Employee healthcare benefits are rising. In 2016 costs a survey from Global Medical Trends Survey projected the cost of health care benefits would increase by 9.1%. That was three years ago. Controlling these rising costs is a major issue for employers. Employers need to provide benefits to employees to remain competitive, but they don’t have an unlimited budget.
Understanding how you can keep costs under control without taking away any of your benefits offerings is vital to providing the best benefit offerings possible.
Controlling costs without cutting back on coverage may seem impossible, but it’s not. With smart compensation management, you can power your company’s growth while keeping costs under control.
Get Help from a Compensation Consultant
To get the best value from your benefits plan, get help from compensation consultants. Compensation consultants can give you the advice you need to make informed benefits decisions. They can also help you determine the right benefits for your employees.
By working with expert consultants, you can address the short-term and long-term goals for your benefits plan. You can get the information you need to set the right objectives for your plan.
Create a Benefit Plan Philosophy
To get the most value out of your benefits plan, you need to know why you’re offering a plan in the first place. Is your main motivation to make your employees healthier? Are you mostly concerned with keeping employees happy and reducing turnover? Or, are you looking to offer the best compensation package possible to attract top talent?
Whatever the reason, keep it at the front of your mind. Make sure your senior management, benefits, and finance employees understand your benefits philosophy. When everyone understands the philosophy behind the plan, your company can get the most value out of its benefits.
Ask Your Employees for Input
Your employees are the people who use your benefits offering, so they need to be satisfied with all it provides. If you’re offering benefits that no one wants or uses, you won’t get a good return on your investment. By offering popular benefits your employees will use, you’ll be spending your dollars in the right places.
Before you make any changes to your plan, survey your employees to find out what they like and what they don’t like. You can also use informal focus groups to talk to your employees and gather their input. Employees may give you helpful suggestions about health education, work environments, or other benefits they’d like—employees will also give you generational opinions, these views can help you tailor your benefits.
Communicate Your Benefits Plan
To make the most of your plan, make sure your employees know about it. You could have the best plan in the world, but if no one knows about it, you’ll be wasting your money. When you communicate with your employees, keep it simple. Use plain language, not insurance-speak. The information needs to be accessible to all your employees.
If you need to make any changes to your plan, be clear about your reasons. Being transparent with your employees helps build trust. For example, if you want to remove a certain benefit because no one’s using it, give your employees the reasons behind the decision.
Embrace Workplace Wellness Programs
To help your employees stay healthy, embrace workplace wellness plans. These plans support employees’ health and wellness and help guide them to make healthy choices. Wellness plans can include initiatives to promote healthy eating, exercise, smoking cessation, or other good habits. Be strategic with your wellness programs to ensure they address your employees’ needs.
Don’t forget to address chronic health conditions. Chronic conditions include diabetes or high blood pressure, and many can be improved by modified behaviours. Depending on your employees’ needs, you could offer biometric screenings, health coaching, or discounted fitness programs.
Access the HR Hub
Employee benefits don’t stop at health insurance. The best benefits offering includes access to experts in legal, compensation, healthcare and health and wellness. The HR Hub is the only offering that enables HR professionals to provide a total benefit offering that covers all HR pain points, ensuring employees receive the best access to care of all kinds, while boosting your HR team’s knowledge base.