Mae Cornes, November 15, 2023 - https://www.digitaljournal.com/business/the-te-groups-expertise-in-human-resources-and-benefits-sets-industry-standards
Opinions expressed by Digital Journal contributors are their own.
In a business environment where 60% of employees report challenges accessing mental healthcare, and companies face significant payroll taxes, The TE Group exemplifies innovation and efficiency. With a 60-year legacy in revolutionizing HR and benefits management, The TE Group has mastered the art of leveraging key performance indicators (KPIs) to not only maximize return on investment in employee benefits but also to cultivate a healthier, more productive workforce.
Navigating the HR Maze with Precision
The TE Group’s extensive collaboration with executive and HR teams has led to identifying pivotal KPIs. These indicators reveal how effectively an organization utilizes its HR and benefits budget. As a strategic compass, these KPIs enable benchmarking against peer organizations and form the bedrock of The TE Group’s custom Strategic Plans.
“Think of these KPIs as your company’s HR GPS, guiding you through the intricate world of human resources,” remarks Bill Koehler, a partner at The TE Group.
Each plan is tailored to an organization’s distinct needs, laying out a roadmap to a triumphant benefits program. But The TE Group’s involvement continues beyond planning; they consistently monitor and measure success, ensuring tangible positive impacts.
Wellness Reimagined: The PCMP Advantage
The Preventative Care Management Program (PCMP) is a game-changer. It empowers employees to enhance their benefits package with an ACA-compliant wellness program, simultaneously reducing tax burdens for both employers and employees. Employers benefit from a net $500 Payroll Tax reduction per participating employee annually, bolstered employee loyalty, and a direct positive financial impact. Employees, on the other hand, access a suite of Wellness Benefits, from 24/7 Telehealth services to comprehensive Supplemental Benefits.
Michael Neal, another partner at The TE Group, underscores its value: “PCMP fortifies the bond between employers and employees while championing fiscal prudence.”
Crafting a Compliant Wellness Ecosystem
Available to employers with ten or more full-time, W-2 employees with primary medical coverage, the PCMP melds a Section 125 Cafeteria Plan with a Self-Insured Medical Expense Reimbursement Plan (SIMERP). This ensures alignment with IRS regulations, particularly those focusing on 213(d) compliant benefits. By joining the PCMP, employees can secure reimbursements for eligible medical expenses post-tax.
“The structure of PCMP is meticulously designed to align with tax guidelines and maximize tax savings for employers and employees,” explains Bill Koehler. “It’s a testament to our commitment to providing compliant and effective wellness programs.”
Empowering Employers, Enriching Employees
Employers save on average $500 in payroll taxes per W-2 full-time employee annually with no out-of-pocket costs. These net savings increase working capital that can be used to sustain and grow an employer’s business. “Fostering a culture of well-being translates to enhanced performance and a healthier bottom line,” asserts Michael Neal.
For employees, the benefits are equally significant. They gain additional Wellness Benefits, enabling them to utilize tele-health, marriage counseling, weight loss/diabetes counseling, and dependency counseling. All the Wellness and Supplemental Benefits are provided to the employee with no out-of-pocket costs.
Government Incentives and Holistic Impact
Government incentives underscore the importance of Preventative Care Management. By promoting wellness and supplemental benefits, the government aims for a more productive citizenry and a potentially augmented tax base.
The TE Group’s approach to HR and benefits management, mainly through its Preventative Care Management Program, sets a new industry standard. It’s a holistic strategy that benefits employers, employees, and the government, fostering a healthier, more productive workforce and a more robust economy.
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