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Consumer goods, as well as employee benefits, have seen significant price increases due to the rising inflation rate. One-third of U.S. employees have already seen an increase in health insurance costs this year, according to a survey by the Employee Benefit Research Institute.
Here are some strategies that employers can utilize to mitigate increasing benefits costs without shifting the burden to employees.
Eliminate Underutilized Benefits
Are you paying for benefits that your employees aren’t using? Sending out a survey to employees is one way to evaluate your benefits. These surveys can help employers know which available benefits may not be providing value to the company. Resources from unused benefits can then go towards more expensive benefits.
Telemedicine
Telemedicine can provide faster and more affordable care to those that need medical services. Individuals can meet with health care providers over the internet and not have to worry about taking time off work, transportation costs, or childcare.
Wellness Programs
There is no universal standard when it comes to wellness programs. They can be tailored to meet your organization’s specific needs. Offering wellness programs can lead to improved employee attraction and retention as well as increased employer loyalty. Also promoting and achieving a healthy workforce can improve morale and productivity. Wellness programs can include things like gym memberships, fitness and stress management, and in-office perks for nutrition.
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National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
