Employee benefits are a key component to recruiting and retaining the best employees.Employee health benefits are usually treated as a necessary evil and while it may take a huge chunk out of your revenue, the benefits often attract better employees and help retain existing workers. Satisfied, healthy employees are more likely to help your business grow. Instead of eliminating employee benefits, businesses can provide health-care coverage on a budget with a few adjustments. With costs of medical plans escalating and new regulations looming due to health-care reform, businesses of all sizes are scrambling to manage the impact to their bottom lines, while still trying to provide attractive options.
What is the best way for employers to address their health benefits issues?
It is most important for employers to think about health care in terms of value, not cost. Value is the health outcomes achieved for the money spent. Cost includes not only the immediate, short-term costs of treatment but the long-term costs of ongoing care as well as the indirect cost of poor health. Every employer should work with an employee benefits consultant to offer the best possible employee benefits-particularly healthcare benefits.
Employers can also address employee healthcare benefits by sharing information about the benefits in a credible and personal way. They must provide employees a clear picture of what options their companies offer and the reasons why. These communications should include facts such as what percentage of costs the company and employees cover, how costs are growing and affecting the company’s finances, and which plans best support each individual’s situation.
Encouraging wellness is another successful way of addressing health benefit issues.Not only can a successful wellness program keep people away from the doctor and costs down, strong programs build camaraderie and show employees their employer cares. Some companies cover the costs of smoking cessation and weight loss programs, or reward participation in health and risk assessment screenings. To encourage healthy lifestyle choices, employers offer fitness programs and healthy menu choices in company cafeterias, sometimes at lower prices than the less healthy alternatives.
Choosing the partner to help provide excellent employee benefits services for your organization can be tricky. Partner with an expert who can support the company and employees globally through its consulting services. You need a firm that can tailor a benefits package that aligns with your budget amidst a compensation landscape where costs continue to rise.
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