The Talent Pipeline Subcommittee (formerly the Education Subcommittee) met on 3/30/16 to share insights on how benefits are used as recruiting and retention tools.
This group, almost entirely manufacturers, had the unique opportunity to share practices, experiences and strategic plans of how benefit plan designs are derived from their business experience. As benefit plan designs need to address the employees’ needs across their working lifetime, it is important to find ways to hit the right notes. For instance younger workers place value on tuition reimbursement and alternative work schedules. Workers at the peak of their earnings timeframe place value on contributions to various savings opportunities such as HSA’s and 401(k)s. Families look for cost effective healthcare and vacation plans, while those nearing retirement looking for continuity and stability in whatever they have in place.
As such some of the topics we shared practices included:
- Medical plan designs
- Medical plan funding and cost sharing strategies – what’s working and what’s planned including HSA’s, self-insurance and network arrangements, and the win-win of self-insured dental
- Waiting periods and the affects of ACA
- Wellness activities – what’s working now
- Cost containment initiatives, including the relative success of Telemedicine
- Retirement plan design, contribution comparisons
- Tuition reimbursement levels
- How alternative work schedules are not only an opportunity to save overtime costs, but become a highly valued no-cost benefit
The objective of the meeting was to share experiences and le
arn from each other. In addition to picking up some pointers, we learned that we can call each other for more support when we need it. Go team!
Thanks to Amy Powell from Johnson, Kendall & Johnson Benefits for presenting on Wellness Initiatives. Also, to Giant Super Market, Horsham for use of their community meeting rooms!