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Breaking Down Benefits: 5 Benefits Trends Driving Change In 2020

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Breaking Down Benefits: 5 Benefits Trends Driving Change In 2020

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HR is constantly evolving, and 2019 saw no shortage of changes. With new state regulations impacting everything from parental leave to classifying contract employees, all of these moving parts have made it even more critical for employers to provide benefits that meet the needs of the modern employee. Join Meisha Bochicchio, Content Marketing Manager at PlanSource, to learn the top five benefits trends driving change in 2020 and how to react to these changes.

HR is constantly evolving, and 2019 saw no shortage of changes. With new state regulations impacting everything from parental leave to classifying contract employees, all of these moving parts have made it even more critical for employers to provide benefits that meet the needs of the modern employee. Join Meisha Bochicchio, Content Marketing Manager at PlanSource, to learn the top five benefits trends driving change in 2020 and how to react to these changes.

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Breaking Down Benefits: 5 Benefits Trends Driving Change In 2020

  1. 1. 1 Breaking Down Benefits Webinar Series 5 Benefits Trends Driving Change in 2020
  2. 2. Paycor creates HR software for leaders who want to make a difference. Our Human Capital Management (HCM) platform modernizes every aspect of people management, from the way you recruit, onboard and develop people, to the way you pay and retain them. But what really sets us apart is our focus on business leaders. For 30 years, we’ve been listening to and partnering with leaders, so we know what they need: HR technology that saves time, powerful analytics that provide actionable insights and dedicated support from HR experts. That’s why more than 30,000 medium & small businesses trust Paycor to help them solve problems and achieve their goals.
  3. 3. 3 Click on the Questions panel to interact with the presenters https://www.recruitingbrief.com/webinar-series/breaking-down-benefits https://www.humanresourcestoday.com/webinar-series /breaking-down-benefits https://www.hrtechcentral.com/webinar-series /breaking-down-benefits
  4. 4. 4 Meet The Speaker • Be Where Your Employees Are Meisha Bochicchio Content Marketing Manager Fun Fact: I just moved to Boston! Furry Friends: Albus (Paw-sival Woof- rick Brian Dumbledox) and (The Great) Gatsby
  5. 5. 5 Quick Poll: What's your role? • Be Where Your Employees Are Benefits Administrator HR Swiss Army Knife Benefits Broker/Adviser Meisha's Moral Support Other
  6. 6. 6 Today's Agenda • Be Where Your Employees Are Association Health Plans The Gig Economy Perks For Parents Mental Health in the Workplace Flexible Benefits
  7. 7. 7 Association Health Plans
  8. 8. Association Health Plans work by allowing small businesses and consortiums, including self- employed workers, to band together by geography or industry to obtain healthcare coverage as if they were a single large employer. 8
  9. 9. Association Health Plans also strengthen negotiating power with health care providers from larger risk pools and greater economies of scale. 9
  10. 10. 10 Legislative Changes U.S. Department of Labor expanded access to Association Health Plans June 21, 2018
  11. 11. 11 • Serves at least one substantial business purpose other than providing health coverage • Member employers are either in the same trade or business or in the same geographic area • Employer members in some sense control the AHP and health plan New AHP Rules
  12. 12. 12 Expanding Access to Health Care Estimated number of people that will be covered under an AHP under the new rule 3+ Million
  13. 13. 13 Associations • Be Where Your Employees Are
  14. 14. 14 Stark County Schools' Group Consortium • Be Where Your Employees Are
  15. 15. 15 • More opportunity for brokers, advisers and consultants to advise associations • Newly formed associations will need flexible tools to manage requirements and compliance • More negotiation power to drive value and expand access to benefits What Does It Mean For HR?
  16. 16. 16 The Gig Economy
  17. 17. 17 Quick Poll: Do you currently employ any gig workers? • Be Where Your Employees Are Yes No Not Yet! Not sure?
  18. 18. 18 Defining The Gig Economy "The gig economy is not new— people have always worked gigs...but today when most people refer to the 'gig economy,' they're talking about new technology-enabled kind of work." - Molly Turner, Haas School of Business
  19. 19. 19 State of the Gig Economy Freelance workers contributed to the American economy in 2018 The gig economy is expanding 3-4x faster than the U.S. workforce as a whole $1.28 Trillion 3-4 x Faster 80% Large U.S. companies plan to switch to a flexible workforce
  20. 20. 20 The Gig Economy is Buzzing U.S. workers are now involved with part-time “gigs” Source: Google Trends: “Benefits Experts” & “Employee Benefits Help” 35%
  21. 21. Confidential and proprietary 21 21 However, with growth often comes growing pains. Until recently, there were very few—if any—regulations to protect or rein in use of gig workers.
  22. 22. 22 Change on the Horizon? Change on the Horizon? On September 18, 2019, the state of California signed a sweeping new regulation that requires employers to provide full wages and benefits to gig workers.
  23. 23. 23 The Cost of Changing Classification • Be Where Your Employees Are Federal and State Tax Withholding Anti-Discrimination Protections Health Care Pension Worker's Compensation Unemployment Insurance
  24. 24. 24 Maybe Not? The state of Massachusetts passed a similar law in 2004... And little has changed since.
  25. 25. 25 Change on the Horizon? Has already come forward stating that they will not change the way they classify contractors
  26. 26. 26 Change on the Horizon? Other cases (notably, FedEx) have proven that, at the end of the day, the substance of the working relationship will trump labels
  27. 27. 27 Gig Economy Isn't Going Away Anytime Soon Freelancers report living their preferred lifestyle Gig workers say they're happier than those working traditional jobs 84% 78% 51% Freelancers would not go back to traditional work for any amount of money
  28. 28. 28 Evaluate Your HR Tech Snag, Upwork, Etc. Making gig management much easier Earnin, FlexWage, Etc. Offer immediate access to earned wages Managing Gig Workers Paying Gig Workers Are You Ready?
  29. 29. 29 Things for HR to Consider If you were required to offer all your contract workers equal pay and benefits, could your company absorb this additional cost? Is your human resources department prepared for the potential influx of additional human capital? Do you have a platform in place that can help you efficiently manage employees, administer benefits and maintain compliance?
  30. 30. 30 Perks For Parents
  31. 31. 31 Quick Poll: What parental perks do you currently offer? • Be Where Your Employees Are Paid maternity leave Paid paternity leave Childcare Assistance Adoption/Fertility Assistance Private Nursing Room Flexible Work Schedule
  32. 32. 32 Current State of Paid Maternity Leave
  33. 33. FMLA: • Does not require paid time off • Only protects job for 12 weeks • Company must have more than 50 full time employees to apply • Employee must meet minimum employment requirement 33
  34. 34. 34 FMLA Has Limitations Percentage of female workers that qualify for FMLA <60%
  35. 35. Confidential and proprietary 35 States Making a Statement State Mandate for Paid Maternity Leave 7 states and DC have passed state- level paid leave legislation
  36. 36. 36 The Data Supports Paid Parental Leave • Be Where Your Employees Are Increase Productivity Increase Retention Improve Recruiting Support Values
  37. 37. Confidential and proprietary 37 Parental Leave by the Numbers Drive return on investment 80% Increase in morale 70% Increase in productivity 92% No effect or positive effect on company 50% Decrease in turnover after maternity leave when increased from 12 – 18 weeks 93% How much more likely women who take paid leave are to return to the workforce
  38. 38. 38 Overcoming Obstacles Coming Soon to a State Near You Don’t wait until mandates come knocking at your door; take these steps to get ahead of paid leave changes that are inevitably coming soon: - Do your homework - Start planning now - Invest in tech
  39. 39. 39 Other Perks For Parents • Be Where Your Employees Are Private Nursing Space Adoption or Fertility Assistance Stipend On-Site Childcare / Child Care Assistance Flexible Schedule
  40. 40. 40 Private Nursing Space Change on the Horizon?
  41. 41. 41 Adoption / Fertility Assistance Change on the Horizon?
  42. 42. 42 Child Care Stipend / Assistance Change on the Horizon?
  43. 43. 43 Flexible Work Schedule Change on the Horizon?
  44. 44. 44 Mental Health in the Workplace
  45. 45. 45 Breaking The Silence What was traditionally stigmatized as a topic kept far away from the workplace has evolved into a holistic movement that blurs the lines between work and personal life.
  46. 46. 46 Mental Health by the Numbers How much depression and anxiety cost the global economy in lost productivity Adults will experience a diagnosable mental illness in any given year $1 Trillion 1 in 5 50% Of those, half will go untreated
  47. 47. 47 Common Mental Health Concerns • Be Where Your Employees Are Depression Anxiety Stress Addiction Burnout
  48. 48. 48 The ROI Supports Mental Health For every $1 put into mental health treatment, companies see an average $4 back in improved work and productivity 400% Source: World Health Organization
  49. 49. 49 The ROI Supports Mental Health Employees report improved work performance and lower rates of absenteeism after receiving treatment 86% Source: World Health Organization
  50. 50. 50 Mental Health Coverage Change on the Horizon?
  51. 51. 51 Employee Assistance Programs Change on the Horizon?
  52. 52. 52 Mobile Apps Change on the Horizon?
  53. 53. 53 Telehealth Counseling Change on the Horizon?
  54. 54. 54 Addiction Treatment Change on the Horizon?
  55. 55. 55 Flexible Benefits
  56. 56. 56 Quick Poll: Which of these perks do you offer? • Be Where Your Employees Are Identity Theft Protection Student Loan Debt Repayment Pet Perks Legal Assistance Flexible Stipends
  57. 57. 57 The Modern Shopping Experience Have you ever unexpectedly seen and purchased something on Amazon because it was just so timely and easy?
  58. 58. 58 Consumer Spend Source: Adobe $144 Billion Amount consumers spent over Cyber Weekend 2019
  59. 59. 59 Industries Transformed by Technology Music Retail Transportation Travel ...Human Resources?
  60. 60. Confidential and proprietary 60 60 What if your employee benefits mimicked this easy, convenient and personalized experience that we’ve all come to know and love?
  61. 61. 61 Katelin Holloway VP of People and Culture, Reddit Change on the Horizon? "By asking people what they wanted, it affirmed my thesis that people want choices. Because of that, our utilization rates have gone way up."
  62. 62. 62 Identity Theft Protection Change on the Horizon?
  63. 63. 63 Student Loan Repayment Assistance Change on the Horizon?
  64. 64. 64 Pet Perks
  65. 65. 65 Legal Assistance Change on the Horizon?
  66. 66. 66 Flexible Stipends Change on the Horizon?
  67. 67. Confidential and proprietary 67 67 Final Food For Thought How do your benefits plans compare? How can you work towards making benefits more personalized and customizable for each individual employee? How can better technology help you get there?
  68. 68. 68 Thank You! Enjoy our free benefits trends guide—this will be sent in a follow- up email shortly.
  69. 69. 69 Q&A
  70. 70. Visit Paycor.com/hcm-software Learn more about Paycor's technology and expertise

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