The Source: Weekly Roundup – August 26th, 2019

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Welcome to The Source, your one-stop-shop for the latest and greatest HR and benefits news. Our weekly publication highlights this week’s top stories in human resources, benefits administration, insurance, legislation and more to make sure you can stay on top of industry trends and changes. Start off your week on a high note with The Source!

In this week's edition, we cover a new incentive program for saving money on health care, how to approach financial education for millennials, employer-sponsored savings programs and more! Click To Tweet

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Telehealth is Here to Stay; So Why Won’t Employees Sign Up?

Almost 75% of major employers offered some type of telehealth benefit in 2018, up from just 27% in 2015. But employers are having a hard time getting employees to share their enthusiasm, with sign-up rates averaging at only 8-10%. What’s causing employees’ unwillingness to try telehealth despite its reduced costs and improved convenience? Employee Benefit News explores several explanations.

Getting Millennial Employees on Board with Financial Wellness Programs

A new study by Payoff shows that one in four Americans and one in three millennials suffer from a condition known as Acute Financial Stress (AFS). Financial wellness education can have an impact all employees, but millennials in particular can benefit from these resources. For a financial wellness program to attract millennials, it needs to be individualized and flexible, allowing employees to seek information as the need arises.

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Read more about how to get millennials on board with financial wellness programs in BenefitsPro

This New Program Gives Employees a Bonus for Saving Money on Healthcare

With a widespread lack of transparency in health care prices, employers are searching for creative ways to help employees make the best health care decisions.

Healthcare guidance and engagement company HealthJoy has launched HealthJoy Rewards, a new platform that allows clients to incentivize employees with a bonus for using cost-effective healthcare services. They’ve found the program saves clients $6 for every $1 spent administering the rewards. Read more about the new software on Employee Benefit Adviser.

Employer-Sponsored Savings Programs Could be the Future of Financial Wellness

For 43% of hourly workers who report having less than $400 in savings set aside for emergencies, an accident or unexpected expense can be financially devastating.

personal finance budgeting and education

But employer-sponsored savings programs could be a viable solution. Low- and middle-income employees who are more financially secure have been shown to be less stressed and more productive when they have an employer-sponsored savings program, which may lead to lower healthcare costs, better customer service and stronger attendance, a new survey from nonprofit organization Commonwealth finds. Get the full analysis from Employee Benefit Adviser.

Most Job Seekers will Reject Offers after Learning Current Workers are Unhappy

A new survey of 1,000 U.S. workers found that salary matters less than culture to a majority of job seekers who learn that a company’s employees are overworked, burned-out and generally dissatisfied. Over three-quarters of respondents said a strong corporate culture is “extremely important” to them, and slightly more than half of employees ranked opportunities for growth as more important than compensation. Read a summary of the full report in HR Dive.

Most Employees Don’t ‘Get’ Voluntary Benefits

Voluntary benefits: employees may have them, but they don’t necessarily think of using them when circumstances arise. A new study on voluntary benefits from Cigna finds that employees don’t necessarily understand the medical or the non-medical cost perspective of supplemental voluntary benefits when it comes to the role they can play in the event of major illnesses or serious injuries. See more from the study on BenefitsPRO.

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2020 Open Enrollment Planning Playbook

Open enrollment is the Super Bowl of benefits, the culmination of a year’s worth of planning, strategizing and hard work. And, much like a championship game, open enrollment requires a solid playbook to guide you to benefits success!

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Thought Of The Week

83% of employers offer financial wellness programs, up from 20% two years earlier. – Prudential 2018

How are you planning to implement a financial wellness program this OE?

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