Reporting Procedure

While your employees may operate your fleet vehicles, you ultimately hold the responsibility for the vehicles’ safety. Set guidelines that outline how your employees should report any issues they find as they operate the vehicles. Employees should know where to find the forms, how to complete them and where they should be delivered. You must then follow through and fix any reported problems.

Conduct Risk Management Surveys

To promote safety, you should know and minimize as many risks as possible. In addition to educating operators on the risks of the specific vehicles they operate, monitor drivers as you identify and address risky behavior. Be aware of risks on the job site, too, such as loose dirt, drop-offs or right turnarounds, as you keep your vehicles and employees safe.

Your construction vehicles provide invaluable service for your business. Take proactive steps to keep your fleet in top working order and equip your employees to operate those vehicles safely. For more safety tips, talk to your construction insurance agent.

CONSTRUCTION IS A RISKY BUSINESS!

By Construction Insurance Bulletin

Anyone who works in construction knows the dangers — and costs — involved.

Accidents are expensive. For starters, a mishap will increase your General Liability and Workers Compensation premiums, as well as expenses for lawyers and other personnel brought in to investigate the incident. Other costs include reduced productivity and diminished morale, disruption of project work schedules, and other fees (such as OSHA fines). What’s more, you might well come under media scrutiny, leading to a loss of reputation that can be difficult — if not impossible — to repair.

On an industry-wide basis, workplace accidents make it harder to attract and keep new workers to meet current and projected needs. Although worker attrition is problematic throughout the economy, it’s a particular concern in construction. The industry historically has had trouble attracting and retaining good workers, due partly to its negative image as a dirty and dangerous occupation. Ironically, the high attrition rate — which is closely linked to unsafe working conditions — perpetuates itself because newer workers on a job site are more susceptible to accidents.

Reducing your risk of loss from accident is a two-part process. For starters, you’ll need a comprehensive insurance program that offers the best protection at the best price. Just as important, make sure that you develop, update, and enforce job site safety programs, with incentives to get your workforce involved.

Our insurance professionals stand ready to help you keep your workers safe — and your costs under control. Just give us a call.