Workers are rethinking what work means to them, driving an increase in both resignations and demand for talent. For many employers, the best talent is the talent already on their team. Retention is crucial—and benefits matter.
In today’s extremely tight labor market, generous benefits can help tip the scales in attracting and retaining employees. One of the best retention tools is Employer-Sponsored Health Insurance.
Healthcare as a Retention Strategy
Employers need a strategy. The 2023 out-of-pocket maximum (OOPM) for health plans is $9,100 for single coverage and $18,200 for family coverage. While it’s no secret the cost of health care is rising, to few employers are using it to their advantage. Concerns about health care affordability for lower-wage workers, along with the need to retain and attract employees in a competitive labor market, are resulting in a whole new cost sharing strategy. When health benefit cost growth accelerates, employers typically ratchet up cost management efforts to keep increases at sustainable levels. Employers of choice however hold off on raising deductibles and other cost-shifting measures, some even made changes to reduce employees’ out-of-pocket contributions for health services.
Is your benefits package meeting the expectations of today’s workforce? It’s time to stop thinking of ancillary benefits as ‘extras.’
With changing employee expectations, it’s clear that there’s a higher demand than ever for non-medical benefits. In today’s highly competitive job market where employees are resigning in record numbers—confident they can do better elsewhere, give yourself a competitive edge by offering the non-medical benefits employees and job seekers expect and no longer think of as ‘extras’—dental, vision, life/ad&d, std / ltd.
Employee Assistance and Mental Health Plans
Benefit priorities have shifted in response to the pandemic’s impact on the workforce. Employers view supporting the mental, emotional, and behavioral health of employees as business critical. Adding or expanding programs to increase access to behavioral health care has become a top priority for employers.
Employee Benefit Advisors provides, employee benefits, Healthcare Consumption Audits, tax-advantaged healthcare, compliance guidance for ACA and Health & Welfare DOL Audits, and PEO Advisory & Consulting Services. We can customize a wellness plan for your budget and culture.