Hays Companies VP and National Cyber Liability Practice Leader Dave Wasson was invited by Lathrop Gage to discuss uncommon approaches to cyber threats. This 60-minute webinar addresses the increased threat to companies being targets of data breach, insurance policies and coverage for losses and how this area has evolved in the past 10 years.
Throughout the 60-minute webinar, these cyber insurance and legal professionals covered:
· Current risks that companies face and those predicted in the near future
· The State of Law surrounding cyber incidents & insurance coverage around those incidents.
· Types of policies and products that are currently available to businesses
· Common pitfalls to avoid obtaining cyber liability insurance
Over the years, more and more data has demonstrated a clear link between an employee’s physical and financial health. Consider the following:
70 percent of Americans live paycheck to paycheck 
84 percent of employees reported they have some degree of financial stress 
24 percent of people who have financial stress also have higher healthcare costs
Individuals living with financial stress are more likely to suffer from chronic ailments, such as fatigue, depression and headaches, in addition to the health behaviors that are most strongly affected by financial stress, such as sleep, hygiene, nutrition, exercise and stress management. As there is such an intertwined relationship between our physical and financial health, it can be difficult at times to determine causation.
Moreover, in a professional sphere, financial stress typically results in lower productivity at work and a higher use of sick time, even when the individual isn’t ill. Recent studies indicate that the combined cost of these financial stress losses can cost an employer $413 per employee per year.
These are among the evident reasons for strategically expanding cohesive wellness and financial programs into a business’s overall benefit program, with preparing for retirement and reduction of healthcare costs as the ultimate goal. By taking a holistic approach to physical and financial wellness, employers are able to promote a higher quality of life. This in turn results in employees who are more productive and effective.
At Hays Companies, we have developed an integrated three-pronged financial retirement approach, which is driven by the desire to create a culture of wellness that improves employees’ health and retirement readiness.
Here is a snapshot into our consultative process:
When all employees are automatically enrolled in a well-designed 401k program at a certain level (typically 3 or 6 percent), roughly 90 percent of people will remain enrolled. However, if you do not have auto enrollment, only about 70 percent will opt-in. Studies examining participation levels of opt-in and opt-out programs have shown that people who are auto enrolled in a program are more likely to stay there, rather than opting out and investigating retirement investment alternatives.
A 401k strategy that incorporates automatic enrollment is positively correlated with health improvements, As Timothy Gubler identified in “Healthy, Wealthy, and Wise” , retirement contribution habits are highly associated with health improvements. Essentially, those who invest in their retirement through a 401K improved their health factors by 27% as opposed to those who did not contribute. By assuring employees that their investment is being well-managed, they are liberated from the worry and uncertainty that is tied to many investment decisions.
Boost 401k contribution levels by adding an automatic increase feature into the retirement program. With automatic increases, an employee’s deferral contribution increases a little each year until the employee reaches 10 percent.
To put the correlation of financial wellness into perspective, in a survey of American adults and their goal-setting habits, 80% of those surveyed set annual resolutions related to their physical health, while 69% set financial goals. Those who reported satisfaction with their current financial condition fared better at achieving their health resolution.
By increasing an individual’s contribution to their financial future in a manageable fashion, the employee has the opportunity to learn that other financial goals can be achieved in a similar manner. In turn, they may see the value in using a similar approach in their wellness goals.
With automatic investment, employee contributions are enrolled in investment models that match an employee’s risk level with his or her proximity to retirement. Only about 10 percent of people will want to make changes to their 401k investment model, while the remaining 90 percent will stay with the model assigned to them. This is done with the knowledge of the model shift from aggressive to more conservative as retirement approaches.
There is a close association between retirement contribution habits and health improvements. Employer contributions to a 401k can reduce present and future healthcare costs, while employees can benefit from increased financial wellbeing and retirement readiness.
This three-pronged approach—automatic enrollment, automatic increase, and automatic investment—sets a secure baseline to prepare employees for the future. For example, to reach full income replacement in retirement, employees will have to invest an equivalent of 10 to 15 percent of their salaries into a 401k plan. Our approach emphasizes financial fitness as a sustainable practice to achieve the long term goal of receiving the highest return on their investment.
Financial planning and employee wellness both benefit from employer support, with our practical, three-pronged strategy ensuring a healthier, happier, and more productive workforce while companies benefit from lower health-related costs. That’s a true win-win situation for everyone.
Pari Luna is Director of Health Strategies at Hays Companies, Minneapolis. Brian Whinnery, AIF, Vice President and Senior Financial Advisor at Hays Companies in Minneapolis.
 Financial Finesse 2013 Financial Stress Report
 Higher Health Care Costs for Metabolic Syndrome Risk, Disabled World, 2010
 Healthy, Wealthy, and Wise. Timothy Gubler, Lamar PierceOlin Business School, Washington University in St. Louis (10.1177/0956797614540467)
Here at Hays Companies, we want to work together to keep employees safe at all times, especially on the roads. We are here to help with workplace policies and education. To learn more on how we can help, contact your Hays representative or email us at firstname.lastname@example.org
According to the US Department of Labor’s Bureau of Labor Statistics, 59% more individuals aged 65 or older remain in the workforce compared to 2006. Additionally, the number of post-war baby boomers under age 65 who are actively employed has increased by more than 100% over a 30-year period (1977-2007). With these changes to the workforce demographics, employers face challenges surrounding how Medicare eligibility and entitlement affect group health plans.
Hays Companies’ Amanda Swanson, Compliance Consultant, will host a webinar on “Medicare and the Group Health Plan.”
The webinar slated for Thursday, April 26th at 1:00pm Central Time will cover:
What are the various components of Medicare, and what are the costs?
What are the Medicare eligibility, enrollment and entitlement dates for disabled individuals and individuals who are age 65 or older?
For active employees, does eligibility for Medicare affect the coverage we provide under our group health plan?
About the presenter:
Amanda Swanson is a licensed attorney in the state of Minnesota who specializes in the area of Employee Benefits. She joined Hays Companies in August of 2016 after completing her MN Bar Exam. Currently, she is responsible for assisting with form 5500 filings and provides in-depth employee welfare benefit laws and guidance research and analysis in support of Hays Companies Research and Compliance Team. Amanda has a particular focus in the area of Employer Wellness Programs and has developed several wellness tools for consultants to utilize while assisting clients.
Amanda graduated Magna Cum Laude from William Mitchell College of Law where she was a Mitchell Fellow.
Bruce Lyon, Hays Vice President and Director of Risk Management, recently received first place honors by The American Society of Safety Engineers’ (ASSE) Editorial Board and the Council on Professional Development for his article, Communicating and Managing Risk: The Key Result of Risk Assessment.
The article, co-authored by Dr. Georgi Popov, speaks to the critical impact that communication has on effectively managing risk. Without communication, risk assessments lack the power for positive change within an organization. To implement effective change, key-decision makers must be informed and safety professionals empowered to share potential for risk.
By establishing risk assessment methods that identify, assess and communicate potential operating risks, a trickledown effect is established that demonstrates downstream business consequences and the link between operational risk, occupational safety and health (OSH) risk, and business risk – an essential aspect for future planning.
This prestigious accomplishment demonstrates the depth of professionalism and risk control expertise that organizations can expect to receive from Hays Companies. To learn more about how Hays can help you manage your risk, please contact your local Hays Representative.
Bio: Lyon is a professional member and past president of ASSE’s Heart of America Chapter and a recipient of the Region V Safety Professional of the Year Award. He is advisory board chair to UCM’s Safety Sciences Program and co-author of RiskAssessment: A Practical Guide for Assessing Operational Risk.
Hays Companies recently joined the National Safety Council’s Road to Zero initiative, a partnership focused on ending traffic fatalities – a leading cause of unintentional deaths. The goal is safe mobility for all people through a coordinated, data-driven approach. As a partner of the Road to Zero Coalition, Hays will work to develop priorities and encourage stakeholders to take action to meet the goal of eliminating traffic fatalities by 2050.
It might seem like a lofty goal, but key stakeholders believe it is possible. “The aim of Road to Zero is to get to zero deaths by 2050,” says Debbie Hersman, the president and CEO of the National Safety Council, the lead on the Road to Zero initiative. “That’s the goal. We’ve done this with aviation—there have been several years with zero deaths in commercial aviation—and a lot of people thought that was impossible.”
At Hays Companies, we have continued to make distracted driving our national safety focus as an organization.
We are committed to the safety of our employees and clients on our roadways. We’ve been incredibly moved by our VP of Risk Management Services, Tom Goeltz, and his personal story with losing his daughter due to an alleged distracted driver. Goeltz is actively building national awareness as a legislative advocate and frequent public speaker on how to help keep employees and their families safe. Our Road to Zero Coalition partnership exemplifies the importance and value we at Hays Companies place on safety, and how we can work together to combat this epidemic.
“It’s not impossible – it just hasn’t been done yet. Working together, we will find new solutions to old problems and eliminate these preventable deaths,” said Tom Goeltz.
Looking for an employer toolkit on Distracted Driving? Consider these resources:
Pandora. GPS. Radio Commercials. Drinking Coffee. Talking to your kids in the backseat. Even if you’re not texting behind the wheel, chances are high that something happens while you’re driving that prevents you from giving the road your full attention. And while most of these activities seem fairly innocent, taking only a second or two to address, they each represent a different form of distracted driving that can dramatically increase your risk of an accident.
Fully 94% of all vehicle crashes are caused by human error – a sobering fact when you consider the real life implications behind the statistics. Hays Vice President of Risk Management Services, Tom Goeltz, understands this better than most as his daughter, Megan Goeltz, was killed at the age of 22 by alleged distracted driver, leaving behind a three-year-old daughter and a loving family.
For Goeltz, distracted driving is a national epidemic. OSHA agrees, having launched a distracted driving initiative in recent months. In a supporting compliance article, the administration states “The top priority of the Occupational Safety and Health Administration (OSHA) is keeping workers safe. While workplace fatalities have been decreasing in recent years, motor vehicle crashes continue to be one of the leading causes of death among American workers.” In addition, a study conducted by the University of Utah discovered that cell phone users demonstrated higher levels of impairment then drivers who had been drinking.
To prevent distracted driving, OSHA recommends implementing policies that prevent individuals from reaching for their phones in the first place. Goeltz supports the position, arguing that breaking the habit of distracted driving requires a similar mentality shift as our approach to drinking and driving. In our society, driving under the influence has become a universal taboo, resulting in using a designated driver or a service like Uber. As Goeltz says, the same can be done with distracted driving habits.
With their most recent iOS update, Apple will be doing their part to keep the roads safe with the new “Do Not Disturb While Driving” feature. The feature, which will be triggered when a phone is connected to a car via Bluetooth or cable, will withhold all notifications while the car is moving. Users will still be able to access Apple Maps, but the majority of apps will stay locked for the duration of the drive.
Not an iPhone user? Goeltz offers some additional tips to prevent distracted driving:
Turn your phone off or put it in airplane mode.
Use a Cell Slip, which blocks all incoming and outgoing cell phone signals while the phone is in the slip or keep your phone out of reach.
Have an App installed on your phone to silence incoming texts, emails, phone calls. We recommend one of the following: