Page 72 - 2020 Peel & Holland Benchmarking Survey Results

2020 WRAP UP

WESTERN KENTUCKY EMPLOYEE BENEFITS BENCHMARKING

FINAL THOUGHTS FROM THE PEEL & HOLLAND TEAM

Supporting employee well-being will be Innovative employers must Thriving, happy employees are better
crucial for recovery and preparing for the thoughtfully seek ways to save employees and are more engaged in
“new normal.” on healthcare costs. their work.
As the COVID-19 pandemic continues to Rising healthcare costs are making it When it comes to understanding and
fundamentally change our workplaces and more challenging to give employees properly utilizing the benefits employers
work-life experiences, employers will need the same benefit coverage for the provide, communications is key. After
to take a more comprehensive approach to same price. Many employers are tireless work goes into building a
manage the well-being of their employees. offering a wide range of benefits, both comprehensive benefits package, if
Employee benefits programs will evolve to employer- and employee-paid, so employees don’t understand the role
more holistically support needs not only employees have the ability to design those benefits can play in their lives,
for healthcare, but also for addressing coverage plans that are personalized they won’t appreciate their full impact.
mental, financial and social factors. to their individual needs and that can Employers should aim to engage
be changed as their needs evolve.
The ideal employee benefits plan should employees as if they were customers
support all of these interconnected For a financially-strapped workforce, by altering the way benefits are
elements of well-being. The right mix employers recognize they cannot communicated. Instead of focusing
of traditional, voluntary and emerging continue to look only at the cost of on individual insurance products,
benefits and programs can help mitigate benefits, but also at the out-of-pocket employers must meet employees where
employees’ stress and support them when cost for their employees. Research they are and provide a concierge service.
they need it most. shows that the popularity of high- Increasingly, employers will offer
deductible plans is decreasing, and
This support will not only increase the employers hesitate at continuing to advocacy services within their benefits
well-being of our employees, but also will raise employee deductibles. Savvy programs to help their employees
help our businesses recover by improving employers are looking to alternative navigate the complexities of insurance
productivity and engagement and reducing benefits and cost reduction strategies and the healthcare system. In doing
stress and burnout. Our risk advisors such as direct primary care, reference- so, employers guide their people on a
encourage employers to be a source of based pricing, and Rx advocacy successful healthcare journey and will
strength and support and to protect their and savings programs to lessen the reap the rewards of an appreciative, and
most important asset: their people. less stressed workforce.
financial burden on employees.

70 PEEL & HOLLAND | 2020 Western Kentucky Employee Benefits Benchmarking Survey Results