Data & Research July 1, 2009

More Productive away from the Office?

A new survey suggests all of you road warriors might feel happier and more productive when you telecommute.
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A study of almost 2,000 employees at the tech giant Cisco said those who telecommute experienced a significant increase in work-life flexibility, productivity, and overall satisfaction.

A Cisco news release said the company also reaps substantial benefits. The company has generated an estimated annual savings of $277 million in productivity by allowing employees to telecommute and telework.

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Cisco said its survey found telecommuters recognize the benefits gained by their work program:

  • Approximately 69% of the employees surveyed cited higher productivity when working remotely, and 75% of those surveyed said the timeliness of their work improved.
  • By telecommuting, 83% of employees said their ability to communicate and collaborate with co-workers was the same as, if not better than, it was when working onsite.
  • 67% of survey respondents said their overall work quality improved when telecommuting.
  • An improved quality of life through telecommuting was cited by 80% of survey respondents.

Telecommuting can also lead to a higher employee retention rate, as more than 91% of respondents said telecommuting is somewhat or very important to their overall satisfaction.

Another survey last year study of 212 IT and other professionals in a range of industries by CompTIA shows that the benefits of telecommuting to organizations include improved employee productivity (67%), cost savings (59%), access to more qualified staff (39%), employee retention (37%), and improved employee health (25%).

However, the respondents cited challenges also, including securing corporate information systems (53%), limiting use of unauthorized and unsupported devices (38%), and controlling personal use of corporate mobile assets (33%).

Products July 1, 2009

SPARK Issues 403(b) Info-Sharing Best Practices for 2010

The SPARK Institute has released new best practices for 403(b) plans to share remittance and census data.
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In a letter, Larry Goldbrum, SPARK General Counsel, said the institute created “Best Practices for Multiple Vendor Plans — Remittance and Census Data Elements Version RC1.0.” The new document replaces Part III of The SPARK Institute’s “Best Practices for Information Sharing.”

According to Goldbrum, as a result of this change and other comments and questions the Institute has received, a new version (1.04) of the Institute’s “Best Practices for 403(b) and Related Retirement Plans Information Sharing – Minimum and Comprehensive Data Elements” also has been issued. A third document, “Sample Files, Data Sharing Formats, and Coding ‘Pipe Delimited’ Data,” which was created in response to numerous requests for sample file layouts, is also being released.

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In order to facilitate an effective transition to the new version of the Best Practices, Version 1.04 will not become effective until January 1, 2010, the letter said. At that time, all previous versions of the Best Practices will become obsolete.

Additionally, the new Best Practices for Remittance and Census Data will not become effective until July 1, 2010, but both documents may be implemented prior to the effective dates if agreed upon by both sending and receiving parties.

Speakers for a Webinar sponsored by The SPARK Institute stressed the benefits of having a standard format for information sharing used by all in the 403(b) market (see “Experts Stress Benefits of Information-Sharing Best Practices’”).

The new materials are available here.

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