In a tight labor market where competition for the best talent is fierce, it’s tough to keep up with latest trends, and even more of a challenge to decide which trends to pursue. Here are some leading candidates.
We live in a world of “big data.” Employers who are data savvy are mining their workforce and health plan data to answer questions like:
Prescription drug prices continue to climb, and employers are addressing the escalating prices through contract language, drug pricing, rebate schedules, and drug list management.
As employers seek to encourage employees to lower their medical spend, they are implementing alternative healthcare delivery methods, including telemedicine, employee clinics, direct contracting with hospitals and providers, and direct primary care (aka “concierge care”).
The proliferation of fitness trackers, home information systems, and insurance technology upgrades means that more employees will have more personalized health information at their fingertips, and the insurance industry will know more about our health behaviors. This can lead to more highly personalized coverage options, but also to more concerns about data exposure and cyber attacks.
The majority of U.S. workers carry stress and anxiety due to personal financial challenges, which can make it hard for them to focus on work. In 2018, the number of employers offering financial well-being programs skyrocketed, and we anticipate more employers to jump on the financial well-being bandwagon in 2019. Employers are implementing multi-format programming and ways to get their employees thinking about saving for the future and preparing for the unexpected.
Because it's difficult to implement all of these ideas at once, it's necessary to use a decision-making framework to evaluate and roll out new benefits for your company. We will discuss this framework and the ideas mentioned in this article in our upcoming webinar “10 emerging benefits worth considering for your company.” Register now to learn more about the pros and cons of emerging trends in employee benefits and their legal compliance considerations.
Sarah provides employer-focused guidance on human resource matters. With an emphasis on employee benefits and the Affordable Care Act, she distils the complexity of employment laws into understandable action items that meet a client’s business goals.
Sarah provides employer-focused guidance on human resource matters. With an emphasis on employee benefits and the Affordable Care Act, she distils the complexity of employment laws into understandable action items that meet a client’s business goals. During previous private practice experience, Sarah handled numerous complex benefit matters, including the transition of benefit plans in large corporate acquisitions, de-risking solutions in pension plans, contested health plan claims, DOL and IRS audits and the implementation of ACA-compliant health plan solutions. Sarah graduated from University of Wisconsin Law School, with a Bachelor of Arts degree from Grinnell College.
A recent survey by the Society for Human Resources Management (SHRM) reported 94% of leaders feel employee engagement is an important or very important workforce challenge. An engaged workforce increases operational income by over 19%, while a disengaged workforce can drain over 34% of an organizations’ operational income. Additional risks of low engagement can be seen in increased turnover, low customer satisfaction ratings and even increased employment litigation.
Biometric screenings top the list of wellness tools that employers use today, according to MetLife’s 2014 U.S. Employee Benefit Trends Study. After biometrics, employers use other types of wellness programs as follows:
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