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presented by Stacy Moher, Director, Health & Welfare Benefits Human Resource Association of Central Connecticut June 21, 2012. The Relationship between Total Rewards and Business Results Today at People’s United Bank. Discussion Outline. About People’s United Bank Total Rewards - PowerPoint PPT Presentation
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1
presented by Stacy Moher, Director, Health & Welfare Benefits
Human Resource Association of Central ConnecticutJune 21, 2012
The Relationship between Total Rewards and Business Results Today
at People’s United Bank
2
Discussion Outline
• About People’s United Bank• Total Rewards• Company Goals & Strategies• Workplace Partnership• Compensation• Learning & Development• Benefits• Communications
3
About People’s United Bank
• Founded in 1842• Largest independent bank in New England (HQ – Bridgeport, CT).• NASDAQ Ticker Symbol – PBCT• Total Employees – 5,500• President & CEO – Jack Barnes• Total Assets – $28 Billion• Approximately 375 Branches and 518 ATMs located in CT, VT, NY, NH, ME
and MA• 7-day banking available at over 80 Stop & Shop supermarket branches in CT• Through its subsidiaries, People's United offers brokerage, financial advisory
services, investment management services and life insurance through People's Securities, Inc.; equipment financing through People's Capital and Leasing Corp. and People's United Equipment Finance Corp; and other insurance services through the People's United Insurance Agency
44
Total Rewards at People’s United
Work/Life ProgramsLearning &
Development
= TOTAL REWARDS
Benefits
Compensation
+
5
2012 Company Goals & Strategies
66
Workplace Partnership
77
= TOTAL REWARDS
Compensation
+
8
Compensation Program Goals
• Have Compensation programs that meet the needs of the business and employees, enabling us to attract and retain talent in each market
• Design programs that motivate employees by linking performance to business results
• Ensure programs are competitive and cost-effective
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Performance Management – the Link to Compensation
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Performance Management Accountabilities
1111
Total Rewards at People’s United
Learning & Development
= TOTAL REWARDS
+
12
Learning & Development Goals
•Invest in employees’ capabilities
•Link performance to business results
13
Learning & Development
1414
Total Rewards at People’s United
Work/Life Programs
= TOTAL REWARDS
Benefits
+
1515
Benefits
Health• Medical/Rx• Dental• Vision• Flexible Spending Accounts• Health & Wellness Offerings
Work/Life• Tuition Assistance Program• Commuter Benefits Program• Employee Assistance Program• Long Term Care Insurance• Discount Programs
Welfare• Paid Time Off (PTO)• Short-Term Disability• Long-Term Disability• Basic Life and AD&D • Business Travel Accident• Supplemental Life and AD&D
Retirement• 401(k) Employee Savings Plan
–Employee Contributions–Employer Match–Employer Retirement Contribution
• Employee Stock Ownership Plan
16
Health Care Program Goals
•Provide competitive benefits to help attract and retain high quality talent
•Provide choice of plans/programs that are easy to understand and navigate
•Manage overall program costs and balance financial for both the employer and employees
•Achieve efficient purchasing
•Promote member engagement and consumerism
17
Wellness Program Goals
•Increase awareness of current programs through improved marketing/communications
•Increase member participation in health management programs with focused incentive/engagement strategies
•Increase preventive services/screening activity
•Increase member engagement as health care consumers through education
•Continue to measure/evaluate wellness program results
Reduce Health Care
Costs
Increase EE Morale
Reduce EE Absenteeism/Presenteeism
Increase EE Productivity
ImproveHealth
WELLNESS PROGRAMS
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Health & Wellness Strategy Development
- Total Rewards Survey - Informal Employee Feedback
- Consultant’s Analysis - Best Practices/Prevalence
- Health Care ReformText
Employee Feedback
Internal Review
External Review
- Enrollment and demographics- Health care claims data- Business and HR priorities- Cost drivers & and savings opportunities- EAP Utilization
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Health Care Plan Considerations
Medical/Rx
Design•Evaluate plan options•Evaluate various plan design scenarios
Vendor•Continue contracting arrangement or engage in carrier reviews•Negotiate performance guarantees to align with best-in-class industry standards
Health & Workforce Performance Mgt.•Reevaluate incentive strategy •Develop plan to address population needs•Target major modifiable risk factors
Pricing•Evaluate various pricing scenarios•Determine EE/ER subsidy•Review salary bands•Revaluate spousal surcharge and tobacco surcharge to align with market
Consumerism & Member Engagement•Evaluate member usage of consumer tools and develop plan for usage of key tools •Base funding on member participation in health/wellness and/or outcomes (if applicable)
Compliance•Analyze compliance impact•Comply with health care reform
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Employee Feedback
Total Rewards Survey Results:• 55% have a good understanding of wellness programs; 42% are satisfied
with the wellness programs
• Fitness center subsidy is the overwhelming preference for wellness benefits, with wellness and prevention incentives and onsite screenings rounding out the top three; weight control program ranked fourth
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Internal ReviewHealth Care Claims
Top 10 Diseases
13.4% 13.4%
6.2% 5.9% 5.6% 5.4% 5.2% 4.8% 4.4% 3.9%
0.0%2.0%4.0%6.0%8.0%
10.0%12.0%14.0%16.0%
Hyp
erlip
idem
ia
Hyp
erte
nsio
n
Dep
ress
ion
Non
spec
ific
Gas
tric
/Dys
peps
ia
Chr
onic
Thy
roid
Dis
orde
rs
Alle
rgy
Ast
hma
Low
Bac
k P
ain
Dia
bete
s M
ellit
us
Anx
iety
Conditions
% P
reva
len
ce
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Internal ReviewHealth Care Claims
•High-Cost Claimants - <1% spent 27% of total medical/Rx paid amounts
•Preventive Care
86.1%
68.0%
60.4%
49.5%
36.6%
42.0%
14.3%
13.2%
Well baby visits
Childhoodimmunizations
Childhood preventivecare visits
Mammography
Pap smears
Adult preventive carevisits
Cholesterol test
Colorectal screening
100% Preventive
Care Coverage*
23
Internal ReviewEAP Utilization
Employee Assistance and Work/Life Program•Emotional well-being/stress management is #1 topic
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External ReviewConsultant’s Analysis
• Compliance with preventive/screening services has improved though opportunities to engage employees to participate in existing medical and health management programs
• Increase in high cost claimants and prevalence of chronic conditions having impact on total spend
• Depression, anxiety and stress are high
• Expand use of incentives and add disincentives to promote a higher level of consumer accountability for decisions
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External ReviewBest Practices/Prevalence
Source: 2012 AON Hewitt Health Care Survey
√√
√√
√√√
√√
√√
√
√ = Current People’s United offering
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Budgets
2012 2013
$
$
$
Total = $
$
$
$
Total = $
% Change YOY = 0%
27
Health & Wellness Offerings/Incentives
Offering Incentives
Prevention General Health Health Incentives ProgramEmployees earn points for every wellness activity completed to qualify for an incentive
•On-site flu shots¹•On-site biometric screenings¹•On-site/local mammograms¹•Preventive services/screenings³
•Informed Health Line³•Wellness workshops/events•Online health resources•Wellness messaging•Life/Career Coaching²•Employee Assistance Program•On-site chair massage¹/²
Fitness Health Management
•START! Walking Program•Onsite fitness classes¹/²•Fitness center membership discounts
•Healthy Lifestyle Change Award•Quit For Life Tobacco Cessation Program•Health Assessment•Online wellness programs•Disease Management4
•Maternity Management4
•Case Management4
Nutrition/Weight Management
•Weight management program discounts•Weight Watchers®²•Nutritional cafeteria offerings1¹ People’s United major locations² Employee paid³ All Aetna members4 Only available to employees enrolled in the People’s United Medical Plan
28
High-Level Wellness TimelineSample
Focus Jan Feb Mar
Spotlight on Wellness Weight Watchers Quit For Life/Tobacco Cessation Start! Program
Monthly Observance Thyroid Awareness Wear Red Day Nutrition
Healthy Possibilities Curriculum
Changing Habits, Changing Lives
Take Heart: A Healthy Heart for Life
Nutrition for Life
Event/Activity EAP Program Awareness Quizw/ prizes
Simple Steps to a Healthier Life(Health Assessment/
Online Wellness Programs)
Employee Fitness Week
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Communications
• ‘Visible’ top-down support • Corporate communications perspective • Planned communications calendar• Utilization of various communications
vehicles/balance• Demographics understanding, targeted
audiences• Formal and informal education and marketing • Access to decision-support tools and
resources• Branding• Tracking/measurement
30
Communications
31
Questions