Balance Benefit Costs with Employee Well-Being.

The pandemic (again)

With the pandemic expected to Last well into 2021, Companies are struggling to balance benefit costs with employee well-being.

Canadian employers wish to focus on worker well-being throughout the increased pressures from the pandemic but confront the fact of declining revenue and the need to reduce prices.

According to another poll by Arthur J. Gallagher & Co, 55 percent of respondents stated controlling prices is their best benefits-related challenge this season. Many are contemplating cost-saving measures like variable cost structures and rebalancing cost-sharing with workers.

Cost cutting

Although most employers say they still cover the complete cost of the benefit program, the survey found fewer companies are offering full coverage of prolonged health-care policy, paramedical co-insurance, and medication plan premiums.

The poll also found that 68 percent of companies have increased focus on workers’ psychological well-being, amid many different new anxieties brought on by COVID-19. Of the 56 percent of companies who have increased worker well-being initiatives, 37 percent have established new tools and resources, 19% have enlarged their overall programs and 19 percent have improved support for their employee’s fiscal well-being.

What’s worthy and has worth?

While a greater focus on total employee well-being (mind, body, and bank accounts ) is encouraging, companies’ priorities have shifted due to the pandemic. However, it’s crucial to keep in mind that worker well-being and engagement stay crucial to business performance.

Any cost/benefit evaluation of worker well-being vs the expense of employee benefits will demonstrate that productivity and productivity suffer if workers are distracted by personal concerns (for example, health, finances, etc.).

Balancing benefit costs

Employers are trying to balance benefit costs with employee well-being, but there are lots of cost-saving options available that let you enhance employee engagement, retention, and acquisition. Health spending accounts (HSAs) are a tax-free benefit which enables employees and employers reduce the costs of medical expenses and remove the waste that typically includes a conventional plan.

If you’re an employer trying hard to balance benefit costs with employee well-being, contact worker health-care pros to research your options!

Wrap

Every effort was made to compile this material from reliable sources; however, no guarantee can be made as to its accuracy or completeness.

Before performing any of the above, please do search for benefit, pension and insurance information according to your corporate or personal conditions.

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