My job as Vice President of HR is to balance the needs of both the employer and the employee, while also attracting and retaining top talent. Often times I’m faced with questions such as:
The only way for me to answer is by looking at current industry statistics and trends. Below are several thought-provoking facts and figures:
What can we conclude from these numbers? First, medical benefits are clearly important to most people. Thus, employers will continue to search for alternative ways (including defined contribution plans and non-insured discount benefits) to bring the best healthcare coverage options to their workers. Studies show only 5% of employers plan to exit healthcare completely within the next five years. You can breathe easy now!
Second, receiving medical benefits from employers has been a way of employee life for the last 75 years. We, as Americans, have grown accustomed to having our employers provide health insurance, so for employers to completely abandon their employees now would be almost impossible. Though, like Walmart and other mega retailers, a shift in how medical benefits will be distributed is heading our way. Employers will have to find a balance between attracting and retaining valuable employees with a rich benefit package and reducing healthcare costs. Tricky? Yes. Doable? I believe so.
- Sandy Heard, VP of Human Resources & Training
Copyright © 2014 by New Benefits, Ltd. All rights reserved.
Sources:Society for Human Resource Management Employee Job Satisfaction and Engagement research report; 2014 Aflac WorkForces Report; 2014 Accenture research report; Robert Wood Johnson Foundation; Mercer’s 2013 National Survey of Employer-Sponsored Health Plans