October 21, 2019 | By Laura Platero
Did you know that 56 percent of U.S. adults with employer-sponsored health benefits said that the quality of their health coverage is a key factor affecting their decision to stay at their current job? In other words, employees look beyond their compensation and job description when evaluating their overall satisfaction with a company. They also examine carefully the health package they receive.
With the high costs of healthcare, your employees pay close attention to the type of coverage they receive, how the plan is structured for specialists and other extras, and the amount they end up paying out-of-pocket. If your benefits do not meet the needs and expectations of your employees, you can end up chasing away great assets to your organization. If you want to make sure your benefits package has the capacity to help you hold on to your best employees, here is what you should know.
When determining if your plan meets the needs of your employees, you should examine two main criteria: customization and affordability.
People today have a huge amount of customization and personalization available to them. Whether it’s the food they eat, the music they listen to, or the activities they participate in, consumers have endless opportunities to select what makes them the happiest. In this modern atmosphere, employees expect to have a say in their healthcare, and they appreciate a customized approach that suits their individual needs.
Customization allows people to prioritize the types of coverage that matter the most to them, which makes it easier for them to address their own health needs and those of their dependents. This could include the opportunity to consult with a doctor or PA via email or video chat, rather than scheduling an appointment and taking time off work. Customized care could also include mental health services offered via video chat, testing to identify genetic health risks, or a personalized intervention for diabetes or asthma. Employees want to feel confident in the coverage they receive, and they are more satisfied in their jobs when they know their employer has their back.
Can you provide your employees with healthcare at affordable costs? Plans that require large deductibles, co-pays, or contributions from the employee for the monthly payment tend to not be viewed as favorably because of their high price.
Healthcare can be extremely expensive for many people. People who visit the doctor regularly will see the cost of co-pays and the deducible add up quickly, while those who only need coverage for a few times a year will wince if they face large monthly employee contributions to the plan’s cost. Offering plans with low premiums, while also keeping co-pays and deductibles low, will keep everyone happy.
An outsourced human resources organization may be exactly the solution you need to find the optimal health benefits for your employees. It can be a challenge for organizations to properly evaluate all the different health packages available, but a PEO organization, also known as outsourced HR, has extensive experience with precisely this task. A PEO offers unparalleled insight into the different options and what might work best for a particular business and its employees. Outsourced HR can simplify the process for businesses, helping them better understand the coverage options and how those options will impact both the business and the employees.
Relying on outsourced HR professionals has become an increasingly popular strategy for businesses. It relieves a tremendous amount of pressure on organizations, but allows them to confidently know that they offer their employees the best possible health benefits. With outsourced help, organizations know that their employees will receive a strong benefits package that will appeal to their top performers--while leaders remain free to focus on concerns related to the business.
Having a strong benefits package improves employee retention. Working with an outsourced company, like Questco, can help you better manage your employee benefits. You will feel confident that you have the best possible health plan for your employees, which will inspire them to work longer with your organization, making your company stronger and more profitable.
Laura serves as the Director of Product Strategy. She is an expert in large scale benefits account management, project management, product development, sales, customer service, and benefits consulting.