Millennials are now the largest age demographic in the workforce, and we’re already seeing them make their presence known through shifts in HR policy and programs. The “Millennial effect” is particularly apparent in benefits, with Millennials showing unprecedented benefits preferences compared to previous generations.
HR/benefits pros are behind the 8 ball. Most U.S. employees spend 15 minutes or less selecting their benefits, many would rather have a root canal than go through Annual Enrollment, and a fair amount also say navigating benefits is worse than losing their cell phone. All of those statistics are real.
Even during the hectic run-up to Annual Enrollment, HR/benefits pros were able to find calm amid the chaos with Businessolver. We kicked off the 2017 HR Technology Conference & Expo, inviting pros to find their #happyplace at our booth with a relaxing virtual reality meditation experience that takes them to a soothing waterfall, gently rolling river, or oceanfront beach.
Hi, HR/benefits pros! I’m Sofia, and I’m excited to meet you – and hopefully, your employees as well! I’m a personalized benefits assistant, the latest product innovation by my colleagues at Businessolver. They’re trusting me to add greater personalization and real-time benefits support for members that use their benefits administration technology platform. Today is my big debut, and I’m ready to take the benefits industry by storm!
Did you receive IRS LTR 1865C? Don’t panic!
One of our partners recently received such a letter, which stated that the organization’s 1094C and 1095C Forms hadn’t been submitted in the IRS-approved format, and the organization had until Oct. 18, 2017 to remedy the issue. The organization called IRS customer service, and received a recorded message:
Despite promising to have a bill to repeal and replace the Affordable Care Act on President Trump’s desk on inauguration day, it’s now nine months into the new administration. The closest a repeal and replace bill has gotten to the president’s desk is the White House Rose Garden, where Trump and congressional leaders celebrated in May when the House passed its repeal bill.
I recently read a report that for the first time in history, five generations soon will be side-by-side in the workforce. While the stat isn’t surprising – Boomers and the Silent Generation are staying healthier and retiring later due to financial strains, and Millennials and Gen Z are just starting their careers – it’s nonetheless sobering to consider that more than 50 years could separate the generations in the workforce.
In the U.S., only 14 percent of adults can correctly define common health insurance terms and more than half of enrollees do not know how HSAs work. This lack of health literacy leads 28 percent of people to say that reviewing their benefits during Annual Enrollment is worse than losing their cell phone – which is pretty bad, considering how much most of us love our phones!
Last week, we held our Horizon ‘17 series finale in Denver. With Annual Enrollment quickly approaching, we knew this event was the perfect opportunity to discuss the best ways to reach employees during this important time of year. Driving the conversation were industry leaders, including: Cam Marston, an expert on generations in the workplace; Kim Burgess, Statewide Chief Human Resources Officer for the State of Colorado; and Kelley Korte, Human Resources Director of Benefits at American Greetings.