When it comes to employee benefits, one offering tends to be considered the most important and sought-after by workers
With health insurance costs rising each year, and uncertainty in the market expected to continue past 2020, more and more employees are focusing on healthcare benefits when looking at potential employers.
Businesses realize the importance and value of quality healthcare benefits, with many looking for ways to offer improved options to help with recruiting and retention.
A recent survey from Willis Towers Watson
provided insights and data into how employers are approaching healthcare for their employees. Let’s take a closer look at the results.
Healthcare Trends for Employers and Employees
The 2019 Emerging Trends in Health Care Survey
was taken by 535 employers, with 31% saying that they are prioritizing benefit offerings to improve employee’s healthcare experience over the next 3 years.
Part of the problem, though, is that 54% of employers said that they don’t have the necessary listening strategy to understand what employees want and need from healthcare benefits.
Despite these challenges, employers are confident (74%) that they offer right number of benefit choices to their workforce.
But to further help employees with their healthcare concerns, 75% of employers are prioritizing strategies to give employees the ability to select personalized benefit packages
while providing resources to help them make educated choices.
Communicating Employee Benefit Information to Employees
Employee benefits communication
is often cited as a common challenge for employers, with most of the focus occurring during open enrollment. 56% of employers think they provide effective tools and resources to help employees during open enrollment.
However, just 44% say they provide employees with useful benefits information regularly. To help improve this, 74% of employers are planning to provide employees with better healthcare navigation tools over the next 3 years.
Additionally, 67% say they are putting a greater emphasis on in-person and online benefits training for employees.
Taking a Holistic Approach to Benefits
One potential trend uncovered in the survey is that it appears more employers are looking to move to a holistic approach to benefits. Only 28% currently provide a holistic approach to improve the employee experience
. And just 24% promote thinking about financial planning when it comes to benefit selection.
However, 59% of employers plan to move to this approach in the next 3 years
, showing how employers view this important trend.
The same trend appears to be happening with benefits technology. Currently, just 31% of employers provide employees with access to support through digital means. But 61% plan to improve in this area over the next 3 years, making digital a greater focus with benefits planning.
Considering how much technology is impacting personal and professional lives today, it’s not too surprising to see tech becoming more prevalent in employee benefits, especially if it can help workers become more educated and make better benefit choices for themselves and their families.
New Benefit Trends Continue to Emerge
Studies and reports like this one from Willis Towers Watson continue to show new trends emerging in the employee benefit space
, especially around healthcare.
It’s likely that this will continue into the near future as health insurance and healthcare costs continue to rise for employees and employers.
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