MADISON, Wis. (1/3/13)--Reduced benefits budgets and shifting costs, the result of increased costs and regulatory changes, have forced organizations to be more creative in offering competitive benefits, according to a new white paper from CUNA HR/TD Council.
Trends discussed in the white paper, "Credit Union Benefits Programs: Meet Employees' and Your CU's Financial Needs," include:
- Reviewing the benefits landscape;
- Assessing popular program components;
- Analyzing program competitiveness;
- Conducting a cost analysis; and
- Making and implementing benefits decisions.
The paper also includes three cases studies featuring credit unions that have successfully modified their benefits programs to meet employee needs and credit unions' financial needs.
In the paper, Kevin Pailet, senior vice president of Dallas-based Prescott Pailet Benefits, named his five top employee benefits tips. They include:
- Quality retirement plans. Over 50% of Gen Y workers consider long-term financial security very important, after experiencing the recession. Providing a retirement plan with many cost-effective investment options and a matching contribution can help attract and retain these young people.
- Short-term disability coverage with no pre-existing condition exclusion. Many employees would have difficulty covering basic living expenses in the event of a short-term loss of wages.
- Long-term disability coverage. Employers can provide this valued benefit for a fraction of the cost of other types of insurance.
- Voluntary benefits. Gen X and Y workers have proved willing to pay for certain voluntary benefits and many Baby Boomers appreciate critical-illness coverage.
- Consumer education and advocacy. With today's complex consumer-driven, high deductible health plans, employees need education and access to a health care advocate to help obtain better pricing, appeal claims, and much more.
To download the paper, use the link.