New White House administrations typically bring intentions for big changes, which impact the business world, and the Trump administration is no exception. Many of the former administration’s health care initiatives are being potentially rolled back or halted. This leaves employers in an uncertain place in regard to compliance regulations and reform laws. This uncertainty comes in addition to the already complicated day-to-day tasks of an organization, leaving many feeling vulnerable.
The following are three important issues that should be closely monitored for the rest of 2017:
- Unraveling of the ACA and Ensuring Employees are Educated Health Care Consumers: A new administration is now in office and President Donald Trump is vowing to repeal the Affordable Care Act (ACA). The first wave of this dismantling came in an executive order that directs federal agencies to waive, delay or grant exemptions from ACA requirements that may impose a financial burden.
- Employee Retention and Engagement: Employee retention and engagement is more difficult now than ever. With millennials projected to make up the dominant demographic of the workforce by 2020, employers need to rethink their company culture.
- Paid Family and Medical Leave: Paid family and medical leave is an important and enticing package for employees. In the United States, over 88 percent of private sector employees do not have paid leave options, according to the Department of Labor (DOL). And of the few that do have access, over 33 percent believe taking leave would put their jobs at risk.
As history shows, when there’s an administration change, employee benefits change as well. There will certainly be new legislation in the coming months, as promised by President Trump. HR needs to lead the way in communication and make adjustments to adhere to any new requirements.
The aforementioned issues describe only a handful of the new HR changes that are forecast for 2017.
Have a question? Get an answer. Download our White Paper, “Insight: 5 Important Employee Benefits Issues to Monitor in 2017.” Then learn more at ehd-ins.com or call us toll-free 1-800-544-7292. Our experienced insurance and risk management professionals would be happy to answer your questions, help you explore your options and develop a customized strategy for you and your organization.