benefits and beyond c. 3 life cycle events

30
Life Cycle Events Thomas E. Murphy Benefits and Beyond, C. 3

Upload: temurphy

Post on 05-Dec-2014

1.354 views

Category:

Documents


0 download

DESCRIPTION

 

TRANSCRIPT

Page 1: Benefits and beyond c. 3 life cycle events

Life Cycle Events Thomas E. Murphy

Benefits and Beyond, C. 3

Page 2: Benefits and beyond c. 3 life cycle events

Life Cycle Events

What are they? How to respond?

These are the drivers of employer sponsored benefits.

Do different demographics have different events?

How do benefits in response to events improve productivity?

October 25, 2010

Page 3: Benefits and beyond c. 3 life cycle events

What are some examples?

October 25, 2010

Page 4: Benefits and beyond c. 3 life cycle events

Older employees have different needs – college tuition for kids, pension, long-term care for parents, longer vacations, what else?

Young and healthy don’t need a high value health care plan.

Workers with families need broad health care coverage.

Employees with pre-school age children need day care.

Employed spouses have their own coverage.

October 25, 2010

Strategic Value

Page 5: Benefits and beyond c. 3 life cycle events

October 25, 2010

Health and Fitness

Page 6: Benefits and beyond c. 3 life cycle events

Health problems, disability, injury Chronic health conditions What about “wellness,” and fitness – quality

of life? Can health insurance sort certain

demographics of workers? Marriage, birth, death, long-term care Education, family protection, vacation,

retirement

What are some examples?

October 25, 2010

Page 7: Benefits and beyond c. 3 life cycle events

What are some issues?

A Buffet? Babies and Workers

What and who should be covered?

What about face lift? Should there be cost

sharing? Should the employer

offer voluntary benefits?

October 25, 2010

Page 8: Benefits and beyond c. 3 life cycle events

What are some examples?

Ride to work? Free Diagnostic tests?

October 25, 2010

Page 9: Benefits and beyond c. 3 life cycle events

Disability can lead to work disruptions, loss of productivity, extra costs.

Should the plan accommodate such life events?

What does the ADA, FMLA do in this regard? Should the employer aggressively pursue

workplace safety – prevention? Disability pay – short term, long term?

Employee disabilities . . .

October 25, 2010

Page 10: Benefits and beyond c. 3 life cycle events

What happens when employees confront stressful events such as divorce, death in the family, or other crises?

Should the employer provide a benefit here? How should it be designed? How would you measure its effectiveness? What is an Employee Assistance Program?

Employee Assistance Programs . . .

October 25, 2010

Page 11: Benefits and beyond c. 3 life cycle events

What about kids?

October 25, 2010

Page 12: Benefits and beyond c. 3 life cycle events

Pregnancy Child birth Adoption Time off for

children issues The FMLA? Child Care IVF? HRT?

October 25, 2010

Employees with children . . .

Page 13: Benefits and beyond c. 3 life cycle events

Financial counseling- retirement, savings

English, GED training for entry level employees

Healthy living programs

October 25, 2010

More examples

Page 14: Benefits and beyond c. 3 life cycle events

Some employees have significant obligations to care for ill or disabled relatives.

Should there be a “benefit” offered to accommodate this?

How does the FMLA apply? What about Long Term Care for Family? Design alternatives Measure effectiveness

Caring for Sick Dependents

October 25, 2010

Page 15: Benefits and beyond c. 3 life cycle events

Retirement

October 25, 2010

Page 16: Benefits and beyond c. 3 life cycle events

What are the employee demographics? When do employees want to retire? What limits on retirement should employer

impose? How should employer allocate risks:

longevity, investment, and inflation? How should benefit be financed? What about phased retirement?

Retirement

October 25, 2010

Page 17: Benefits and beyond c. 3 life cycle events

What is the Social Security benefit and how would it complement a retirement program?

Should the employer provide retiree health care?

Should the employer facilitate counseling for retirement?

What HR strategy does providing a retirement plan serve?

What does the Mercer article say about employee loyalty and retirement?

Retirement

October 25, 2010

Page 18: Benefits and beyond c. 3 life cycle events

Marriage

October 25, 2010

Page 19: Benefits and beyond c. 3 life cycle events

Add dependents to health care? Add beneficiaries to other plans? What about domestic partners? Job accommodations What life events are a consequence of

divorce? Is the employer involved in a division of

spousal assets? (QDRO – COBRA)

Marriage . . . Divorce

October 25, 2010

Page 20: Benefits and beyond c. 3 life cycle events

Separation from Employment

You’re Fired! Sign here.

October 25, 2010

Page 21: Benefits and beyond c. 3 life cycle events

Involuntary separation Unemployment insurance paid by employer Should employer do more? What HR objective does this serve? What about continuation of benefits?

(COBRA, HIPAA) and possibly more? What about voluntary “early retirement?” Impact of PP&ACA

Separation

October 25, 2010

Page 22: Benefits and beyond c. 3 life cycle events

Death

October 25, 2010

Page 23: Benefits and beyond c. 3 life cycle events

How old is your workforce? Should employer consider dependents of

employee? Is life insurance an appropriate benefit? What about beneficiaries for a deceased

retiree? How should benefits be designed and

evaluated?

Death and Benefits

October 25, 2010

Page 24: Benefits and beyond c. 3 life cycle events

PTO (Paid time off)

October 25, 2010

Page 25: Benefits and beyond c. 3 life cycle events

Vacation How much and how soon? Sick time or paid FMLA leave? Can these serve the HR strategy? Lumping it all in one category: “paid time

off.” What is relevance of Benefits Model See: Credit Lyonnais

PTO

October 25, 2010

Page 26: Benefits and beyond c. 3 life cycle events

Global Perspective

October 25, 2010

Page 27: Benefits and beyond c. 3 life cycle events

Do European countries mandate better balance between work and leisure?

Do they work to live? How is this manifested? Statutory vacation, leave, and long-term

care for elderly. Health care not always linked to

employment Higher % of replacement income from SSA.

Global Perspective

October 25, 2010

Page 28: Benefits and beyond c. 3 life cycle events

What about China and India?

Do they offer benefits?

How does this affect the cost of their products and services?

Why is this important?

October 25, 2010

Global

Page 29: Benefits and beyond c. 3 life cycle events

What are your demographics? What are unique lifestyles and life events of

your employees? Not just age, sex, economic and educational

background, but also growing Asian, Muslim, Latino workforce.

How does offering benefits fulfill a HR strategy?

What are the financial returns of particular benefits at the workplace?

How to measure effectiveness?

October 25, 2010

Page 30: Benefits and beyond c. 3 life cycle events

Can you think of other life cycle events that would create a need for an employer-sponsored benefit?

What role should employee have in choosing. . .

What about health insurance and open enrollment?

October 25, 2010

And . . . .