Employee Legal Issues May Take a Toll on Productivity

March 22, 2011 (PLANSPONSOR.com) - Ordinary personal legal matters may be common occurrences, but can take a toll on workplace productivity.

A new study, “The Impact of Legal Matters on Today’s Work Force,” released from Hyatt Legal Plans, a MetLife company, found that people with legal issues – such as will preparation, traffic tickets, real estate matters, debt problems or family situations like adoption and divorce – are spending, on average, close to three hours a week at work dealing with their situation for an average duration of five to six weeks. Furthermore, 37% of men and 47% of women said dealing with their issue negatively impacted their physical or emotional health.   

According to a press release, seven in ten individuals surveyed who engaged an attorney said having legal counsel made them feel more confident and the issue was easier to resolve. About two-thirds of individuals using a lawyer said having an attorney gave them peace of mind.   

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Those who were enrolled in a group plan and used a network attorney felt more positively about their overall experience than those hiring an independent attorney or those going it alone.  

The study found that only 30% of employees accessing their attorney through a group legal plan used vacation or other paid time off addressing their situation, compared with nearly 50% of employees hiring an attorney on their own. Nine out of ten people who used a group legal plan said they would use it again in the future. The press release said even 42% of people who were satisfied serving as their own attorney said they would be interested in enrolling in a group legal plan if given the option.  

The survey was conducted online within the United States by Harris Interactive on behalf of Hyatt Legal Plans from January 6 to February 7, 2011, among 846 employed U.S. residents ages 18 and older who have had at least one targeted legal issue in the past five years.  

More information about Hyatt Legal Plans is at http://www.legalplans.com.

Schwab Launches Equity Award Consultation Team

March 22, 2011 (PLANSPONSOR.com) - After a successful pilot, Charles Schwab announced the official launch of a new Equity Award Consultation Team for corporate stock plan clients.

The team will provide personalized education and guidance to U.S.-based participants in the corporate equity plans serviced by Schwab, regardless of a participant’s level at their company or the value of their equity holdings.   

According to the announcement, Schwab’s new Equity Award Consultation Team is made up of professionals who are trained to provide guidance on equity awards. The team will help employees from participating companies by educating them about their current holdings and explaining the choices available for managing those holdings within the context of the employee’s overall investment portfolio.  

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Employers with corporate equity plans serviced by Schwab are eligible to participate in the program, which is available at no additional cost to the employer and the employees.   

“Stock plan participants often do not understand or fully appreciate the value of their equity compensation,” said Larry Bohrer, vice president of Stock Plan Services at Charles Schwab, in the announcement. “Our equity consultation team was designed to not only help employees make sense of their equity awards, but to help them determine the role that equity awards can play in their overall financial picture.”   

In a 2009 Schwab survey of stock plan decision makers, nearly half of survey respondents (48%) considered educating employees about the features and benefits of their stock plan a “significant challenge,” and 78% said that educating employees on the stock plan value and benefits will be an important focus for their company (see Stock Plans Holding Up Despite Downturn: Schwab).   

Additional information about Charles Schwab Equity Award Consultation Team is available at http://www.scrs.schwab.com.

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