Financial planning Disability Insurance

WFH Policy Assessment

December 29, 2020 by Reynolds & Rowella Leave a Comment

Earlier this year, employers were polled by Mercer, a global benefits consulting service, to give their preliminary thinking about flexible work arrangements in a post-pandemic environment. Their answers suggest that, in some cases, companies with employees working remotely have become more receptive to these arrangements.

Here are some quick survey highlights:

68% of companies are now updating or creating new work-from-home policies. As reasons to expand flexible working arrangements, they cite employee engagement and productivity; enhanced employee value proposition; a more diverse workforce; and greater access to a larger talent pool.
65% of employers anticipate that, post-Covid-19, between one-quarter and three-quarters of their employees will work remotely on a regular basis.
67% of employers have seen the productivity of employees working remotely during the pandemic remain level and 27% have seen it increase.

Employee Sentiments

What about employees? Their sentiments were captured in a recent survey by market research firm, Morning Consult. Questions were directed only to employees whose jobs make it possible for them to work remotely. Roughly four out of five agreed with the statement, “I enjoy working from home.”

When asked about how many days a week they’d like to work from home once the Covid-19 pandemic is “under control,” one-third expressed a desire to work from home every day. Nearly one-quarter prefer three to four days per week. One in five would like one to two days working remotely.

What appeals most to those who prefer working from home at least several days a week is that there’s no time-wasting commute. Working from home also gives them more time to focus on their health. Other pluses mentioned include a higher general comfort level with the home office environment, greater family connections, and a perception that their work quality has improved while working remotely.

Not All Roses

Still, employees also point to some downsides. For example, they list the risk of work and personal lives merging, feeling disconnected from coworkers, and feeling isolated. It’s important to remember that surveys capture averages and provide a helpful starting point for thinking about issues. But your own workforce may not have the same attitudes as those captured in these recent surveys. One way to find out is to conduct your own poll. If you do, don’t give employees the impression that every wish they express for their work settings will be granted or that any policy changes will last forever.

Criteria for Policy Assessment

Before committing to a work-form-home policy establish clear criteria that will enable you to assess its efficacy. Criteria might include:

Employee productivity. It doesn’t necessarily need to increase, but you don’t want it to drop, either.
Employee satisfaction. If all or some employees eventually decide working from home isn’t as attractive as they thought it would be, you might want to amend your policy.
Supervision issues. In some cases,the job of front-line supervisors overseeing remote employees could become unduly challenging.
Esprit de corps. Team spirit and unit cohesion may not hold up with employees working remotely.
Liability concerns. You may be unable to manage risk, including cybersecurity concerns, with workers using less-secure home networks and connections. In-home work-related injuries could also become a problem.
Recruiting results. On the other hand, you may be able to attract hard-to-find skilled workers more easily if they can work from anywhere.
Cost. The shared cost of employee home office necessities such as ergonomic furniture and computer hardware could be higher than expected. But reduced office leasing and utilities expenses are likely to cut your costs significantly.

The good news is that you probably have gained enough experience during the pandemic to anticipate potential issues with a permanent work-from-home policy. Just keep in mind that there can be differences between pandemic-driven ad hoc solutions and formal policies.

\When employees don’t have to work from home, you enjoy more flexibility in structuring a remote-working policy. Matters to iron out include which employees are eligible, how many days they can work from home, what tech and other support you’ll provide, and scheduling procedures.

Word to the Wise

If your employees have been forced to work from home during the pandemic, you’ve enjoyed a unique opportunity to test a whole new approach to working. Permanent work-from-home potentially could save your business a lot of money and result in a happier, more productive workforce.

What’s Next

In preparing for rapid opportunities for growth, take the time to find the tools, resources, and HR experts to help create a solid plan for preparing your business to thrive on the other side of COVID-19. Our HR consulting team is here to help you. Contact Katie Hall to get started.

About Reynolds + Rowella

Reynolds + Rowella is a regional accounting and consulting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.

Our mission is to operate as a financial services firm of outstanding quality. Our efforts are directed at serving our clients in the most efficient and responsive manner possible, delivering services that exceed the expectations of those we serve. The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, please contact Elizabeth Bresnan at 203.438.0161 or email.

2019 Walk To End Alzheimer’s – Fairfield County, CT

October 14, 2019 by Reynolds & Rowella Leave a Comment

October 13, 2019

Reynolds + Rowella and the Rowella family (pictured) both support and participated in the Norwalk/Fairfield County Walk to End Alzheimer’s on October 13, 2019.

Held annually in more than 600 communities nationwide, the Alzheimer’s Association Walk to End Alzheimer’s® is the world’s largest event to raise awareness and funds for Alzheimer’s care, support and research. This inspiring event calls on participants of all ages and abilities to join the fight against the disease!

REYNOLDS & ROWELLA | ACCOUNTING AND CONSULTING FAIRFIELD COUNTY CT

Reynolds + Rowella is a regional accounting firm known for a team approach to financial problem solving. As Certified Public Accountants, our partners foster a personal touch with our clients. As members of DFK International/USA, an association of accountants and advisors, our professional network is international, yet many of our clients have known us for years through the local communities we serve.
Our mission is to operate as a financial services firm of outstanding quality. Our efforts are directed at serving our clients in the most efficient and responsive manner possible, delivering services that exceed the expectations of those we serve. The firm has offices at 90 Grove St., Ridgefield, Conn., and 51 Locust Ave., New Canaan, Conn. For more information, give us a call at 203.438.0161 or email us.

Disability insurance

July 20, 2017 by Reynolds & Rowella Leave a Comment

Disability insurance can be an important part of your financial plan – here is what you need to know.

Say “insurance” to most people and auto, health, home, and life are the variants that spring to mind. But what if an illness or accident were to deprive you of your income? Even a temporary setback could create havoc with your financial affairs. Statistics show your chances of being disabled for three months or longer between ages 35 and 65 are almost twice those of dying during the same period.

Yet people with financial savvy often overlook disability insurance. Perhaps they feel adequately covered through their job benefits. However, such coverage can be woefully inadequate. The fact is, most individuals should consider disability insurance in their financial planning. When considering disability insurance, think in terms of long term and short term. Many employers provide long-term disability coverage for all employees. Find out if your employer does. If you have long-term disability insurance, you need to consider short-term coverage to supplement during the period of disability before your long-term coverage begins. To get the right coverage for you, take the following steps:

Scrutinize key policy terms.

First, ask how “disability” is defined. Some policies use “any occupation” to determine if you are fit for work following an illness or accident. A better definition is “own occupation,” whereby you receive benefits when you cannot perform the job you held at the time you became disabled.

Check the benefit period.

Ideally, your policy should cover disabilities until you’ll be eligible for Medicare and Social Security.

Determine how much coverage you need.

Tally the after-tax income you would have from all sources during a period of disability and subtract this sum from your minimum needs.

Decide what you can afford.

Disability insurance is not inexpensive. Plan to forgo riders and options that boost premiums significantly. If your budget won’t support the ideal benefit payment, consider lengthening the elimination period (but be sure that accumulated sick leave, savings, etc., will carry you until the benefits kick in).