CATEGORY: BUSINESS & INDUSTRY
Top Employee Benefit to Boost Retention in 2022
By: Jessica Fessler
Physical Health Programs and Mental Health Programs were listed as the two most popular employee benefits of 2022, but what are prospective employee’s really looking for in these programs? Beyond standard health insurance, many consumers continue to value supplemental health services. Covid-19 had consumers using their health insurance benefits in record numbers; Consumers increased their intimate knowledge of how these services work in real time. Now, consumers are reevaluating which benefits offer considerable value.
Consumers have become savvier about health insurance in the years since the Affordable Care Act. An influx of cost-comparison tools has made it easier for users to compare employer contribution. Insignificant employer contribution is becoming more apparent. Employers who provide significant employer contributions have a competitive edge, but are still lacking. So what benefit speaks to the health insurance savvy, younger generations?
Three words- Premium Health Services.
Health Reimbursement Accounts are an employer funded health benefit plan that reimburses employees for out-of-pocket medical expenses, in some cases an HRA’s will cover health insurance plan premiums up front. The flexibility of an HRA offers employee’s the opportunity to make more personalized health decisions, including the ability to use premium health services that are not traditionally covered.
Boosted Mental Health Benefits
Due to the pandemic, mental health services are strained. Most emergency assistance programs lack a usable network of providers. Online telemed services are becoming increasingly more popular. Companies such as Ginger, are targeting employers by offering a structured telemed benefit similar to that of Cerebral and other online only mental health services. These services which are traditionally excluded from health insurance coverage, are generally eligible for HRA reimbursement.
Physical Health Programs
Due to Covid-19, consumers are spending more time in the home. Use of traditional health and wellness programs are fleeting. More consumers are leaning towards meal prep services and in-home gym equipment. Off-site health programs and gym equipment stipends will soon replace more traditional avenues of wellness benefits.
Benefit to Employers
The return on your non-traditional investment is simple. With burn-out rates skyrocketing, we’re beginning to see a shift in value. Consumers’ are placing self-care first. Candidates are quick to identify employers who genuinely value employee health and well-being. Demonstrating investment in employee health is not only a recruitment strategy; Development of a healthier workforce will result in higher retention rates.
Does your organization value employee health?
For more information please call 410-939-4240 and ask to speak with a Business Services Representative.
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