Payroll lessons from Goldilocks

What Goldilocks and the Three Bears might tell you about your team’s Human Resources Department?

Just as Goldilocks was unsure of various chairs, beds and porridges. You may have put the same trial and error into the model, products, technologies, and vendors that you have selected in for your HR department.

Sure the next time you meet a potential vendor who has the “latest and greatest” pitch you may ask yourself …

What temperature do I like my porridge? Or how robust to I like my payroll technology?

How hard or soft do I like my bed or how complicated or simple do I like my benefits technology?

And what is a comfortable  chair to  me or the best Benefits Broker for my needs?

FreshHR helps organizations understand what they have today and what could more fully help them reach their goals by choosing the best “porridge”. #payroll #HR #peo #payroll #

HR misunderstanding of Benefits Summary Plan Description

Many organizations use a health agent who is still just delivering health quotes and answering employee questions and some basic service functions. It is at this level of vendor relationship that compliance becomes reactive instead of proactive.

 

One commonly missed item is the Summary Plan Description of commonly known as SPD. Even licensed agents are confused about this and think of this as the same as a “Benefits at a Glance” or BAG document that many health carriers provide, it is not the same. The Summary Benefits Coverage or SBC is yet another document that employers and even agents often confuse with a SPD. Neither of these will meet the ERISA compliance needs and may result in fines of up to $1000 per day.
The good news for employers is that solutions to providing an SPD is not expensive or particularly hard to obtain. Fresh HR can point you to a service where employers can provide these for under a $100 and only have to answer 20 questions.

Choosing the best Human Resource Partner

Choosing the correct partner to help you navigate the ever changing world of health care is important. The rule changes coming out of Washington DC is almost daily. It’s important to have an agent or consultant that is actively participating in an industry trade group such as the National Association of Health Underwriters (NAHU.  With that she/he is consistently receiving training  and updates that they can keep your organization compliant and knowledgeable about the best benefits structure to deliver the most value for the dollar to your employees.