Some employers are concerned about how employees will adapt if they revise or eliminate incentive programs. These authors show how behavioral economics precepts can help ease incentive program transitions.
Employees across the spectrum, from hourly staff to executives, have financial obligations and money stress, said Jason Rahlan from Dayforce. "Employees aren't asking for a handout. They want access to the money they already earned."
HR leaders are already walking a fine line between cost control and benefit competitiveness. "The loss of subsidies doesn't just affect individuals; it reverberates through the employer system," according to Ben Light from benefits tech platform Zorro.
"Running a DC plan can be challenging, but when done correctly, the difference it can make to participants is truly life changing," the Mercer report states.
To truly address what keeps boards of directors up at night, CHROs must pivot from reporting on the past to projecting the future—showing direction, identifying risks and demonstrating control over the levers that matter most.
HR teams often lack communication resources during the busy open enrollment season. This HR leader offers no-cost ways to simplify benefits information and get the most out this crucial time.
Careful plan design, managing high-cost categories and leveraging alternative approaches can help employers contain costs while avoiding wholesale disruptions and maintaining overall employee engagement.
