2020 was quite the year, and 2021 has been an up-hill climb. We have made significant progress forward in the world of the pandemic, but it can be assumed your company was forced to make adjustments in the last 36 months or so. Some business owners forge forward and evolve in the face of adversity, some put their head in the sand. If you’re reading this blog we’ll guess your from the former group. Good business owners run good companies, and good companies provide rewarding executive benefits packages. MBK and Associates Inc can provide customized executive benefits packages that can provide tax-efficient streams of income, so be sure to reach out if you’re looking for more information.
Every year Human Resource Executive holds an annual Health and Benefits Leadership conference to help professionals from all over the country learn more about the latest trends and futures from some of the top thinkers in various industries. We figured it was a perfect demonstration of some of the same things we talk about here on our blog, and wanted to touch on a few key details that were presented at the conference that may benefit you and your company’s existing (and future?) executive benefits plans..
Here’s just a bit of what we took away..
The Harsh Reality of the Pandemic Forced Leadership to Examine Benefits of Yesterday.
Clearly nobody had it easy throughout the pandemic, the reality check it caused also drove creative new ideas and opportunities for better benefits and intentions to serve employees. From the top down, leadership and employees alike were forced to re-examine their intentions in life, and their desires financially. HR professionals, leadership, and the workforce were forced to come together and overcome significant struggle, and those relationships forged should never be forgotten..
Large organizations like Edward Jones for example, were quick to note how the pandemic forced new looks at how companies care for employees. Kristin Johnson, chief human resources officer at Edward Jones, said during a session.
“It made us more aware than ever how much value we place on human connection and relationships.”“ we didn’t want any of our colleagues to choose between their careers and their families”; waived deductibles for the testing and treatment of COVID-19; added programs for emotional and mental health; and more free mental health visits, made available for all employees. For parents, the company also provided tips and resources to navigate virtual learning and homeschooling. “We had to step up our game when the pandemic struck,” Johnson said.
Having a solid plan in place can really build the morale of a company, and ensure employees WANT to stay.
Employers Need to Help the Caregiver.
Legislation at both the federal and state levels have been put in place to ensure employees have provided time needed, but in times like we’ve seen it’s more important than ever to be empathetic to the caregivers of the world. The inability to afford to work a high functioning career and flex schedules, balance work from home/school at home, and other factors prevented many talented people from being in the workforce. In order for a company to function at a high level, people and their families need to be cared for now more than ever.
Here’s what Joan Lunden, former Good Morning America host said in a keynote of the conference.
“We are in the middle of a caregiving crisis, and it’s a problem that’s only going to grow,” Lunden said. “We need to support families, and we need people to stay engaged in the workforce.”
“Rainy Day” Money More Important than Ever
Whether you’re looking at the first day employee or the top of the pyramid C-level executive, everyone wishes they had a bit more money. Add in a global pandemic and people’s pockets feel a bit shallow. The exacerbated financial problems worsened by the pandemic only further demonstrate the necessity for savings and a future plan that helps work for you if times get tough. Devin Miller, CEO and co-founder of Secure, an emergency savings fintech platform said during a session..
“You need to have variation to support different employees in different stages of life. You can’t be using your 401(k) as an emergency fund.”
Mental Health & Wellness – Provide Hope
In addition to providing some sort of tax-efficient planning strategy that can create tax-free income streams at retirement, one big word that an employer can provide is HOPE. Suze Orman, personal finance expert and co-founder of Secure was insistent on this point.
“The one word—besides secure—that I hope you want to give to all your employees is hope. Without hope, it’s like you’re asphyxiated; you can’t breathe. And sometimes, just a little action instills hope.”
Even before the COVID pandemic, we as Americans were in the midst of what many call a “mental health pandemic.” The lockdowns, social distancing and dramatic shifts to remote work certainly didn’t help peoples overall mental health. With regards to benefits for executives, the right plan can truly provide a mental health breather that can allow you or your employees to focus on what matters most.
The Future of the Workplace Becoming Clear-er
For over a full calendar year, employers have been forced to evolve-on-the-fly. Remote vs in person. Testing. Masking. Vaxxing. Adapting benefits. Revamping policy. It’s been a lot of shooting from the hip for businesses of all sizes. We as a society have grown and evolved and this has become somewhat of a “new normal,” as they say. This “temporary” fix model however, seems to be shifting back to somewhat of a “long game” model however, as some stability has returned.
Now the focus is starting to shift more long term, and with that, comes new plans for executives and employees that reflect needs of tomorrow, rather than yesterday or today.
The question of how companies engage executives and employees in the future was addressed by John Susmer, founder and editor or HRExaminer.
“The golden age of benefits is coming,” he said. “All of these new circumstances are going to create an explosion in the kinds of benefits employers can extend to employees.”
Here at MBK and Associates Inc. we provide creative solutions that combine life insurance strategies along with tax-efficient planning strategies that can help anyone from an individual, to a high earning professional and especially C-level executives. If you are interested in learning more about what we can provide for you, we’d love to hear from you. Simply reach out via our contact form or give us a call to start the conversation!