Today's Complex Benefit Challenges Require A Focus On Five Things
Employee benefits have become increasingly complex and costly for both employers and employees. Though benefits are still considered an important factor in recruiting and retaining the best employees, the task of managing benefits has become more difficult while costs continue to rise and regulations increase. Employers want to spend more time managing their business, not benefits!
Ask an employer what matters most to them when it comes to benefits, and their concerns are almost always the same:
- Lower costs for their group benefits plan. Group benefit plans have become the third highest cost for employers behind wages and material cost. Group benefit expenses have skyrocketed and controlling these costs and the yearly increases is essential for employers and their business’ continued profitability.
- Offer the best benefits possible enables employers to effectively attract and retain quality employees.
- Healthy people and their families lower absenteeism and improve productivity. Having healthier people reduces long-term medical costs and lowers premiums. The best way to manage healthcare cost is to manage people’s health, by providing incentives and programs that focus on wellness and preventive care.
- Help navigating ACA and compliance. The maze of new regulations is complex and ever-changing. Specialized expertise is needed to guide employers through all laws and compliance challenges.
- No administrative headaches. Too much paper and too many forms are placing new demands and distractions. Developing solutions and creating a path with less headaches and administrative hassle are key for both the employers and employees.
One thing is certain – a strategy of doing the same thing every year and simply changing carriers doesn’t work over the long term. It’s a short-term fix that’s disruptive to the business and employees.
It’s a good idea to work along with your benefits advisor to develop a plan that addresses the “5 things.” We know that when you’ve got a benefits strategy that consistently delivers these “five things,” we’ve done our job and you have the time to focus on growing your business.
Article provided by OneDigital