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In this December 2020 issue:

• The Ikea Effect
• Debunking Employee Assistance Program Myths
• Diversity & Talent
• SMART Goal Revamp

More than Reasonably Priced Furniture: The Ikea Effect

You may shudder recalling the last time you ordered something online, and it arrived in individual boxes with a lengthy set of instructions and an Allen wrench. Believe it or not, a team of Harvard researchers conducted a study on products that involve a do-it-yourself component. You may wonder why a top university would spend time investigating a chain retailer known for selling cabinets, throw pillows and meatballs at a reasonable price. The research team led by Michael Norton tested the hypothesis that individuals would rate the value of a product higher if they were involved in creating it. The study confirmed that individuals valued their self-made creations more than similar products they did not assemble. This behavior has been dubbed the “Ikea effect” and applies to more than just furniture. How can managers apply this information to maximize employee engagement?

Employee Assistance Program Myths Debunked

Does this sound familiar? You receive an email from your HR department reminding you of access to the Employee Assistance Program (EAP) and without thinking twice, you hit delete. It sounds confusing, and heck, you have medical benefits so why bother?

While Employee Assistance Programs have been around since the ‘40s, they are often misunderstood. As a result, employees miss out on free benefits and guidance. Think of the modern EAP as free, short-term intervention services aimed at addressing personal or work-related problems. EAPs offer services such as assessments, short-term counseling, referrals, and follow-up services. The premise behind the EAP model is that employees are healthier and happier when they have support to manage issues both in and out of the office.

At the Corner of Diversity and Talent

When thinking of increasing diversity at work, recruiters may target applicants from a specific group or “candidate pool.” For example, a financial services firm may create a “Women in Finance” program for high school students to attract female candidates to their private wealth practice. This approach has shown to be successful in addressing one group of underrepresented candidates. That being said, future-thinking employers will need to address gaps that overlap multiple variables. Modern organizations should expand their diversity efforts to include intersectionality in order to build truly diverse teams that encourage employees to bring their full selves to work.

SMART Goal Revamp

January brings chilly winds from the north and often marks the beginning of a new fiscal year for many in corporate America. Some use this month to prepare annual employee goals. The business climate caused by the COVID-19 pandemic in 2020 forced many companies to decide overnight how to proceed with evaluating goals in the middle of a crisis. Companies addressed this issue on the fly but have time this year to consider how to handle future goal setting with grace. It is worthwhile to evaluate your current goal setting process for 2021 to ensure your company has the flexibility to make rapid changes if the situation arises.

Employer Webinar

Covid-19 Compliance Considerations for Group Health Plans in 2021

Tuesday, January 12th, 2021
2:00 p.m. - 3 p.m. ET

Due to the COVID-19 pandemic, Congress has issued legislation affecting group health plan requirements and the Department of Labor (DOL), Department of Health and Human Services (HHS), and Internal Revenue Service (IRS) have issued guidance on requirements for group health plans as well as permissive changes group health plans may implement.

This webinar will help employers understand their group health plan compliance obligations regarding COVID-19 as well as permissive changes and relief that employers may implement going forward.