LIFE-CHANGING BENEFITS FOR A THRIVING WORKFORCE Granite State HR Conference April 19, 2017 LIFE-CHANGING BENEFITS FOR A THRIVING WORKFORCE

Principal Colchester, VT PRESENTERS Sena Meilleur Principal Colchester, VT Kevin O’Connor Managing Principal Needham, MA

LIFE-CHANGING BENEFITS: TWO STORIES

Enjoys hunting, fishing, helping dad with sugaring SCOTT* 19 Years Old Senior in High School Enjoys hunting, fishing, helping dad with sugaring Dad works in a manufacturing plant Scott is covered on Dad’s health insurance plan *not his real name

SCOTT SCOTT’S DAD Emergency Room Paid Time Off Intensive Care Employee Assistance Program Inpatient Stay Inpatient Rehab Health Savings Account Home Care Health Care Advocate Outpatient Rehab Durable Medical Equipment Physical Therapy Speech Therapy Mental Health Counseling

Married with two kids, ages 2 and 5 MAGGIE* 32 Years Old Graphic Designer Married with two kids, ages 2 and 5 Loves to hike with her family and dog Her employer offers the following benefits: medical, dental, life, vision, short term disability. *not her real name

MAGGIE MAGGIE’S HUSBAND Health Plan Paid Time Off Prescription Drugs Employee Assistance Program Physical Therapy Durable Medical Equipment Child Care Disability Benefit: Short Term Loss of Earnings Disability Benefit: Long Term Loss of Earnings

HOW DO WE BUILD LIFE-CHANGING BENEFITS FOR HAPPY, HEALTHY EMPLOYEES?

Three Key Steps: 1.) Employee Benefits As Part of the Larger Corporate Strategy 2.) Employee Health and Wellness Requires a Holistic Approach 3.)Strong Communication Is Key

Setting the Stage An estimated 10,000 baby boomers are retiring every day, with a fewer number of Millennials entering the workforce, creating a vacuum (Benefits Pro Magazine) According to MetLife: 57% of employees would stay with their employer if their benefits improved.  78% of workers say the benefits package is crucial to their decision to accept or reject a job. 

1. Employee Benefits As Part of the Larger Corporate Strategy Senior Management buy in is imperative (i.e. top-down approach) Collective agreement of benefit strategy: Does your C-Suite view benefits as a Morale Boost or a complete hassle? C-Suite needs to be aligned Truth is, either strategy can be engaged corporately How transparent is your business to employees About strategy? Corporate Commitment to benefits? Pricing and cost shares? If benefits are viewed as a competitive advantage to working at your company, shout it from the rooftops!

2. Employee Health and Wellness Requires a Holistic Approach Conduct a demographic analysis of their covered employees. Who are they? Age ranges? Singles, families, or a combination thereof? Generations? Different employees will have different challenges Provide options/choices to support different employees’ needs

MILLENNIALS GENERATION X BABY BOOMERS

Emerging Benefits Tuition Assistance / Student Loan Repayment Assistance TeleHealth Pet Insurance Group Legal Financial Wellness – personal finance as well as Medicare education Identity Theft

3. Strong Communication Is Key First, understand the most impactful communication medium Paper? Mailers to home? Bulletins in breakroom? Emails? Online Enrollment / Employer Portal? Communication Campaigns Quarterly or Bi-Annual note from the top Wellness, and how often Tips and techniques on getting the most from their carrier (fitness, teladoc, how to register with their carrier, etc. Employee Surveys – do you know that your employees even want? What they value? And, what they don’t?

TAKEAWAYS: Benefits are not ‘one size fits all’ Need to be part of your strategic plan Communication is KEY

QUESTIONS/DISCUSSION