Florida Banking June 2023

BANCSERV ENDORSED PARTNER: SELECTSOURCE

LEVERAGING THE BEST: MANAGING EMPLOYEE BENEFITS THE EASY WAY

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BY CAROLEE RICHENDOLLAR, MA, CEBS, VICE PRESIDENT/OPERATIONS, SELECTSOURCE

H uman Resources — most people think of this term in the old and perhaps antiquated definition of the “Personnel Department.” The Personnel Department has only been around since the early 20th Century. Back when it was originally instituted, the department was primarily focused on safety and compliance, wage management, record keeping and handling employee grievances. Often considered staffing focused, personnel departments were seldom considered to be impactful on the company operations as a whole. Today’s Human Resources Management (HRM) has evolved to encompass much more than that. Many HR managers have specialized degrees and certifications qualifying them for this unique position. For some companies, HR departments may even encompass multiple subgroups focused on specific functions of the field such as employer policies and compliance, employee relations, total rewards, etc. Top Priorities HRM plays a vital role in the growth and stability of companies. Employers must adapt to staffing needs and economic cycles. When companies are in a cycle of growth, HRM helps find ways to either adapt the current employee population by aiding with training employees or creating and filling new positions. When companies are in downward cycles, they help management review efficiencies and expenses related to employees so C-suite members can make responsible decisions that will help the company continue to thrive during challenging times. However, the impact of HR is much more embedded than simply solving staffing needs. During the past few years, employers have been dealt new challenges that have included managing employees through a worldwide pandemic, new government regulations for health and safety, as well as employee benefits laws, just to name a few. HRs have been the quarterback for many companies as they have had to

address these new and ever-changing situations, all while maintaining their day-to-day functions. On top of all that, employees have come to demand more from their employers as well. Today’s employees expect their employers to supply benefits and services that make them feel valued and respected. Gone are the days of 30-year pension plans that compel employees to remain loyal and make a career at a single company. Now employers need to encourage employee retention by offering benefits that extend beyond 401(k)s and vacation pay. Younger employees are looking for comprehensive benefits that include paid family leave, pet care coverage, flexible work hours and locations, recognition programs, financial health, and general well-being programs on top of competitive compensation. Making it Work Putting everything together in an employee benefit package that is coherent and effective is the cherry on top of every total rewards offering. Being able to do so is a big feather in the HR hat. Human Capital Management (HCM) and payroll technology companies supply priceless resources to help companies manage their employee benefit programs. Consultants help with benefit purchases for healthcare and well-being programs. Carriers provide valuable resources HR can use to communicate to employees about company initiatives that hopefully help employees maintain healthier lifestyles. However, everything comes at a price. Employers either pay for outsourced services to find and implement these programs, or the HR pays in time spent researching, evaluating, and comparing services to decide which is best for their own company’s needs. There is never a one size fits all when it comes to putting together a comprehensive benefits package for employees, because every industry is different and employees are living different lives. Although many HRs are deeply invested in an education focused on dealing with the variety of these

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