Category

Employee Benefits

Apr 26

Retain and Recruit Employees Without Breaking the Bank

By Employee Benefits, From the Experts
A year into the “great resignation,” employers are still struggling to retain and recruit talent. With 46% of workers actively seeking new jobs in late 2021 and 4.5 million quitting in November alone, it’s clear that workers are prioritizing their needs over paychecks. To combat this, employers must adopt effective employee retention strategies that go beyond compensation, such as voluntary benefits, employee assistance programs (EAPs), and employee education. VOLUNTARY BENEFITS: A COST-EFFICIENT SOLUTION Voluntary benefits are becoming a cornerstone of many companies’ benefits strategies due to their cost efficiency and portability. These benefits allow employees to choose from a variety of options,…
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Mar 24

One Firm Solutions – A Kapnick Case Study

By Case Studies, Employee Benefits
At Kapnick, we pride ourselves on delivering exceptional service across all areas of insurance. This case study highlights how our Kapnick Business Insurance solutions helped a client save money, improve coverage, and receive the proactive care they deserved. THE PROBLEM One of our Employee Benefits clients was dissatisfied with their Business Insurance broker. They felt they were paying too much for too little coverage and weren’t receiving the same level of care they experienced with their Kapnick benefits team. THE SOLUTION Kapnick stepped in to help. We introduced the client to one of our Business Insurance experts, who listened to their concerns…
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Mar 21

Using Employee Engagement and Education to Combat the Great Resignation

By Employee Benefits, From the Experts
The Great Resignation has reshaped the workforce, with employees leaving their jobs in record numbers. A Prudential survey conducted in late 2021 revealed that 46% of workers were actively seeking or considering new opportunities. Labor statistics confirmed this trend, with 4.5 million workers quitting their jobs in November 2021—a record-breaking figure. This trend underscores a critical challenge for employers: Workers are no longer willing to stay in roles that don’t meet their needs. To combat this, employers must focus on employee engagement and retention strategies to demonstrate their value and keep top talent. TOOLS TO BOOST EMPLOYEE ENGAGEMENT AND RETENTION At Kapnick,…
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Mar 17

Negotiating Premiums Rate Reductions Due to One Time Claims – A Kapnick Case Study

By Case Studies, Employee Benefits
Managing the rising costs of employee benefits, especially health insurance, is a challenge for many organizations. This case study highlights how Kapnick used data-driven strategies to help three clients significantly lower their costs. By analyzing claims data and negotiating with carrier partners, we delivered substantial savings for each client. THE PROBLEM: HIGH EMPLOYEE BENEFITS COSTS Three clients approached Kapnick with concerns about the escalating costs of their employee benefits, particularly health insurance. Each organization faced large, one-time claims that were driving up their premiums. These challenges made it difficult for them to manage their budgets effectively. THE SOLUTION: DATA-DRIVEN SAVINGS…
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Mar 10

The High Cost of Employee Turnover – A Kapnick Case Study

By Case Studies, Employee Benefits
Employee turnover is a costly challenge for organizations, with both direct and indirect expenses adding up quickly. A municipality client approached Kapnick to uncover the root cause of their high turnover and reduce its financial impact. By identifying pain points and implementing tailored solutions, we helped them address this critical issue. THE PROBLEM: HIGH EMPLOYEE TURNOVER COSTS Employee turnover can have serious financial and operational implications. Direct costs include recruiter fees, interview expenses, signing bonuses, and onboarding. Indirect costs, such as reduced productivity, lost work time for trainers, and morale damage, further compound the issue. The Numbers: According to Gallup,…
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Mar 08

Supply Chain Disruptions Lead to Layoffs or Reduced Hours. Layoffs and Reduced Hours Lead to COBRA Considerations.

By Employee Benefits, From the Experts
A single disruptive event anywhere in the world can trigger a supply chain nightmare for your company. According to a survey by the U.K. Business Continuity Institute, 73% of companies experienced a supply chain disruption in the last 12 months. These disruptions can lead to reduced market share, lost customers, and increased costs. In severe cases, companies may face downsizing or reduced employee hours, which can trigger COBRA events. That’s where COBRA administration services come in to ensure compliance and avoid costly penalties. THE IMPACT OF SUPPLY CHAIN DISRUPTIONS Supply chain disruptions can have far-reaching consequences, including: Reduced market share Loss of…
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Jul 30

The Impact of Health Analytics on Diabetes – A Kapnick Case Study

By Case Studies, Employee Benefits
Did you know that 1 in 4 healthcare dollars are spent on people with diabetes, and 9.4% of the US population is diabetic? This case study highlights how Kapnick’s diabetes cost management solutions helped one client save over $1 million in potential claims costs. THE PROBLEM When an insurer dropped coverage for a brand of insulin, Kapnick’s client faced challenges as diabetic employees were forced to switch to a generic medication. Some employees experienced severe nausea as a side effect. Kapnick’s team used Kapnick Lens to integrate, validate, and analyze the client’s data. This uncovered program correlations and cost drivers, helping the…
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