Have you recently changed employers? Or are you considering making a change? Fortunately, when you participate in a health savings account (HSA) through your employer, your HSA stays with you. There are plenty of myths about HSAs, so let’s tackle what really happens to your HSA when you change employers. You Have Options HSA...
As we enter another season of open enrollment, one crucial topic is top of mind for many employees: HSA and FSA compliance. Health savings accounts (HSAs) and flexible spending accounts (FSAs) are often misunderstood, despite their significant financial advantages. It’s time to clarify the ins and outs of these tax-saving healthcare accounts and answer HSA...
When it comes to navigating the world of employee benefits, there’s a lot to take in, especially if you’re a first timer. Among the suite of benefits you’re likely to be offered, voluntary benefits are often misunderstood. In this blog we explore all the unknown voluntary benefits terms and bring clarity of information to first-time...
The IRS released 2025 contribution limits for medical flexible spending accounts (medical FSAs), commuter benefits and more as part of Revenue Procedure 2024-40. These limits undergo annual adjustments to account for inflation. 2025 Medical FSA Contribution Limits (including limited and combination FSAs) 2024: $3,200 per year 2025: $3,300 per year 2025 Medical FSA...
If you’re an employer, is your in-house benefits administration team struggling to juggle the multitude of complexities behind running a successful benefits administration program? Are you spending too much time and resources trying to keep up to date with compliance changes and providing the technology and services your employees need for a positive benefits experience?...
Whether you’re transitioning from your parents’ insurance, landed your first full-time job or are simply obtaining coverage for the first time, choosing health plans and employee benefits can be overwhelming. You’ll likely hear a lot of terms and acronyms that you’ve never heard before. For starters, let’s look at a few considerations when evaluating health...
According to the Bureau of Labor Statistics, employers typically pay around 80% of traditional employer-sponsored healthcare plans on behalf of employees. With rising healthcare costs, your business is most likely struggling to solve this key problem: how to maintain financial stability while providing robust benefits to your employees. But what solutions can actually provide benefits...
The concept of work-life balance has become more than just a buzzword; it’s a necessity for employee satisfaction and retention. According to WorkLife.news, employers are increasingly recognizing the importance of providing ample time off to their employees with more than 80% of U.S. employers planning to change their leave policies over the next two years....
Did you know employers can enhance their benefits offerings by incorporating voluntary benefits? What exactly are voluntary benefits and how can employers design an effective plan? We sat down with Hugh McDaniel, manager of channel partnerships at WEX, to get his insights on crafting voluntary benefits plans that meet the diverse needs of employees. ...
Having an employee leave your company can be detrimental. According to a 2019 study by the DDI, 57% of employees have left one or multiple companies because of their manager – not their job. An additional 32% have considered leaving their job for the same reason. When you consider that employee turnover costs companies $11 billion annually, keeping employees is essential to a company’s success.
One thing Advantage Administrators recommends to combat this is encouraging self-awareness among leadership. This gives employers a higher chance of retaining employees.
What is self-awareness?
Self-awareness, or being conscious of your strengths, weakness and perceptions, among other things, can be both internal and external. Internal self-awareness refers to how you see your values, passions and reactions, while external self-awareness is how others view you.
Internal and external self-awareness are completely independent of one another. Company leadership may be accurate about their own strengths and weaknesses, but are unaware of how their employees view them, or vice versa.
How does this impact leadership?
Self-awareness is shown to directly affect employee satisfaction and employee turnover. Employees who are aware of their own strengths and weaknesses are more likely to find personal and professional success. They’re also easier to work with than those who lack self-awareness.
As employees advance higher in the company hierarchy, they may be more likely to misjudge their own abilities. This could be for a multitude of reasons, one being that they don’t actively seek feedback from others. Feedback is essential to growth, making it a key factor in increasing self-awareness. Additionally, employers who aren’t self-aware are more likely to lose employees, which increases company costs and can hurt the company’s reputation.
Promoting a self-aware workplace culture
The first step to increasing self-awareness in the workplace is to have everyone identify their own level of self-awareness. To do this, we recommend taking a self-awareness quiz. First, take the quiz and answer the questions on how you see yourself. Then, seek out a trusted friend or coworker for their feedback. The more you agree with them, the higher your level of self-awareness. Keep in mind, though, only 10-15% of people are truly self-aware compared to the 95% of people who think they are.
To increase self-awareness at any level of the company, you must get everyone to buy in. Self-awareness workshops are no use if senior leaders don’t accept critical feedback while expecting others to do so. Having company leaders model self-awareness, though, will encourage it throughout the organization.
Need more advice on how to incorporate self-awareness into your company culture? Contact Advantage Administrators for more information.
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