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 discuss auto-enrollment for health care coverage, how to use total reward statements to retain employees, how AI can prevent employee expense fraud and more! Click To Tweet
How AI Can Prevent Employee Expense Fraud
In a recent article, SAP Concur noted that less than 1% of employee expense claims are rejected, despite being a major cause of corporate fraud. They spoke to Travis Andrade, Senior Product Marketing Manager at AppZen, the AI company powering SAP Concur Detect (an expense management solution) to understand how AI-based technologies can take over expense management and reduce corporate fraud. Travis looks at three types of expense fraud, how AI can prevent expense fraud, and why using AI for employee expense management is excellent for businesses—see more on HR Technologist.
Auto-Enrollment for Health Care Coverage? Why Not?
Auto-enrollment could be a way to increase coverage and reduce premium costs by expanding pool. A new Brookings Institution analysis looks at what would be necessary for auto-enrollment feature to become part of America’s health insurance system.
Auto-enrollment, which is sometimes used for employee retirement plans, is a mechanism that provides coverage for an individual if the individual does not choose their plan. Check out this BenefitsPro article for more challenges and strategies with auto-enrollment.
These 6 Companies Found Unique Ways to Help Employees Pay Off Their Student Loan Debt
As of June 2019, the national student debt is at an all-time high or nearly $1.6 trillion, second only to national mortgage debt. According to the Society for Human Resource Management (SHRM), around 4% of US businesses offer student loan assistance as a company benefit. That amounts to dozens of major companies, including IBM, Staples, Peloton, Penguin Random House, and PricewaterhouseCoopers. But some companies are finding more interesting ways of helping employees with their debt. Check out six companies that are taking a unique approach to alleviating their workers’ student debt on Inc.com.
Top 5 Things to Look For in a Benefits Administration Solution
Benefits may seem like a small piece of the wider HCM puzzle, but there are quite a few reasons why finding the right benefits administration solution is key. If you’ve already started searching, you’ve probably found out there are a ton of options out there – which is great.
However, not all benefits administration solutions are created equal. Kronos lists a couple of things that you should look out for when narrowing down your options to make your life easier in the long run.
Workers Overwhelmingly Prefer Regular Check-Ins to Yearlies
An overwhelming number of employees (84%) said regular check-ins with their managers are important to them, according to a poll of 1,000 workers from Appraisd, a U.K.-based performance management software company. The percentage of employees favoring check-ins was even greater among younger age groups; 90% of Gen Zers said regular face-to-face meetings with their manager are important and 40% described them as very important. Check out HRDive for tips on check-ins.
How to Leverage Total Rewards Statements to Attract, Retain Employees
Do you ever ask yourself: “Am I still using the right tools to do my job?” Today, HR must use new tools to win the war for talent. With fewer qualified candidates and an increasing number of available openings you might find yourself soon with no resumes in your electronic inbox if you don’t use the right tools to attract and retain talent.
A recent study conducted by Kronos and the Human Capital Institute indicates an alarming trend. The number of open positions — including time-to-hire, cost-to-hire and one-year turnover — has increased over the last two years, and this might be just the start of a quickly accelerating trend. Check out BenefitNews for tips on how to leverage total rewards statements to attract and retain employees.
This Week At PlanSource: 5 Steps to a Stress-Free Benefits Technology Implementation [Webinar]
Join us for a free webinar with PlanSource AVP of Operational Sales Support and implementation guru Shannon Osborne, where she’ll take you through five steps to help you on your way to a stress-free benefits administration technology implementation. From selecting the right technology partner for your organization, to planning a well-defined implementation strategy, to putting a contingency plan in place to handle the unexpected curveballs, we’ve got the tools HR departments need to sail through implementation.
Thought Of The Week
Studies show that a disorganized or absent onboarding process can severely impact how long a new hire stays. Conversely, research from the Brandon Hall Group shows that a structured onboarding process can increase retention by 82% and boost productivity by more than 70%. – Brandon Hall Group 2018
What are you doing to make your company’s onboarding process smooth and organized?