BAN Blog

PTO Exchange Podcast with Bobbi Kloss

Posted on by Bobbi Kloss, BAN Director of Human Capital Management

David Sherman, Director of Partnerships at PTO Exchange, and Bobbi Kloss recently connected to discuss what it means to be a member of Benefit Advisors Network (BAN) and the process of becoming a partner of BAN.

PTO Exchange pioneers innovative solutions for employees’ financial wellness. In an era of financial challenges, their platform allows employees to convert unused PTO into personalized benefits, addressing their unique financial needs and priorities. Discover how PTO Exchange can revolutionize your benefits strategy and foster a positive workplace culture at https://lnkd.in/gPjUUKa7.

View the podcast at https://lnkd.in/gV_nDCXP

 

 

Crisis Averted: HR Triumphs in Managing Workplace Turmoil

Posted on by Bobbi Kloss, BAN Director of Human Capital Management

In times of crisis, organizations rely heavily on their Human Resources (HR) departments to navigate challenges, safeguard employee well-being, maintain operational continuity, and preserve the reputation and integrity of the organization.

Whether facing economic downturns, natural disasters, or global pandemics, HR professionals can be at the forefront of crisis management with proactive planning. Human capital consultants at BAN serve as invaluable partners in guiding organizations through turbulent times and positioning them for long-term success and resilience.

From long-term strategic planning to short-term day-to-day tasks and crises, here’s what human capital management services experts advise for handling various types of turmoil in the workplace.

Employee Welfare and Support

During times of crisis, the HR department assumes a central role in ensuring the well-being and support of employees. This involves establishing robust communication channels through which timely updates, guidance, and resources can be disseminated to the workforce.

Additionally, HR professionals may implement initiatives such as counseling services and mental health resources to address the emotional toll that crises can have on employees.

Recognizing the diverse needs of the workforce, HR can facilitate flexible work arrangements and accommodations, allowing employees to balance work responsibilities with personal challenges, such as caregiving or health concerns.

Furthermore, HR should actively seek out and provide access to financial assistance programs or resources for employees facing economic hardships, demonstrating a commitment to their holistic welfare.

Crisis Preparedness and Response

HR is tasked with spearheading the development and maintenance of comprehensive crisis management plans that outline roles, responsibilities, and protocols across the organization. These plans must be regularly updated and refined to ensure relevance and effectiveness in addressing evolving threats and scenarios.

To bolster preparedness, HR needs to conduct training exercises and simulations, equipping employees with the skills and knowledge necessary to respond effectively in emergencies.

Moreover, HR can collaborate closely with cross-functional teams, including legal, IT, and communications, to coordinate seamless crisis response efforts. This coordination extends to external stakeholders, as HR establishes communication protocols to liaise with government agencies, media outlets, and community organizations, ensuring a cohesive and unified approach to crisis management.

HR leader comforting an employee

Talent Management and Retention

In times of crisis, retaining top talent becomes imperative for organizational resilience and continuity. HR employs various strategies to foster employee retention and engagement, including the implementation of talent retention initiatives. These initiatives may include offering career development opportunities, recognition programs, and avenues for skill enhancement to boost morale and motivation.

Furthermore, HR must conduct thorough skills assessments to identify areas for reskilling or upskilling, ensuring that employees remain equipped to meet evolving business needs. Providing clear career pathways and advancement opportunities also serves to inspire loyalty and commitment among employees, reinforcing their sense of belonging and purpose within the organization.

Additionally, HR ensures that compensation and benefits packages remain competitive, positioning the organization as an employer of choice even amidst uncertainty.

Reputation Management and Brand Integrity

Maintaining a positive reputation and upholding brand integrity is paramount during crises, and HR plays a critical role in safeguarding both.

Human capital consultants at BAN recommend actively engaging with external stakeholders, such as customers, investors, and regulators, to rebuild trust and credibility, demonstrating a commitment to transparency and accountability in the face of adversity.

Working in tandem with the communications team, HR ensures consistent messaging and manages external perceptions to mitigate reputational damage. HR must also monitor and address employee concerns and grievances promptly to prevent internal discord and maintain morale.

For more advice and cutting-edge solutions, reach out to our consultants dedicated to helping you optimize your most valuable asset—your people. Whether you’re looking to enhance talent acquisition, develop a high-performance culture, or navigate complex HR challenges, BAN’s human capital consulting services offer tailored solutions to meet your needs.

HR’s Leadership Development Arsenal: Tools And Strategies That Make A Difference

Posted on by Bobbi Kloss, BAN Director of Human Capital Management

With a skills gap crisis looming on the horizon, the role of Human Resources (HR) is undergoing a profound transformation. As modern businesses evolve to remain competent, one truth remains constant: effective leadership is the cornerstone of organizational success. Yet, leaders aren’t born; they’re nurtured through deliberate efforts, and here’s where HR steps into the spotlight.

According to human capital consultants at Benefit Advisors Network, HR’s strategic function goes beyond recruitment and administrative tasks; it extends to the cultivation of leadership potential and the sustenance of robust leadership development training programs.

HR Pivotal Role In Shaping Tomorrow’s Leaders

Implementing Leadership Development Training Programs: HR must collaborate with Learning and Development (L&D) to establish comprehensive training programs. These initiatives not only impart leadership skills but also integrate seamlessly into talent identification and development processes.

Talent Retention: Retaining top talent is key to leadership development. HR should spearhead initiatives to create an appealing work environment, offering incentives and rewards that encourage employees to stay and pursue career growth within the organization.

Culture of Opportunities: HR must foster a culture that encourages upward mobility, offering incentives like competitive financial packages and promotion opportunities. Tangible rewards can be supplemented by an employee-centric ethos that emphasizes clear career pathways and a growth mindset.

Team-Based Approach: HR needs to equip potential leaders with the right tools to manage their teams effectively. Clear role definitions, open communication, and empathetic leadership styles foster collaboration and morale, particularly in remote working environments.

Creative Recruitment: HR needs to ensure that leadership development programs create an environment conducive to attracting external talent. With a strong internal leadership pipeline and a culture of career development, the organization becomes an attractive destination for top-tier talent.

a woman with leadership qualities heading a team

However, as HR guides the organization in leadership development, HR professionals themselves must be equipped with leadership skills. The Human Resources Leadership Development program should encompass:

  • Open Communication Channels: HR professionals excel in communication, fostering openness and trust across all levels of the organization.
  • Motivational Encouragement: HR sets the tone for an inclusive workplace culture, inspiring and engaging employees to unleash their full potential.
  • Display of Emotional Intelligence: In diverse and remote work settings, emotional intelligence is paramount to understanding and responding to the needs of employees effectively.
  • Ability to Diffuse Conflict: HR leaders must facilitate dialogue and employ active listening to address conflicts constructively, fostering a harmonious work environment.
  • Empowerment: By empowering employees through effective leadership, HR leaders can foster self-motivation, engagement, and productivity across the organization.
  • Moral Leadership: HR leaders set the ethical tone for the organization, serving as impartial mediators and exemplifying integrity in every action. They must project ethical soundness, integrity, and professionalism that inspires confidence and trust among management and employees.

Since HR stands as a steadfast ally as organizations navigate the complexities of a rapidly changing world, let our BAN consultants help you shape leaders who will chart the course for a brighter tomorrow.

We offer human capital consulting and management services for organizations looking to get the best out of their human resources. Whether you’re an HR professional or a business leader, we can help foster a thriving workplace environment so you can benefit from a competitive edge.

Our personalized human capital consulting services aim to empower, enhance efficiency, and drive progress at all stages of your business journey. Call us for further details on how we can help set you up on a transformative path toward success.

Reminder: RxDC Reporting Due June 1st

Posted on by Stacy Barrow

With the 2023 reference year RxDC reporting deadline approaching soon, plan sponsors should familiarize themselves with recent updates to the RxDC Reporting Instructions.

As a reminder, the Consolidated Appropriations Act, 2021 includes a provision that requires group health plans and health insurance issuers (collectively “plans and issuers”) to report certain specified data related to prescription drug and other health care spending.  The first RxDC report (for 2020 and 2021) was due on January 31, 2023, with the report for 2022 following soon thereafter on June 1, 2023.  The deadline to submit reporting for calendar year 2023 is June 1, 2024 (and continues each June 1st thereafter).

In anticipation of the June 1, 2024 deadline, the agencies updated the reporting instructions.  The most relevant updates are summarized below:

  • Sections 4.2, 8 and 9:
    • For P2, Column C, the instructions clarify how a reporting entity that is submitting data for a carved-out benefit needs to populate the field.
    • Additional detail on reporting information in the prior year columns in D5 and the restated rebate columns in D6, D7, and D8.
    • Corresponding instructions clarifying how to represent plans in P2 when the plan contributes to the prior year and restated fields but not to the current year fields (Sections 4.2, 8, and 9)
  • Section 5.6: In prior year reporting, enforcement of the aggregation restrictions preventing data in files D1 and D3-8 from being aggregated at a less granular level than the aggregation level used by the reporting entity that submitted the data in D2 Spending by Category was suspended; however, this requirement will no longer be suspended for 2023 reference year reporting.
  • Section 6.1:
    • Plans may now use a simplified calculation of average monthly premium to use total annual premium divided by 12 in lieu of using the average monthly premium on a per-member basis.
    • In addition, a simplified calculation of premium equivalents, which removes restrictions on reporting on a cash basis and using paid claims rather than incurred claims, may be used.
    • The instructions also provide additional details about amounts that should be included or excluded from premium equivalents.
  • Section 8.1: The instructions clarify that medical devices, nutritional supplements, and over the counter drugs are excluded from Rx lists (D3, D4, D5, D7, D8) unless the NDC for the product is on the CMS Drug and Therapeutic Class Crosswalk
  • Section 8.3: Added Column E to D6 to collect the total number of member months covered during the reference year under the pharmacy benefit, including instructions on how to capture the data.
  • Section 9.1: Clarified that when reporting information on retained rebates, if a PBM or other reporting entity is unable to obtain complete information regarding the rebates, fees, and other remuneration received or retained by a plan, issuer, or carrier, the reporting entity may report only the rebates, fees, and other remuneration from any sources known to the reporting entity, and may assume that known amounts received by the plan, issuer, or carrier were retained by the plan, issuer, or carrier.

 

Conclusion

In our experience, carriers, TPAs, PBMs and other vendors have varying requirements and expectations of what they need from plan sponsors to successfully complete the reporting, and some may even be delegating some of the reporting responsibility to the plan sponsor.  For example, if your insurance company, TPA, or PBM sent you a survey or questionnaire to collect information about plan numbers, premium, or funding types, it is likely that they are reporting the P2 and D1 files on your behalf.  Therefore, it is important to respond to any requests for information you may receive and coordinate with your vendors to understand their expectations to ensure all reporting is completed in full on behalf of the plan.  If your vendor sent you an email or letter asking you to create a HIOS account or stating that they will not submit P2 and D1 on your behalf, that means you must submit P2 and D1 directly to CMS (or engage a third-party to submit them for you).

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About the Author.  This alert was prepared by Barrow Weatherhead Lent LLP, a national law firm with recognized experts on ERISA, Affordable Care Act.  Contact Stacy Barrow or Nicole Quinn-Gato at sbarrow@marbarlaw.com or nquinngato@marbarlaw.com.

The information provided in this alert is not, is not intended to be, and shall not be construed to be, either the provision of legal advice or an offer to provide legal services, nor does it necessarily reflect the opinions of the agency, our lawyers or our clients.  This is not legal advice. No client-lawyer relationship between you and our lawyers is or may be created by your use of this information.  Rather, the content is intended as a general overview of the subject matter covered.  This agency and Barrow Weatherhead Lent LLP are not obligated to provide updates on the information presented herein.  Those reading this alert are encouraged to seek direct counsel on legal questions.

© 2024 Barrow Weatherhead Lent LLP. All Rights Reserved.

Measuring HR Effectiveness: Key Metrics for Success

Posted on by Bobbi Kloss, BAN Director of Human Capital Management

In the intricate ecosystem of modern businesses, human resources (HR) has evolved from a mere administrative function to a strategic driver of organizational success. However, navigating this transformation requires more than just intuition; it necessitates a deep understanding of the effectiveness of HR initiatives and strategies.

Measuring HR effectiveness is not merely a matter of metrics; it’s a journey toward optimizing workforce management, fostering employee engagement, and achieving sustainable growth.

Read on as HR consultants at BAN share some insights into the key metrics you can leverage to gauge performance and propel your organizations toward success.

Key Metrics for Measuring HR Effectiveness

– Employee Turnover Rate

Employee turnover rate measures the percentage of employees who leave the organization over a specified period. High turnover rates can indicate issues with recruitment, retention, or employee satisfaction.

By tracking turnover rates by department, role, or demographic, HR professionals can identify trends, pinpoint areas of concern, and implement strategies to improve employee retention and reduce turnover costs.

– Time-to-Fill

Time-to-fill measures the average time it takes to fill open positions within the organization. A lengthy time to fill can indicate inefficiencies in the recruitment process, leading to productivity losses and increased recruiting costs.

HR professionals can monitor time-to-fill metrics to identify bottlenecks, streamline recruitment workflows, and improve the candidate experience.

– Absenteeism and Attendance

Absenteeism and attendance metrics track employee attendance patterns, including absenteeism rates, tardiness, and unscheduled absences. High absenteeism rates can impact productivity, morale, and overall organizational performance.

HR consultants suggest monitoring absenteeism trends, identifying underlying causes, and implementing interventions to address workplace stress, burnout, or poor work-life balance.

– Cost-per-Hire

Cost-per-hire calculates the average cost incurred to fill a vacant position. This metric includes expenses related to advertising, recruitment software, agency fees, and staff time. By analyzing cost-per-hire data, HR consultants can help you assess the efficiency of recruitment strategies, identify cost-saving opportunities, and optimize recruitment budgets.

team celebrating HR effectiveness

– Employee Engagement

Employee engagement measures the emotional commitment and discretionary effort employees are willing to invest in their work.

Engaged employees are more productive, innovative, and loyal to the organization. HR professionals can measure employee engagement through surveys, feedback sessions, and pulse checks.

By tracking engagement metrics, they can identify drivers of engagement, address issues impacting morale, and implement initiatives to enhance employee satisfaction and loyalty.

– Performance Management Metrics

Performance management metrics assess employee performance and productivity levels. Key performance indicators (KPIs) may include individual performance ratings, goal achievement rates, and performance improvement plans.

By tracking performance metrics, HR can identify high performers, address underperformance issues, and provide targeted coaching and development opportunities.

Additionally, performance management metrics help align individual goals with organizational objectives, ensuring that employees’ efforts contribute to overall business success.

– HR Service Delivery Metrics

HR service delivery metrics measure the efficiency and effectiveness of HR processes and services. These metrics may include metrics like HR service response time, resolution rates, and customer satisfaction scores.

Couldn’t ace the score? Don’t worry! Call 440-528-0301 to speak to our experienced HR consultants. We’ve designed exclusive HR consulting and human capital management services to help organizations identify areas for process improvement, streamline workflows, and enhance the employee experience.

Rely on us for employee training and development programs, compliance requirements in HR administration, or executive compensation and benefits consulting.

Join now to make data-driven decisions to foster a high-performance workplace culture and drive organizational success.