Looking for employee communication solutions

Communicating with your employees has never been more important than it is right now.

The current economic climate is leaving many to wonder about their and your future.

Employee compensation is about a lot more than what you pay your employees.

Utilizing personalized employee benefit statements help you communicate the total value of your employee benefits program to your employees and open their eyes to their “hidden paycheck”.

Industry studies show while employers spend an average of 40% over payroll on benefits, most employees have no idea what benefits they have or how much those benefits are worth.

You’re spending thousands of dollars to provide your employees with statutory and fringe benefits – shouldn’t you be getting your money’s worth?

Be sure to checkout the benefit statement samples at myBenefitStatements.com

Employers may choose to administer an IRS allowed pre-tax flexible spending account cafeteria plan in-house or outsource with a cafeteria plan flexible spending account administrator or third party administrator (TPA).

Section 125 of the IRS code states an employer may implement a plan where in Flexible Spending Accounts a participant may submit unreimbursed insurance expenses on a pre-tax basis.  Examples include insurance premiums, doctors office co-pays, prescription co-pays, eye exams, eye glasses, contact lenses, laser eye surgery, orthodontics, and more…

Outsourcing with Flexible Spending Account Administrator vs. Administering In-house

Shed light on flexible spending account administratorsYou can make an argument for either outsourcing Cafeteria Plan Flexible Spending Account Administration or administering yourself, in-house.  I wanted to take a moment to discuss this very debate and like a lighthouse, shed light on why an employer should outsource with a qualified Cafeteria Plan Flexible Spending Account Administrator (TPA).

Outsourcing has been a valuable strategic management tool for decades.  But in today’s highly competitive and ever widening global marketplace, more emphasis is being placed on the advantages that outsourcing can give an organization.

The driving force behind the decision to outsource is the ability to allow your organization to focus on what you do best: core competencies, delivering a quality product or service.  Outsourcing allows you to redirect focus to your revenue driven processes and not on back-office cost center functions.  Outsourcing will allow your organization to be more efficient, more effective, and reduce overall costs.

Outsourcing opens up the doors for your organization to gain access to top-level professionals in your non-core areas, state of the art technology, industry defined best practices, and stay up to date on compliance and legal updates.

Partnering with a qualified Cafeteria Plan Administrator such as BusinessPlans, Inc. – myCafeteriaPlan.com will allow your employees to access their individual account information 24-hours a day, seven days a week from anywhere in the world.  As an employer, you also gain 24-hour Internet access.  You may query reports and check the status of your plan around the clock when you want and need information.

In essence, offering self-service to your employees gives them the feeling of control while at the same time reducing the company’s cost for personnel wages, technology, and supplies and boosting employee morale.  This is a win-win situation for the employer and employee.

Contact BPI today about outsourcing your flexible spending account (FSA) plan and choose between Traditional and Flex Debit Card administrative services.

A pre-tax 125 Cafeteria Plan in Ohio or elsewhere will save you FICA taxes, strengthen your benefits program, and save employees 17% to 40% in taxes (depending on their income tax bracket).  Plus, you can do so with little or zero out-of-pocket dollars.

IRS code allows for employers to implement a pre-tax Section 125 Cafeteria Plan, which allows for unreimbursed insurance expenses to be paid pre-tax.  Examples include insurance premiums, doctors office co-pays, prescription co-pays, eye exams, eye glasses, contact lenses, laser eye surgery, orthodontics, and more…

You may choose to administer in-house or to ease your workload and comply with IRS regulations outsource your cafeteria plan administration.

Section 125 of the IRS code allows for employers to implement a pre-tax Section 125 Cafeteria Plan, which allows for unreimbursed insurance expenses to be paid pre-tax.  Examples include insurance premiums, doctors office co-pays, prescription co-pays, eye exams, eye glasses, contact lenses, laser eye surgery, orthodontics, and more…

Employers may choose to administer such a plan in-house or outsource with a Cafeteria Plan Administrator.

Outsourcing through a Cafeteria Plan Administrator vs. Administering In-house

You can make an argument for either outsourcing Cafeteria Plan Administration or administering internally.  I wanted to take a moment to discuss this very debate and shed light on why an employer should outsource with a qualified Cafeteria Plan Administrator.

Outsourcing has been a valuable strategic management tool for decades.  But in today’s highly competitive and ever widening global marketplace, more emphasis is being placed on the advantages that outsourcing can give an organization.

The driving force behind the decision to outsource is the ability to allow your organization to focus on what you do best: core competencies, delivering a quality product or service.  Outsourcing allows you to redirect focus to your revenue driven processes and not on back-office cost center functions.  Outsourcing will allow your organization to be more efficient, more effective, and reduce overall costs.

Outsourcing opens up the doors for your organization to gain access to top-level professionals in your non-core areas, state of the art technology, industry defined best practices, and stay up to date on compliance and legal updates.

Partnering with a qualified Cafeteria Plan Administrator such as BusinessPlans, Inc. – myCafeteriaPlan.com will allow your employees to access their individual account information 24-hours a day, seven days a week from anywhere in the world.  As an employer, you also gain 24-hour Internet access.  You may query reports and check the status of your plan around the clock when you want and need information.

In essence, offering self-service to your employees gives them the feeling of control while at the same time reducing the company’s cost for personnel wages, technology, and supplies and boosting employee morale.  This is a win-win situation for the employer and employee.

There is also a wide range of additional benefits.  In a global economy rich with mergers, divestitures, and new business launches, outsourcing will help your company stay nimble to better manage business change.  Other indirect advantages of outsourcing include improving employee relations, increasing retention, decreasing turnover, reducing interviewing, hiring, and training costs. Did you know?

45% medium to large U.S. companies report that turnover costs them more than $10,000 per employee… and the average cost to recruit, hire and train a $50,000 a year employee is $18,750, according to survey in Workforce Magazine July 1998.

Every organization has limits on the resources it has available for use.  Outsourcing will allow your company to focus and redirect its resources; most often people resources, from non-core activities to profit gaining activities.