Latest news with #employeeBenefits
Irish Times
07-07-2025
- Business
- Irish Times
Cost concerns driving shift in employee benefits, survey says
Intensifying cost concerns are driving Irish employers to focusing on maximising value in employee benefits, according to the benefits trends survey carried out by consultants WTW. The survey found that 39 per cent of employers in Ireland are 'reallocating spend' in response to rising costs to get more value from spending on benefits such as pensions, health insurance and financial wellbeing programmes. This drive has led to the number of employers focusing on getting more value from vendors and service providers to rise to 56 per cent, and nearly two-thirds, 61 per cent, of Irish employers regard the increasing cost of benefits as a key business issue. Orlagh Farrington, the head of health and benefits Ireland at WTW said cost concerns are 'impacting businesses across Ireland' which she said is 'certainly evident' in their approach to the cost and value gained from employee benefits. READ MORE More than half of employers, 56 per cent, are looking to improve the value of their benefits spending or are eyeing a switch to better-value vendors across health, retirement and risk benefits and 15 per cent plan to increase employee contributions to retirement plans. Ms Farrington said the benefit trends survey shows that employers are seeking to find a balance between 'prudent expenditure with ensuring an offering that can attract and retain talent'. How the wealthy are buying up land to avoid inheritance tax Listen | 22:03 Among Irish employers, 61 per cent are aiming to expand benefits choice over the next three years, with the research showing they are 'becoming more aware of purpose and values, and wellbeing, in shaping their benefits packages,' she said. 'For example, in 2025, 27 per cent of businesses would describe their employee benefits as values driven, 29 per cent as employee wellbeing focused, and 44 per cent as market competitive.' That focus is set to 'evolve', she said, with the results pointing to companies shifting their focus towards benefits driven by values. The survey suggests that 41 per cent of business said their benefits will focused on value in the next three years, 44 per cent suggested their focus will be on wellbeing and just only 15 per cent said they would focus on market competitiveness. 'Overall, this evolution is one that indicates a strategic focus not only cost but also on future competitiveness,' Ms Farrington said. Almost half, 46 per cent, of employers in Ireland view mental health benefits as a priority area, the survey suggested. Additionally, 34 per cent of employers prioritise retirement benefits, with 29 per cent and 27 per cent focusing on financial wellbeing benefits and health benefits respectively.
Forbes
02-07-2025
- Health
- Forbes
The Ultimate Benefits Package? One That Comes With The Power Of Choice
Soni Basi, Ph.D., is a seasoned CHRO and has established her own consulting agency, POP HR. Let's talk about menopause in the workplace. Not the conversation you expected? In truth, conversations about how to deal with menopause in the workplace are as rare as workplace resources for those experiencing it. But think about the message the absence of such considerations sends to individuals going through menopause. They may worry no one at work will empathize with their experience. Instead, they might choose to hide their symptoms, which can include depression, anxiety, sleep deprivation and cognitive impairment, all of which contribute to burnout. In the process, they likely spend more time and energy at work worrying about how to handle it themselves. If we dig deeper, this conversation isn't really about menopause at all. It's about the critical link between choice, benefits and productivity. A modern company with a large workforce of women may naturally think to offer maternity care benefits, and for good reason. But among that population, there might be some who would be more motivated by fertility or menopausal care. And then again, some employee motivations may be unrelated to healthcare. When companies adapt their offerings to meet the diverse needs of their workforce, they announce to candidates, "I want employees to be able to show up as their whole selves without having to worry about external factors." Through highly personalized benefits, leaders also build higher-performing teams. There's more than one side to healthcare. I once worked at a company that offered mental health benefits, but had few conversations about it. Instead, workloads were heavy. Performance expectations were high. People were burning out, quitting and worse. Unsurprisingly, employee usage of mental health benefits was off the charts, more than any other offering. But it wasn't until leadership noticed that usage and made mental health an intentional part of the conversation that we were able to effectively address our workforce crisis. Benefits are expensive, but higher usage leads to healthier employees and, ultimately, a healthier bottom line for the company. According to McKinsey and the World Economic Forum, "enhanced employee health and well-being could generate up to $11.7 trillion in global economic value." This would require organizations to offer traditional healthcare options, but also nontraditional benefits, like flexible schedules and mental health services. In fact, the best healthcare options won't fit into a one-size-fits-all package. Most respondents in a 2023 CNBC/SurveyMonkey survey wanted fully paid healthcare premiums (51%), much more than those who wanted free food onsite (26%). Look closer, however, and Gen-Z workers felt dramatically different: free food (42%) was just as important as fully paid healthcare premiums (41%), with student loan repayments (34%) right behind them. While their preferences may differ, employees care about benefits. More and more, I see candidates eager to understand a company's benefits before being hired. In 2025, Gallup reported that the percentage of employees who would take another job for better pay and benefits rose from 41% pre-pandemic to 54%. Meanwhile, companies paying attention are already personalizing benefits. In Aon's 2024 U.S. Health Survey, 25% of employers reported plans to "increase flexibility and choice of benefits to better fit personal priorities," and 34% were exploring navigation apps using personal data to connect individuals to relevant options. Once technology companies integrate AI into those platforms, I think highly customized healthcare benefits will become table stakes. Personalized perks align passion and mission. Healthcare benefits are vital, but only a part of the picture. The top two drivers workers cited for accepting a new job in a 2022 Gallup survey were better pay (64%) and better work-life balance (61%). More interestingly, the third biggest factor for nearly six in ten respondents was "the ability to do what I do best." Tapping into that passion requires an understanding of what really excites someone about their work. Then leaders can design organizational perks that speak the language of that individual's particular motivators. It may sound obvious to say that satisfaction is the biggest driver of performance, but for the skeptical, recent research now backs this up (subscription required). Satisfaction comes from how motivated, valued and supported an employee feels day-to-day. Some get this through higher pay. But others crave praise, power, prestige or purpose. Let's say a company offers healthcare and two perks: a spot bonus program and a points program earning products through an online retailer. They may consider this "good enough," but these offerings only cover employees motivated by their pocketbooks. Adding perk options that also tap into other motivators—a new title, more responsibility, a seat alongside leadership or a chance to give back to the community—would be more effective at driving widespread productivity. Choice returns greater value. Companies that spend money on benefits want them to be highly utilized, which is more likely when packages reflect their workforce's needs. Choice is key. To change your current offering to an options approach, first, look externally. See what others are offering and where your competitors have an advantage. Then look internally at your own data around which benefits people are using (and not using), and see how that connects to your population, their ages and their experiences. Finally, ask your people. Finding out what matters to them is the easiest way to understand their individual motivators. Until I ask people which reward they would choose given the choice, I might never learn that some would gladly exchange a week of PTO for a few days of paid volunteer work on company time. Knowing your employees is the best way to discover relevant benefits offerings they will want to use. With choice and personalization, leaders can offer the most competitive rewards. Does this mean highly customized healthcare? Yes. Does it mean additional organizational perks that drive individuals to go above and beyond? Also yes. Just as compensation comes with bonuses and rate changes for merit and equity, perks and benefits can come with flexibility based on how people want to be rewarded. That process of personalization may look different for every company, but those that act first will lead the way. Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
Zawya
29-06-2025
- Business
- Zawya
Thawani Pay and Ominvest unveil ‘Ominvest Plus' for enhanced employee lifestyle benefits
Muscat: In alignment with its strategic vision to invest in the well-being of its human capital and foster meaningful private-sector partnerships, Thawani Pay has signed a strategic agreement with Oman International Development & Investment Company (Ominvest) to launch the "Ominvest Plus" initiative - an exclusive discount and offers platform tailored for Ominvest employees and their families. The agreement was signed by Majid Al Amri, Founder and CEO of Thawani Pay, and Abdulaziz Al Balushi, Group CEO of Ominvest, marking a significant step forward in employee-focused benefits under Thawani's 'Sama' corporate offers platform. The 'Ominvest Plus' platform unlocks a curated selection of offers across diverse lifestyle categories, including restaurants, hotels, wellness services, and automotive care. Designed to provide exceptional convenience, the card enables users to redeem unlimited offers through the Thawani app, with the flexibility to complete transactions via the app or through other preferred payment methods. The platform will be available exclusively to Ominvest employees and their families, ensuring a seamless and rewarding experience integrated into their everyday lives. In this context, Majid Al Amri, CEO of Thawani Pay said: 'At Thawani, our mission is to lead the fintech sector by delivering smart, simple, and secure payment services today's launch of the 'Ominvest Plus' exemplifies this commitment. By bringing exclusive lifestyle benefits directly to Ominvest employees and their families through our Sama platform, we're not only enhancing convenience but also redefining how fintech innovations can uplift human capital. This partnership underscores our belief that when technology, purpose, and care come together, we create ecosystems that drive real impact.' Commenting on the partnership, AbdulAziz Al Balushi, Group CEO of Ominvest said: 'At Ominvest, we continuously seek opportunities to create synergies across our diverse group companies and leverage cutting-edge technology to enhance value. 'Ominvest Plus' is a prime example of how we integrate innovation into our strategy to benefit our most valuable asset—our people. This collaboration with Thawani not only introduces tangible lifestyle benefits for our employees and their families but also reinforces our commitment to a tech-driven future and fostering a connected ecosystem within the Ominvest group. This collaboration with Thawani Pay aligns perfectly with our vision of building a future-ready enterprise.' Waleed Al Yarubi, Chief People, Corporate Communication and Sustainability Officer, added: 'This initiative is a testament to Ominvest's unwavering commitment to cultivating a thriving, people-first culture. This initiative is strategically aligned with our broader goals of sustainability and ESG, demonstrating our commitment to the well-being and growth of our human capital. By empowering our employees with smart, lifestyle-enhancing solutions, we are not only increasing engagement and retention but also building a more resilient and impactful organization from within.' This initiative underscores Thawani Pay's forward-looking approach to innovation and its role as a catalyst for transforming workplace experiences across the private sector. By aligning with institutions such as Ominvest, Thawani is helping shape dynamic and progressive work environments that prioritize employee well-being. Through thoughtful, tech-driven collaborations, the company continues to redefine how organizations can uplift their teams by offering smart benefits that are both practical and inspiring. As Thawani Pay continues to expand its corporate solutions and deepen its engagement with key stakeholders, it remains steadfast in its mission to build value-driven ecosystems where innovation and human impact go hand in hand. The launch of 'Ominvest Plus' stands as a testament to this vision by delivering meaningful benefits through collaboration, technology, and purpose.
Yahoo
24-06-2025
- Business
- Yahoo
Healey & Associates Joins World Insurance Associates
ISELIN, N.J., June 24, 2025 /PRNewswire/ -- World Insurance Associates LLC ("World"), a Top 50 Insurance Brokerage, announced today that it acquired the business of Healey & Associates ("Healey") of Portland, ME on May 1, 2025. Terms of the transaction were not disclosed. Healey has been offering employee benefits to clients throughout New England since 1982. They specialize in providing employee benefits solutions to the non-profit sector. "At Healey & Associates, our focus is on listening to our clients' concerns and challenges and then constructing solutions that last beyond the foreseeable future," says Matthew K. Arbo, Owner and President, Healey & Associates. "It's great to join World and have additional products and services to provide to our clients." "I would like to welcome Healey to the World family," says Rich Eknoian, CEO and Co-Founder of World. "Matt and the Healey team are well-known and respected in the industry, and they will be a great addition to World." "Healey is our first employee benefits agency in Maine," says Jennifer Barton, Head of Employee Benefits, World. "Their client-first approach and deep nonprofit expertise align perfectly with our values. Together, we'll deliver lasting solutions throughout New England." Giordano, Halleran & Ciesla provided legal counsel and MidCap Advisors advised World on the transaction. Satin and Lee Law P.C. provided legal counsel and MidCap Advisors advised Healey on the transaction. No other advisors, diligence firms, or legal counsel were disclosed. About World Insurance Associates LLCWorld Insurance Associates (World) is a nationally ranked financial services organization headquartered in Iselin, N.J., that serves its clients from more than 300 offices across the U.S. and U.K. World's comprehensive network of brokers and specialists empower people to make informed decisions to improve their risk management outcomes, modernize their benefits programs, and help achieve their long-term financial goals. Using data-driven analytics, World's advisors innovate new products and solutions tailored to clients' needs across commercial and personal insurance and bonds, employee and executive benefits, wealth management and retirement plan services, private client services, and payroll & HR solutions. For more information, please visit View original content to download multimedia: SOURCE WORLD INSURANCE ASSOCIATES LLC Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
09-06-2025
- Business
- National Post
Canada Employee Benefits Report 2025: Supplementary Pension, Healthcare Benefits, Unemployment Benefits, Disability Benefits, and Death Benefits
Article content Article content The report provides in-depth industry analysis, information, and insights of the employee benefits in Canada, including an overview of the state and compulsory benefits in Canada, detailed information about the private benefits in Canada, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Canada. Article content The Canadian social security system covers various programs, many of which are run by the country's provinces and territories. In general, benefits are similar across all provinces and territories; however, Quebec implements its pension plan. The government provides financial support to provincial and territorial governments through four main transfer programs – the Canada Health Transfer (CHT), the Canada Social Transfer (CST), and Equalization and Territorial Formula Financing (TFF)-to help them provide social programs and services to citizens. Private employee benefits are gaining popularity, and many companies offer private benefit plans for employees to supplement the government-sponsored hospital and medical plans. Article content Key Highlights Article content The Employment and Social Development Canada (ESDC) is responsible for the functioning of the overall social security system in Canada. A person's national insurance contribution is determined based on their income. An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to a credited contribution. In Canada, Pillar III consists of voluntary employment pension plans and individual retirement savings. The employment pension plans are provided as both DB and DC schemes in the country. Article content Scope Article content It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits It covers an exhaustive list of employee benefits, including retirement benefits, Short-Term Sickness Benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, leaves and holidays and private benefits It highlights the economic and regulatory situations relating to employee benefits in Canada Article content Reasons to Buy Article content Make strategic decisions using in-depth information related to employee benefits in the country Assess employee benefits of the market, including state and compulsory benefits and private benefits Gain insights into the key employee benefit schemes offered by private employers in the country Gain insights into key organizations governing employee benefits market, and their impact on companies Article content Key Topics Covered: Article content 1. Executive Summary Article content 2. Introduction Article content 2.1 What is this Report about? Article content 2.2 Definitions Article content 3. Country Statistics Article content 4. Overview of Employee Benefits in Canada Article content 5. Regulations Article content 6. State and Compulsory Benefits Article content 6.1 Retirement Benefits Article content Introduction Eligibility Benefits Payment options Contribution Article content 6.2 Death in Service Article content Introduction Eligibility Benefits Payment options Contribution Article content 6.3 Long-Term Disability Benefits Article content Introduction Eligibility Benefits Payment options Contribution Article content 6.4 Short-Term Disability Benefits Article content Introduction Eligibility Benefits Payment options Contribution Article content 6.5 Medical Benefits Article content Introduction Eligibility Benefits Payment options Contribution Article content 6.6 Workers' Compensation insurance Article content Introduction Eligibility Benefits Payment options Contribution Article content 6.7 Maternity and Paternity Benefits Article content Introduction Eligibility Benefits Payment options Contribution Article content 6.8 Other Benefits Article content Family Benefit Unemployment Benefit Leaves and Holidays Article content 7. Private Benefits Article content 7.1 Retirement Benefits Article content 7.2 Death Benefits Article content 7.3 Disability Benefits Article content 7.4 Medical Benefits Article content 7.5 Accidental Death and Dismemberment Benefits Article content 7.6 Other Benefits Article content For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Article content Article content Article content Article content Article content Contacts Article content Article content Article content
