How to tackle five common employer benefits challenges
What are the opportunities for employee retention, cost transparency and more?
While managing and providing adequate health benefits is important for employers, it can also be one of the biggest investments. Developing an employee benefits strategy that is both impactful and cost-effective is a balancing act.
A meaningful employee benefits program that equally meets employee needs and employer objectives is needed for both recruiting and retaining a company’s most valuable resource: its people.
Below are five common challenges facing employers and opportunities to help tackle them.
1. Employee retention
Challenge: Job satisfaction has consistently decreased in the past 20 years. Benefits are among the top factors for this downward trend.1
Opportunity: Health insurance is the benefit that most impacts an employee’s job satisfaction, making this one area that can help with recruiting and retention.2
2. Controlling costs of benefits
Challenge: Benefits consultants predict employer healthcare costs will increase by 4.7% in 2022.3
Opportunity: Implementing technology specifically designed to identify cost drivers and improve cost transparency can help employers manage their bottom line while simultaneously helping to improve employee experience.4
3. Simplifying benefits
Challenge: 76% of employees don’t understand their benefits plan, leading many to over- or under-insure during open enrollment.5
Opportunity: An employee benefits platform that utilizes self-service tools calibrated for health can help employees make benefits selections that are right for them. 5,6
4. Meeting diverse expectations
Challenge: To control costs while meeting top employee benefits strategy priorities, companies need to take an active role in driving engagement and care management.7
Opportunity: New technologies offer employers the ability to more effectively deliver personalized programs and benefit options to employees. 8
5. Balancing priorities
Challenge: To control costs while meeting top strategic priorities, companies need to take an active role in driving employee engagement in healthcare and benefits management.
Opportunity: Advanced analytics, consumer, market and organizational data can provide insights that will better inform the design and personalization of employee benefits programs.