Productivity Protection A Disability Insurance And Wellness Guide Standard Insurance Company The Standard Life Insurance Company of New York
The Strategic Choice Behind Disability Insurance As a business owner, you do everything you can to keep your company profitable and productive. Each choice you make has to be right from day-to-day operations to overhead to customer service. But what about protecting the most crucial factor for your success: your employees? Although you want to do everything possible to protect them, you can t always do it all. Choosing a disability insurance plan is another strategic choice you can make for your business. Selecting the right disability insurance plan can help protect your bottom line and keep employees at work. Protecting your employees is protecting your company. It s that simple. It s all part of a cohesive plan to help you run a successful company. Read on to find out how benefits offerings can help you attract top talent and how to help keep them there in light of the improving economy. In addition, you can learn how Disability insurance from The Standard can help protect employees while still managing expenses. The Strategic Choice Behind Disability Insurance 2
Table Of Contents Showcase Benefits To Attract And Retain Employees 4 Disability Insurance: A Choice That Can Save Time And Money 6 Accommodating Employees With A Serious Injury 7 Workplace Wellness Tips: Promote Nutrition 8 An Advocate For Treatment 9 Workplace Wellness Tips: Energize Employees With Incentives 10 Navigating A Return To Work After Cancer 11 Table of Contents 3
Showcase Benefits To Attract And Retain Employees By Rieva Lesonsky, small business expert special to The Standard Rieva Lesonsky is CEO of GrowBiz Media, a custom content company focusing on small business and entrepreneurship. Email Rieva at rieva@smallbizdaily.com, follow her on Google+ and Twitter.com/Rieva or visit her website, SmallBizDaily.com. As the economy improves, employee turnover is on the rise. In a recent study by OI Partners, 1 51 percent of companies reported higher employee turnover this year than in 2012. No wonder retaining and recruiting employees are the top two HR challenges, cited by 70 percent and 65 percent of respondents, respectively. 1 How can small companies compete for and retain highquality employees? Start by understanding what matters most to them. Benefits Matter The recent recession has left employees and job seekers eager for the security benefits offer. A recent Glassdoor Employment Confidence survey found 76 percent of employees rate health insurance coverage as the most important employee benefit. Retirement plans were cited by 62 percent and dental coverage by 60 percent. 2 Top Employee Benefits 76% Health Insurance 62% Retirement Plans 60% Dental What benefits make the most difference? In addition to health insurance, SHRM s 2013 Employee Benefits research report shows wellness-related initiatives that give employees incentives for staying healthy are on the rise. Employers also are ensuring that employees are protected with longand short-term disability insurance, with 77 percent and 68 percent, respectively, of employers currently offering plans. 4 In addition, paid-time-off plans, which combine traditional vacation time, sick time and personal time into one comprehensive plan, are a growing trend. Quick Tip How can your benefits offering make a difference? Attract talent. During recruitment, emphasize the benefits that are likely to matter most to a candidate. Retain employees. Remind them of the value financial and otherwise of their benefits. Provide a safety net. Offering disability insurance can provide a way for employees to get back on their feet faster in case of a disabling illness or injury. Benefits matter to more than just older, established workers. The newest additions to your workforce, millennials, want a robust benefits offering, too. In a study by Capstrat, 3 more than 80 percent of millennial employees agreed with the statement, Good benefits like health insurance and retirement plans are important in choosing a job. 1 Survey: Concern About Losing Talent Growing in Improving Job Market. OI Partners website. Available at: http://www.oipartners.net/news-detail/13-05-28/survey_concern_ About_Losing_Talent_Growing_In_Improving_Job_Market.aspx. Accessed July 23, 2013. 2 1 In 5 Employees Report Office Perks An Important Workplace Benefit; Glassdoor Survey. Glassdoor website. Available at: http://www.glassdoor.com/blog/1-5-employees-reportoffice-perks-important-workplace-benefit-glassdoor-survey/. Accessed July 23, 2013. 3 The Truth About Millennial Workers. Capstrat. Available at https://www.capstrat.com/ elements/downloads/files/millennials-work.pdf. Accessed July 23, 2013. 4 2013 Employee Benefits. Society for Human Resource Management website. Available at: http://www.shrm.org/research/surveyfindings/articles/pages/2013employee-benefits aspx. Accessed July 23, 2013. Continue to read more à Showcase Benefits To Attract And Retain Employees 4
Showcase Benefits To Attract And Retain Employees (continued) By Rieva Lesonsky, small business expert special to The Standard Beyond Benefits Tangible benefits aren t the only factors for recruiting and retaining employees. Career development matters, too. The OI Partners study suggests coaching programs are the most popular way to retain key employees, 1 while SHRM reports professional and career development benefits are on the rise again. 4 Balancing Act Employees value work-life balance, with recent studies specifically highlighting the preferences of women and millennials. According to a study conducted by Accenture on women s attitudes toward their careers, work-life balance topped respondents definitions of career success, ahead of money, recognition and autonomy. 5 This is especially true for millennials. In the Capstrat study, 30 percent rank getting married as their primary life milestone; starting a career ranks second. 3 Focusing on these larger trends, robust benefits offerings, employee career development and a work-life balance can help with your company s employee attraction and retention efforts. In this changing economy, focusing on your employees is crucial for the success of your business. Quick Tip How can you provide career development opportunities to your employees? Develop a mentoring program. Have senior employees mentor junior ones. Everyone will learn from the experience. Cross-train. Cross-training employees not only teaches new skills but also provides a backup in case key employees are sick, out on a disability leave or on vacation. Tap into professional or industry networks. Look into programs offered by your industry association, such as certifications, conference seminars or online webinars. Quick Tip How can you tout work-life balance? Provide flextime. There are numerous ways to offer flextime, from allowing employees to work four 10-hour days a week, or offering staggered scheduling where employees choose their hours. Offer remote work options. Millennials, in particular, see no need to be chained to a desk to get the job done. Letting employees work from home, at least part time, is a huge perk everyone appreciates. Emphasize balance. When recruiting, show the work-life balance. For example, highlight your employees passions and hobbies on your website s About Us page. 5 Defining Success; 2013 Global Research Results. Available at: http://www.accenture. com/sitecollectiondocuments/pdf/accenture-iwd-2013-research-deck-022013.pdf. Accessed August 15, 2013. Showcase Benefits To Attract And Retain Employees 5
Disability Insurance: A Choice That Can Save Time and Money There are hidden costs to employee health issues that can add up over time. Lost productivity associated with employee absence, or employees working through disabling illnesses or injuries, can hinder opportunities to grow your business. Think about the impact a lost employee can have on your output. It could hurt your chances to secure new business. It could overwhelm other employees with extra responsibilities. The Standard s Disability insurance plan can help. Workplace Possibilities SM, a service that comes with The Standard s Disability plan, includes a comprehensive set of provisions to incentivize and support employees individual needs related to a disabling illness or injury. We can help facilitate a return to work from an illness or injury or help accommodate employees so they don t need to file a disability claim. Among these provisions is the Reasonable Accommodation Benefit, which allows for up to $25,000 in customized support for an individual and his or her unique situation, including workplace accommodations and retraining. Read an example of how we helped one employee with this benefit on Page 7. Our team of experts, including nurse, vocational and mental health case managers, can tailor individualized plans that address the employee s illness or injury and the goal for recovery. See Pages 9 and 11 to learn more about The Standard s unique approach to helping your employees. The Standard s Disability insurance plan is more than just another choice you have to make in a day; it s the right choice. Not only will it save you time and money, it protects your company by protecting your employees. Disability Insurance: A Choice That Can Save Time and Money 6
Accommodating Employees With A Serious Injury Sometimes the unthinkable happens outside of work. For one lawyer, an autumn afternoon bike ride took a horrific turn. Hit by an oncoming car while biking, he was paralyzed due to fractures in his spine. Wanting a sense of normalcy, he sought to return to work as soon as he was able. That s when his employer reached out to The Standard s team of experts to help accommodate his work and medical needs. After conducting an initial assessment, The Standard s vocational case manager worked with local vendors to determine the proper office layout including desk height, computer monitor distance, keyboard and mouse functionality, and phone headset capabilities. The layout, paired with the right equipment, accommodated the lawyer s wheelchair and his need to recline every 20 minutes to relieve pressure on his spine. The vocational case manager connected with the lawyer regularly to troubleshoot what wasn t working, investigate alternative options, and upgrade equipment and software. After a few months, the lawyer fulfilled his goal of returning to work on a modified schedule. The costs to the employer for this accommodation? Nothing. All vendor services, equipment and installation costs were covered through The Standard s Reasonable Accommodation Benefit. A win-win for all. Quick Tip Accommodations The Right Way, At The Right Time. How Employers Can Help: Connect with The Standard to discuss available resources. Develop an individualized return-to-work plan for the employee. Work with The Standard to execute the plan and conduct regular follow-ups. One Expert s Take In this profession, we have an intrinsic desire to help. To make someone s life whole again. That s why I work for The Standard. Not only could I provide accommodations and reinvent this lawyer s workspace, I could help him resume his life. Many people don t know this type of help exists. They think their only option is to file a disability claim. They think there s no other way for them to move on with their lives. But there is. We contact employees early in the process to discuss their interests. Where do they see themselves in two years? We initiate that conversation about getting back into the workforce. It helps change the mindset of people to glass half full. It empowers them. Todd Meier, vocational case manager Accommodating Employees With A Serious Injury 7
Workplace Wellness Tips: Promote Nutrition By Mary Malone, disability and productivity consultant at The Standard DYK? Did you know your employees eating habits could have a direct impact on your bottom line? Employees who consistently make poor food choices could invite minor or even severe health issues. Stressing healthy nutrition in the workplace can encourage a healthier lifestyle in and out of the office and could be your ticket to avoiding a disability claim. Quick Tip Model a healthy lifestyle for your employees by supporting healthy workplace eating habits. Here are some suggestions: Put water front and center. Have filtered water readily available. It s a great way to help employees make good beverage choices. Try healthier vending machine options. Work with your vending machine provider to offer plenty of healthy alternatives for those afternoon snack cravings. Encourage healthy potlucks. Employee potlucks are a favorite activity in many workplaces, and the food can be healthful. Suggest contests for the best healthful entree, salad or dessert. Support healthy alternatives in your community. Do you have a local farmers market? Post information about it around your workplace. By investing in simple, nutritious alternatives, you can help guide your employees to make better choices for their health, which can benefit your company. Interested in more tips? Read our full article. Workplace Wellness Tips: Promote Nutrition 8
An Advocate For Treatment Employees who have health challenges don t always know how to find help or treatment. This was true of a mechanic who recently received support from the Workplace Possibilities team. After several stressful experiences including the deaths of two immediate family members happened in quick succession, the employee was diagnosed with a mental illness and unable to fulfill his job requirements. The mechanic initially used his employer s Employee Assistance Program (EAP) to find a psychiatrist. However, once those EAP-sponsored sessions ended, he regressed and was unsure how to proceed. A Workplace Possibilities mental health expert spoke with him over the phone and helped him develop a plan. With the expert s help, the mechanic found a new doctor, determined questions to ask at appointments, obtained the proper documentation for health providers and stayed accountable for appointments. These were things he might not have otherwise done, or known how to do, on his own. Did you know The Standard s DYK? experts can help some employees avoid a disability claim altogether? Read about employees who were helped through stay-at-work accomodations on the Workplace Possibilites blog. The result? Once he received the proper treatment, the mechanic was back to work full time. The Workplace Possibilities expert helped him find the right resources quickly. Without this assistance, he could have added days to his existing disability claim and been away from work for far longer. An Advocate For Treatment 9
Workplace Wellness Tips: Energize Employees With Incentives By Connie Crowell, health and wellness program manager at The Standard Employees spend many of their waking hours at work or commuting, which can take a toll on their health especially if they re seated at a desk during the day. Motivate employees to invest in their well-being by rewarding them with incentives for participation. Wellness program incentives can help boost the health of your employees and have a measurable impact on productivity and your overall business. Offering incentives for outcomes and boosting activity takes participation to the next level. Keep employees active and engaged in your program, and help them stay focused on their health and wellness goals. With some simple rewards and a smart plan, you can help your employees become healthier, happier and more productive. Read more on incentives that energize employees. Quick Tip Interested in implementing a wellness program? Here are some considerations: 1. Start small. Starting with smaller goals can be quite effective. Often, employees just need a little nudge to participate. 2. Create goals. Do you want more employees to participate in health assessments? Improve healthy outcomes? Determine your end goal before building up your program. 3. Learn what motivates your employees. Some employees would love an extra day off. Others might want gift cards or gym memberships. Employees need the motivation to participate for your program to succeed, and choosing the right incentives can help. Workplace Wellness Tips: Energize Employees With Incentives 10
Navigating A Return To Work After Cancer Cancer is a life-changing diagnosis. However, when your employees with cancer return to work, it actually may be a positive step forward for their recovery. Returning to work, and resuming daily life, is a morale booster. A finance manager recovering from throat cancer wanted to do just that. A nurse case manager at The Standard collaborated with him toward the end of his treatment to discuss a sustainable plan, which included: A minimal schedule: Working no more than three hours a day for the first four to six weeks to reduce stress. Taking short assignments: Easing back into a routine. Working from home: Avoiding exposure to infection that could compromise his immune system. The case manager found that rounds of chemotherapy and radiation left the worker tired and underweight. Based on this, the case manager wanted him to focus more on recovery, so instead of embarking on the return-to-work plan, she urged him to seek additional treatment. She suggested he see a nutritionist and connected him with his employer s employee assistance program to help with sleep issues. After a month, the employee s weight was up and he was sleeping better at night. The case manager renewed the return-to-work effort with a modified schedule, eventually helping him return full time. Had the manager not sought out additional help before considering a return to work, it could have negatively affected his recovery. The employer was able to welcome the employee back full time and fully healthy, due to the plan developed by the case manager. Navigating A Return To Work After Cancer 11
Standard Insurance Company s first group policy, written in 1951 and still in force today, stands as a testament to our commitment to building long-term relationships. The Standard Life Insurance Company of New York, founded in White Plains, N.Y., in 2000 is the sister company of Standard Insurance Company founded in Portland, Ore., in 1906, a nationally recognized provider of group Disability, Life, Dental and Vision insurance. To learn more about The Standard s group disability insurance, contact your insurance advisor or visit us at www.standard.com today. The Standard is a marketing name for StanCorp Financial Group, Inc. and subsidiaries. Insurance products are offered by Standard Insurance Company of Portland, Ore. in all states except New York, where insurance products are offered by The Standard Life Insurance Company of New York of White Plains, N.Y. Product features and availability vary by state and company, and are solely the responsibility of each subsidiary. Each company is solely responsible for its own financial condition. Standard Insurance Company is licensed to solicit insurance business in all states except New York. The Standard Life Insurance Company of New York is licensed to solicit insurance business in only the state of New York. The Standard s disability policies have exclusions, limitations, reductions of benefits, and terms under which the policies may be continued in force or terminated. Please contact The Standard for additional information, including costs and complete details of coverage. 16896 (8/13) SI/SNY PR/ER