Many people in today’s workforce have higher expectations for benefits from their employer. A bountiful benefits package can pay dividends in attracting better talent as much as it can in lower health care costs. Here are six ways you can ramp up your benefits bundle.
Add vision and dental
Going beyond health coverage, ancillary benefits like vision and dental go a long way. Not sure if your business should shell out the additional money for glasses, braces, etc.? Look at it this way: Top talent will expect you to cover their vision and dental. That’s because most companies cover it. About 90% of large businesses (500+ employees) currently offer dental insurance. Many health carriers work with ancillary insurance companies to create affordable plans that best benefit your work population. If you don’t currently offer ancillary coverage, talk to your health insurance provider to see which options are available to you and your employees.
Invest in wellness
Opening a corporate gym just for your employees generally works wonders. A dedicated space for your employees to work out can potentially sway a person’s decision to work for you. Have your employees switched to remote or hybrid work due to the COVID-19 pandemic? You still can invest in employees’ physical health by offering a gym membership or reimbursement option. Mental health needs have risen since the start of the COVID-19 pandemic, and investing in digital support tools, offering mental health benefits and EAP programs are very attractive. Offering a comprehensive wellness program is another great way to invest in your employees’ well-being.
Increase employee flexibility
With the move to remote work for so many companies due to COVID-19, the option to do your work when and where you want has become increasingly enticing to employees. Allowing employees to have a more flexible workplace culture can decrease stress and even increase productivity. Think about a new environment, extra time to take breaks and helping to avoid burnout. Increased flexibility is an attractive quality to many employees your business would do well to consider.
If you’re a large business, you might already have a high-deductible health plan in place for your employees. These plans generally allow the employee to open and manage a health savings account (HSA). A surefire way to keep employees satisfied with their health benefits is to contribute to their HSAs. If you already contribute, you might consider contributing the maximum amount. The more you contribute, the more your talented staff will know you’re serious about their health and well-being — which might just keep them on board for the long haul. Another way to impress employees is to invest in HRAs for your company.
Bring on care management
Have you ever heard of care management programs? More and more, health insurance companies are offering licensed care mangers to help employees manage complex health issues. The primary focus of care managers is to work one-on-one with employees who might have or be at risk of having a chronic condition. Chronic conditions make up the bulk of your health insurance spending, so integrating a care management program into your existing medical plan can help reduce costs and improve your employees’ ability to manage their conditions.
Pay for tuition
Financial well-being is just as important as physical or mental well-being. Tuition reimbursement and tuition assistance programs can be just as attractive to the millennial workforce as your company’s well-being program. After all, having sufficient funds for many of life’s costs can curb stress and promote health and productivity in your employees. Much like health care costs, tuition costs have skyrocketed in recent years, leaving college grads broke right at the beginning of their careers.
Jen Parks is the director, HR business partner at Priority Health. She helps develop and execute on the human capital components of the Spectrum Health/Priority Health HR strategy.