employee benefits

Employee benefit plans in the U.S. have undergone a lot of change over the last 10 years.  Entrepreneurs have struggled to keep up with it all.  In this episode we bring  in employee benefits expert Joe Ellis from CBIZ.

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Show Notes

Employee benefit plans in the U.S. have undergone a lot of change over the last 10 years.  Entrepreneurs have struggled to keep up with it all.  In this episode we bring in employee benefits expert Joe Ellis from CBIZ.

Joe will give us the “state of the union” on the area of Employee Benefits.  We’ll get his opinion on where we are now and how we move forward and help entrepreneurs find out how to provide good employee benefits and do it in a smart cost, effective way.

Key Points

*Biggest changes in employee benefits in the U.S. have been due to the Affordable Care Act, the impact of technology and the generational aspects of the modern workforce.

* Subtle changes have occurred surrounding where the dollars are being spent due to the pressure of rising health costs.

*Higher employee out of pocket costs have given rise to offerings by some insurance companies for gap insurance.

*With changes anticipated with health care and the laws surrounding the ACA, we plan on having Joe back to talk about them once things are clearer. Joe advises to continue doing what you’re doing until law is changed.

*Joe is excited about the future since indications are that employers and benefit providers will get back to providing employees with good affordable options that meet the needs of their employees.

*A challenge he sees is the changing workforce as companies now have 4 different generations making up their workforce all with different needs and wants.

*Since money is one of the biggest stressors for employees and affects performance, opportunities for entrepreneurs surround well-being programs like financial wellness.

*One way companies make mistakes in employee benefits is either offering plans that are either too rich or too lean. Joe shares examples of this.

*Goal with benefit offerings is to be competitive in your market or industry. Joe shares some advice on this.

*Online services and apps are becoming more prevalent as companies try to integrate administrative systems which help HR departments spend more time with employees.

*Helping millennials get acclimated into the workforce, pursuing work life balance issues as well as flexibility in schedules and work location are areas where entrepreneurs should focus their efforts over the longer term.

*Another focus for entrepreneurs over the long term is issues surrounding general wellbeing such as financial, mental and spiritual wellbeing.

*Employers should consider whether the dollars spent on benefit plans are spent in the best way possible and should take time to ask employees whether their plan offering is filling their needs.

*A good idea is to get a fresh set of eyes on your plans, whether through an advisor like Joe or other professional, to review your plans.

* These reviews should check for things like cost effectiveness, that your plans makes sense for your business and if they include the current offerings that are available in the marketplace.

Resources and Links

Article Joe Ellis mentioned in this episode – click to access The 5 Traits to Look for in a Health Insurance Advisor

Information about our guest – Joseph Ellis, Sr.

Joseph E. Ellis, Sr. is a Senior Vice President at CBIZ with a long and successful career in employee benefits consulting.  His work focuses on mid-size market, 100 to 2500 employees. He specializes in Employee Health Risk Management Initiatives, Onsite Health Centers and Value Based Plan Designs.  He has been quoted in Reuters News, FoxBusiness.com, Philadelphia Business Journal, Entrepreneur.com and many other publications and has spoken at many industry conferences. Joe provides his clients with the necessary insight to attract and retain employees and control costs.

To follow him on social media here are Joe’s Social Media Links
LinkedIn – https://www.linkedin.com/in/joeellissr/
Twitter – @JellisSr

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Lisa Roberts is a business operations consultant who advises growth company entrepreneurs in successfully managing growth and the challenges they face along the way. She has over 25 years of experience in operations, finance and administration and spent several years in executive roles at a high growth company. She recognizes that there is a fine line between success and failure in a growing business and that entrepreneurs need to focus on managing finances, creating a sound operation and employ good business practices to stay on track.   You can find out more about her here