Waves of changes from the Covid pandemic continue to reverberate throughout businesses and our workforce. A significant portion of U.S. employees are looking for new opportunities or at risk of leaving their current employer.
At no other time in the last few decades have employees placed more importance on health and retirement benefits. Employees cite benefits as one of the top three reasons they join a company or stay at their jobs.
As we enter pre-planning for open enrollment, we can assist you in crafting and implementing your benefits strategy. Like any other part of your business, a benefits strategy’s primary purpose is to impact your bottom line. With planning, your benefits offerings should help your business contain costs, increase employee satisfaction, and maximize the efficiencies of your benefits packages. The goals for your health care strategy should focus on measurable, health-specific factors that ladder up to your business goals.
Boosting Better Benefits
Every business is different, but we can look at three common goals across business verticals to help you start strategizing.
- Better health: Do you want to boost overall employee health by improving lifestyle choices and health outcomes?
- Better engagement: Do you want to use health benefits as a recruitment or retention advantage by inspiring recruits and employees to participate in preventive programs to take control of their health?
- Better savings: Do you want to reduce health risks and associated costs in your employee population?
A good first step in understanding the needs of your employees is to ask them. Satisfaction surveys increase transparency and can provide the data you need to create an actionable health care strategy.
You will customize your questions to the specific employee benefits you want to address. What is the average age of your employees? Are there concentrations in particular generations? Do many employees have children? How are your employees utilizing their current health plan? How often do they fill prescriptions or receive treatment? Are there any indications of prevalent chronic conditions, like high blood pressure or high cholesterol?
Employees are open to listening, understand the challenges you face, and wait to see how you respond and handle benefits. Communication is critical to making satisfaction surveys feel transparent and worthwhile for employees. Your messaging should acknowledge your employee’s input and inform them how their feedback influenced the health care strategy and decision making.
A good rule of thumb is to survey your population before renewal to factor their feedback into your decision-making. This means that employee surveys should be administered in July and August. PT Business Solutions can guide your actions and decisions to implement your benefits programs. Now is the perfect time for you to reach out to us.