2022 Health Benefits: Preparing to Make Partnership Decisions – FEI Daily – Featured Articles

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There is no question that we’re in the midst of a serious labor shortage, and financial executives across the country are feeling its effects. In this tight labor market, we’ve never been more aware that employees are our greatest asset. If you weren’t already, you’re likely taking a hard look at your benefits packages and identifying ways to maximize your return on investment, to better attract and retain talent, as well as improve outcomes and control costs in the long run.

One of the most important components of an attractive benefits package is of course, healthcare. A recent study found half of employed Americans make job decisions such as whether to switch jobs or retain a position based largely on their health benefit options. So how can you improve your offerings in 2022? Below are five key partnership questions to ask as you go into meetings with your broker that can guide your decisions on everything from funding models to the benefits themselves:

  1. What type of partner do you want to have?

I would argue the single best thing you can do is partner with people who care about your employees as much as you do and are committed to evolving to meet their needs.

When it comes to your current benefits provider, ask yourself: do they really value my feedback? Your partner should be eager to join you in the process of changing, adapting and feedback looping until you’ve landed on a product together that truly satisfies the needs of your company and your employees.

At Gravie, we have a very high customer retention, and I truly believe this is because of our approach in listening to and delivering on what our brokers and employer clients express that they need. We’re constantly asking our clients for feedback. Is your health benefits partner doing the same? If not, ask yourself whether they are truly an asset to your organization.

  1. What do your employees want out of their health benefits?

COVID-19 and its effects fundamentally changed what employees want and need from their employers – and health benefits are no exception. Listening to your employees is the first step to identifying what they want most out of their health benefits.

Once you’ve identified the top needs of your employees, you can move on to evaluating whether your current partners can satisfy their needs, or whether it might be …….

Source: https://www.financialexecutives.org/FEI-Daily/October-2021/2022-Health-Benefits-Preparing-to-Make-Partnershi.aspx

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