Description: The article centers on the point of employee benefits. It reveals us with the employee benefits trends. We will be presented a series mentioning some American foremost experts in many areas who will share their thought leadership. Their words might inspire us a thoughtful conversation about the company’s greatest assets.
I’m Kip Paul, national manager field customer relations with emeritus, we’re proud to present a video series which we believe can make a difference in your business, we will be introducing some of America’s foremost experts in many areas, they’ll be sharing their thought leadership with you.
Our hope is that their words will inspire a thoughtful conversation about your company’s greatest assets, these videos are one way, we are putting our mission a fulfilling life into action.
So if you like what you see, let us know, we hope you enjoy each of these videos, there’s a concept, that comes out of behavioral economics called benevolent paternalism which is essentially the idea that you help create the environment that will produce the best outcome for that individual.
Employers are better positioned than anybody else to create the environment that is going to help an individual to be happy and healthy and financially secure for their entire life.
Benefits matter a lot, this is happily-ever-after or not and there’s no one other than employers that are better positioned to help the individual make good health and financial decisions.
I think that this idea of employers embrace that responsibility and that opportunity to help their employees be successful while they’re at that company, but their lifetime is so exciting, there is tremendous energy in the HR space now and employee benefits to help create that more idealistic workplace where people can bring them their best selves to work.
When you think about that, an employer can either be a positive influence in terms of someone’s health and finances and Happiness and their work life or a negative influence in terms of all of those, you want it to be a positive influence, so much of that comes down to how benefits are created and how they support an individual with those health and financial decisions.
There’s so much that’s changing dramatically and HR groups and especially employee benefit groups by and large are far too stretched to be able to accomplish everything that they want to do.
So it puts a lot of responsibility and opportunity on the providers in the benefits in the HR space to be able to bring good solutions that help organizations be successful and you see big organizations with very small compact benefit teams that the only way they do good work.
The only way they serve that organization is by all the providers and consultants and administrators supporting them along the way, so there’s a big opportunity for the industry overall to help support those changes and help organizations see the ways that they can be evolving to be much more successful in this new reality, this new definition of work.
There’s a fascinating tension now in the benefit space between this radical shift to consumerism, that’s happened over the last decade plus of putting employees in high deductible health plans where there’s a tremendous amount of responsibility on them to make decisions moving employees from pensions to 401 k’s which has happened over the last several decades asking them to be on the hook for planning for their future so that the consumerism shift has happened.
But at the same time, we see paternalism creeping back in terms of these very high touch concierge programs that are being developed employers taking a much more active role in holistic well-being of their workforce being very hands-on with financial wellness programs.
Some of those are incredibly high touch and and fly in the face of this notion of consumerism that employees should be educated and engaged make the decisions themselves.
So I think there’s a fascinating tension between those two in the benefit space now and I hope that we see in the next couple years that employers realize that idea of paternalism not paternalism that we used to have pension lifetime pensions and lifetime health care.
But paternalism in terms of doing what is the best thing for your employees and putting a lot of effort into helping them produce good health and financial outcomes today and in the future is critical.
I hope that becomes a key component of what all employers or how all employers envision their future and envision being able to compete for talent, so I think that’s going to be a fascinating area to watch in the next couple of years.