Business leaders across Utah need and expect more out of their employee benefits packages, particularly in our current economic environment. Faced with one of the most competitive labor markets in history, taking care of employees is at the forefront of most organizations’ strategic discussions.
What most business leaders want out of their employee benefits can be simplified to four categories:
1. Attract and retain top talent.
2. Improve the health and productivity of their workforce.
3. Ensure employee (and employer) satisfaction with benefits.
4. Lower the costs associated with administering an employee benefits program.
Attract and Retain Top Talent
Economic experts are dubbing the current labor market landscape as “The Great Resignation.” Employee turnover is at one of the highest levels since the statistic was first tracked. Not surprisingly, health insurance and the entire employee benefits package has played a pivotal role in retaining valued employees and replacing vacancies. Unfortunately, some organizations are experiencing the pain of losing employees due to offering a benefits package that has lagged current industry standards. The cost of employee turnover is high, and benefits plays a key role in combatting current trends.
Improve the Health and Productivity of the Workforce
We sometimes view health insurance as the ambulance at the bottom of the cliff to take care of individuals after issues arise for employees. Health insurance can and should be advertised as a means of preventing the fall from the cliff from occurring in the first place. Providing incentives to employees for utilizing the preventive care component of health insurance can drive a positive company culture around benefits. When employees engage with their doctors early and often, a myriad of health problems can be avoided, resulting in elevated feelings of general wellness and employee productivity.
Ensure Employee (and Employer) Satisfaction with Benefits
Many years ago, insurance was mostly a simple matter of providing a doctor or facility with a copay for receiving care. Deductibles were rare. Out-of-pocket maximums were low. Unfortunately, as costs have come off the charts, an employee’s responsibility in sharing the cost of their care has grown dramatically. Cost-sharing mechanisms are so confusing that the average employee is afraid of receiving care because the billing can be so difficult to afford and decipher. Health insurance in 2021 needs to be simplified so that employees can receive the care they need with favorable funding options (Hint: health savings accounts, or HSAs, are where the market is headed).
Lower the Costs Associated with Administering an Employee Benefits Program
The constant increase of healthcare and health insurance premiums is a well-documented frustration for every business leader. These increases generally surpass general inflation, resulting in a budgetary burden that becomes more painful with each passing year. There are realistic reasons to be hopeful while passing through this challenging landscape. Dozens of organizations have been founded with the sole purpose of providing cost savings to businesses across the country. By utilizing these programs and resources, business leaders are realizing substantial savings to their bottom line. With so much at stake, the additional work to bring cost savings to your organization has never been more valuable.
This article was provided by Goldenwest Health Insurance in Ogden.