As the New Year begins, we have many reasons to be excited.
From the In-Value-Able Conference Series to our Find the Right Care campaign, to the much-anticipated launch of our new employee engagement education platform called Health Action U, members will have endless opportunities to learn from industry experts and network with like-minded individuals.
PERSONALIZED BENEFIT TRENDS
In a benefits landscape where costs are tracking to push beyond $15,000 per employee per year, we’re all faced with trying to attract and retain the best talent all while working to mitigate costs.
We’ve identified trends that not only make the entire benefits package more enticing, but also give employees more opportunities to live their best, healthiest, and most productive lives.
It’s becoming very clear that offering just core benefits, paid vacation, and a 401(k) will not be enough for Baby Boomers, Gen X, Millennials, or the youngest of our workforce, Gen Z.
Given the low unemployment numbers and a market where employees can be more selective about the companies they work for, a focus on making the entire benefits package more attractive benefits package is paramount.
WALK THE TALK
Let’s take the Health Action Council staff as an example. We found that paying back student loans was their No. 1 concern.
So, to help alleviate some of this burden, we introduced a student loan repayment benefit for all employees with one year of full-time service. And it was so popular, that 100 percent of employees signed up within the first week.
We also implemented a tuition reimbursement benefit for those wanting to obtain work-related professional certifications or licenses and graduate coursework.
Bottom line, there’s not a one-size-fits-all benefits package. It requires some customization and creative communication to create a happier, more fully engaged staff. And in our case, tuition reimbursement reduces financial stress.
We’ve also increased contributions to employee’s HSAs and 401(k)s along with a generous PTO policy.
For members with larger workforces, this year’s trends involve even more customization and personalization including expanded telemedicine and virtual care services, more direct communication from benefits platforms, and delivering health and benefits information just the way they want.
All of which influenced the design of the ‘buddy system’ in our new UHC innovation model.