The cost of employee group health benefits plans has been on a steady increase for decades with little improvement to the experience. For many employers, group benefits are simply a necessary evil. We understand. They can be an administrative nightmare, highly confusing and expensive to boot. This year alone employee benefits are expected to rise 8% in Canada and even more in the U.S.
Compounding the issue is the changing demands of the modern workforce. Employees want more options, flexibility and personalization. With most providers, that doesn’t come cheap.
But there’s also no denying that they’re important part of running your business.
A stellar benefits package can mean a healthy, productive team, it can help attract top talent and, for many companies, group benefits plans have become essential for retaining that talent.
So how can employers and HR leaders make the most of their benefits spend while keeping employees happy? Never fear, League has three suggestions that can help get you started down the path of a higher ROI.
- Communication will take you further – While you may have spent large amounts of time, energy and money to pull together the best group benefits plan for your employees, all that work will go to waste if your workforce doesn’t understand their plan. Your provider should be your trusted partner in helping communicate what’s included, how to navigate the process and how much money is allotted for each employee. Not just once, but ongoing throughout the year, as well as during renewal. Afterall, they’re the experts.
- Change your plan design – This doesn’t have to mean significantly increasing your spend. Right now, many of your employees are only using part or maybe even none of the benefits they’re covered for. That’s because everyone’s health needs are different. Don’t waste money on providing vision coverage for your team members who have 20/20 vision. Shift that investment to flexible Health & Lifestyle Spending Accounts to provide personalized coverage for each employee. (They’ll thank you for it.)
Download our eBook: The Ultimate Guide to Spending Accounts, to learn more!
- Find the right tools – The right tools mean a better experience, and a better experience means more value. People are tired of jumping through hoops to make use of their benefits. So do what you can to simplify the experience and leverage the technology your employees are accustomed to. The League app, for example, helps employees check their coverage, find and book health providers and submit claims by simply snapping a photo of their receipt – all from the touch of a button on their mobile phone.
— League (@JoinLeague) July 12, 2017
Many employers believe that in order to get more out of their benefits, they’ll need to spend more. The good news is that this doesn’t have to be the case. Maximizing your investment in employee group benefit plans is about making it easy for your team to understand what’s available to them, giving them an experience that they can appreciate, and having the right partner to see you through the entire process.
Trust us. We’ve been there too.
Learn more about benefits plans that give your team flexibility and choice. Get a demo.