This fall, the 2023 Employee Benefits Open Registration is an opportunity to showcase the value of the benefits package that organizations offer to their employees and help stop high turnover rates.
If your current service isn’t competitive, it’s time to consider revising your perks menu.
According to a 2023 survey of health and benefits strategies by HR consultancy Mercer, more than two-thirds of employers responded to improve attractiveness and retention or better meet employee needs. We plan to strengthen our health and benefits offerings in 2023. The survey was conducted from April 26th to May 13th, 2022 and was attended by 708 US organizations.
Tracy Watts, Senior Partner and National Leader for Mercer’s US Health Policy, said: Employers say, “To ensure a return on investment, you need to be thoughtful and specific about improving profits. This requires understanding the value and needs of your own workforce.”
Affordable healthcare
Affordable health care is of utmost concern to many workers, especially low-wage earners and those dealing with chronic medical conditions. High-deduction health insurance has grown rapidly over the last decade, but employers are aware that these insurances are not suitable for some employees. According to Mercer’s research, in 2023 we found that:
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41% of employees surveyed We offer low-deduction medical plan options or non-deductible plans for premiums and out-of-pocket payments only.
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11 percent Offers employee-only free coverage (ie no premium deductions) for at least one medical plan option
Historically, free compensation for employees has been more common among smaller employees (currently offered by 29%), but is a new strategy for larger employees.
Health benefits strategies also focus on supporting the mental and financial well-being of employees, with more than half (52%) of large employers virtual mental health care in 2023. We are planning to provide.
The majority of survey respondents will provide virtual care solutions for physical healthcare beyond telemedicine in 2023, with more than half (52%) of large companies providing virtual behavior / mental health care services, Mercer said. Found.
Benefits of family formation
Among other benefits that will become more common, nearly one-third of the large employers surveyed will have access to fertility treatment coverage and adoption and surrogacy benefits by 2023. Offers.
Across US employers of all sizes, 37% of survey respondents provide at least one professional benefit or resource to support reproductive health. This may include high-risk pregnancy, breastfeeding, pre-pregnancy family planning, loss of pregnancy, or benefits to support the family. Support for menopausal family planning.
“In today’s competitive labor market, employees can quit their jobs to others who offer slightly higher wages,” Watts said. “Employers aim to build stronger bonds with this workforce by providing the health and well-being benefits and resources that employees value.”
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“Many HR leaders are unaware of the nature and scope of employee needs and resource challenges,” said Liddy Romero, founder and CEO of WorkLife Partnership, a Denver-based nonprofit organization. I am. This non-profit organization helps its resource navigator services address employee issues. Valerie Wendell, who is facing and is the former Chief Innovation Officer of the Worklife Partnership. “Employee benefits are not regularly assessed for their impact on employees and how well they contribute to the culture of care,” said Romero and Wendell, with a wealth of benefits data. In the case of, he added that it is the only metric benefit manager to see. The role played by mid-career managers as “first responders” when front-line employees are struggling with challenges is “not recognized as a source of significant insight and is often overlooked,” they point out. did. Romero and Wendell recommend that employers better understand workers in the following ways:
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Emphasize value for employees
“Employee benefits are no longer just a bet, but a differentiator, which gives employers the opportunity to spotlight benefits during the benefits registration season,” said consulting firm WTW. Abby Aldrich, formerly Willis Towers Watson’s Employee Experience Director, said. ), And Casey Hauch, Managing Director of Communication and Change Management for the company.
The annual benefits registration period is “the time when the employer is capturing the employee” and “the best time to remind employees of the various benefits options you offer and the value they offer. “Aldrich and Hauch say.
For the upcoming benefits registration season, they recommended to employers:
•• It emphasizes the security provided by the reward package and how to support employees throughout the year.
“Beyond health insurance, employees are looking for emotional support [and] “Resources to enhance resilience and financial protection,” explained Aldrich and Hauch. “Many employers remove barriers to mental health care and provide care and self-help tools almost or free of charge.” It shows our commitment to emotional safety. “
Options such as lifestyle spending accounts (lump sums where employees choose how to allocate benefits) are also becoming more common, they said.
•• Develop a multi-faceted communication strategy to educate your employees and get in touch with them in the best way and at the right time.
Consultants use targeted, personalized communication tactics of different types because “employee trust in benefits choices is strongly associated with effective communication, support, and tools.” Think about how to reach your employees.
Prior to the registration period, Aldrich and Hauch said, “Organizations encourage employees to learn about benefits options 2-3 weeks before decision-making time, providing easy access to information at the right time. I am doing it. “
They suggested that the HR department incorporate decision-making pathway tools into communication or allow chatbots to answer questions at any time of the day. They also said that employers should make it easier for people to contact insurance companies, service centers or HR partners by providing phone numbers for making calls and websites for self-help. rice field.
“Providing security, giving choices, and facilitating them is a strategy to earn the trust of our employees,” Aldrich and Hauch advised.
