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When it comes to attracting and retaining the top talent in your business it’s important to have a rounded compensation strategy with a range of employee benefits. Gym memberships, performance-related bonuses and money-off vouchers may be welcome gifts, but what really makes a business stand out is its healthcare package. So here are 3 things that you should consider when choosing yours.
What your employees want
Times are changing, and whereas once people were grateful for any healthcare package, now they are becoming a little pickier about what they want their package to include. Research has shown that Generation Y, also known as millennials, value paramedical services, such as acupuncturists, chiropodists, dieticians and naturopaths, more than older generations, meaning that if your workforce is largely composed of millennials or people even younger, then you may want to adjust your medical package to include more paramedical coverage. Millennials and younger generations are also more likely to want telemedical services included in their package, which may mean some liaison with the relevant telemedicine billing companies.
What your employees need
What your employees want is one thing, but what they need may be quite another. Determining what your employees are most likely to need will depend a little on your industry. For example, if you work in a high-pressure and very stressful white-collar sector, then you may want to ensure that your employees have access to mental health benefits and family assistance programmes alongside a range of paramedical services that can help to make their lives easier. If your employees conduct a lot of hard manual labour in construction or other similar industries, then you may want to adjust your programme to include short term and long term disability coverage in case they become injured, as well as paramedical services that can help them to look after their bodies.
And lastly, of course, you need to take into your group benefits budget to ensure that you can afford the package you choose. Healthcare packages can vary from the very basic at under $100 per employee per month, to the luxurious at well over $500 per employee per month, which can quickly add up as your team grows. If your budget is concerning you and you don’t want to have to lower the benefits that your employees receive then there are a couple of things that you can consider.
- Changing your co-insurance levels
Amending the co-insurance levels on your package can help to cut , but does mean that your employees will need to pay for a proportion of their treatment. For example, if you raise your employee co-insurance levels, then should your employees need to make a $100 claim then they may need to pay $20, with your insurance company paying the remaining $80.
- Lower your benefit maximums
If people aren’t using their benefit maximums then you could also look at reducing them. This can also help to cut the cost of your package.
So there you have it, three things that your business should consider when looking at employee healthcare benefits packages.