» Low-Cost, High ROI Benefits to Implement in your Workforce.

With the expected cost of medical benefits in the fully insured marketplace to nearly double in the next four years, employers are looking for low-cost solutions to retain and attain top talent. Based on a survey, highly satisfied employees say they are more likely to stay if better benefits are provided, 43% of all employees say they’ll stay despite bad management and lack of job satisfaction if better benefits are provided. On top of that, the retention rate of the company is likely to double if the employees are highly satisfied with their healthcare benefits. However, the key driver when employers are looking to purchase their benefits (usually not invest) is not about satisfying their employees but cost. This is due to the unsustainable cost that the fully insured and level-funded marketplaces have created and continue to provide.

So, for mid to small market organizations, our team provides low-cost benefits to the workforce if they are not ready to self-fund. See below!

1. Unlimited PTO: Unlimited paid time off (PTO) policies have gained popularity in recent years, as they offer a more flexible approach to vacation and time off for employees. Here are some potential benefits of unlimited PTO:
   1. Increased flexibility: Unlimited PTO allows employees to have more control over their time off. They can take breaks when they need them, whether it’s for vacation, personal appointments, or simply to recharge. This flexibility promotes a better work-life balance and reduces burnout.
   2. Trust and autonomy: By implementing unlimited PTO, employers demonstrate trust in their employees’ ability to manage their workload and time effectively. This trust can lead to increased employee satisfaction and loyalty. Employees feel empowered to take time off as needed without worrying about tracking specific days or hours.
   3. Improved well-being and productivity: Regular breaks and time off are essential for maintaining employee well-being and preventing burnout. With unlimited PTO, employees can take the necessary time to rest, relax, and rejuvenate. When employees return from their time off, they often feel more energized and productive, which benefits both the individual and the organization.
   4. Attractive employee perk: Unlimited PTO can be a highly desirable perk for potential candidates. It sets a company apart from others and can help attract top talent. Job seekers often value a healthy work-life balance and flexibility, so offering unlimited PTO can be a competitive advantage when recruiting and retaining employees.
   5. Cost savings: Traditional PTO policies require companies to accrue and track paid time off, which can be administratively burdensome. With unlimited PTO, the administrative overhead is reduced as there is no need to track individual vacation days. Additionally, unlimited PTO can help organizations avoid the financial liability of unused accrued vacation time that may need to be paid out when employees leave the company.
   6. Enhanced company culture: Unlimited PTO can contribute to a positive and supportive company culture. When employees feel trusted and supported, they are more likely to engage with their work, collaborate, and contribute to a healthy work environment. It promotes a culture of work-life balance, self-care, and employee well-being.

While unlimited PTO has its benefits, it’s important to implement it thoughtfully. Clear communication and guidelines are crucial to ensure fairness and prevent abuse. Managers should encourage their teams to take time off and lead by example to create a culture that embraces and respects the value of rest and relaxation. However, I think it is important to consider that based on some organizations’ demographics this solution may not be a fit.

2. Wellness Programs: Wellness programs are initiatives implemented by organizations to support and promote the overall well-being of their employees. These programs typically focus on physical, mental, and emotional health, and can offer a range of benefits. Here are some potential advantages of wellness programs:
   1. Improved employee health: Wellness programs encourage employees to engage in healthy behaviors, such as regular exercise, balanced nutrition, and preventive healthcare. By providing resources and incentives for healthy living, these programs can help employees adopt and maintain healthier lifestyles, leading to reduced health risks, lower healthcare costs, and improved overall well-being.
   2. Increased productivity: When employees are physically and mentally healthy, they tend to be more productive. Wellness programs can enhance productivity by reducing absenteeism due to illness, enhancing energy levels, and improving concentration and focus. Healthy habits and stress management techniques promoted in these programs can positively impact job performance.
   3. Enhanced employee engagement: Implementing wellness programs signals to employees that their organization cares about their well-being. This can foster a sense of belonging, loyalty, and engagement. Employees who feel supported and valued are more likely to be motivated, satisfied with their jobs, and committed to their organization’s goals.
   4. Reduced healthcare costs: By promoting healthier behaviors and providing resources for preventive care, wellness programs can help reduce healthcare costs for both employees and employers. When employees are proactive about their health and address potential health issues early, it can prevent more serious and costly medical interventions down the line.
3. Gym Memberships
   1. Competitive advantage in recruiting: many of the younger generations are more interested in cultural benefits than pay these days. Gym memberships are a great way to provide employees with stress free and creative culture benefit. Plus, it is extremely cost effective.
4. Voluntary Benefits
   1. No cost to employers
   2. Expanded coverage options: Voluntary benefits offer a range of coverage options beyond the core benefits provided by the employer. These may include life insurance, disability insurance, critical illness coverage, accident insurance, dental and vision plans, legal assistance, identity theft protection, and more. By offering a broader array of benefits, employees have access to a more comprehensive safety net for themselves and their families.
   3. Customization and personalization: Voluntary benefits allow employees to choose the specific coverage or benefits that best meet their individual needs. This customization enables employees to tailor their benefits package to their unique circumstances, preferences, and potential gaps in coverage from their core benefits.

Overall, the above are just a few of a long list of options. It is important to take into account your workforce and what they are looking for in their benefits. However, with the current state of our healthcare industry, employees are feeling the pain more and more each day.

For more information, schedule a meeting with me

_{Schedule a meeting with me.}

-Eleanor Schroeder

Posted by John Hansbrough in Employee Experience, Health Insurance, Healthcare, Healthcare Innovation, Wellness, Workforce