Recently, an insurance company released a story about a secret contest it launched offering $10,000 to the first person who read their insurance policy. The catch: the only way you could find out about the contest was to actually read the policy. 73 policies were sold and sent out before someone claimed the prize.
Insurance policies are not the only important documents that people fail to read. Most people receive a hefty stack of paperwork when starting a new job such as the employee handbook, benefits documents and other important documents. Most people just read the first few pages before signing a form stating that they agree to all the terms and conditions.
Although it is important for all employees to read and understand these documents, the real question is when was the last time YOU and others on your HR team, actually read these documents? What about documents for your benefits plans such as service provider agreements, insurance policies, plans, and summary plan descriptions?
We recommend that employers routinely review all their HR related documents to make sure that the documents accurately reflect your company’s practices and any recent changes in law (anyone remember revising their social media policies to comply with the National Labor Relations Board guidance?). While is it unlikely you will win $10,000 for reading these documents, you may be able to avoid other potential problems- and that could be worth much more than $10,000.