We all know prices have been consistently increasing over the past several months - but just how much have they actually increased and how is that affecting your employees? Here’s some perspective: Food prices have risen by 11% in the last year. For a family of 4 on a moderate budget, that translates to around an extra $125 per month in groceries! With inflation reaching levels we haven’t seen in over 40 years, everyone is thinking about ways to spend smarter and optimize their budgets.
In our last few blog posts, we explored Picwell’s health plan recommendations. We reviewed how preferences and financial wellness affect benefits decisions, and how often employees actually choose Picwell recommended plans.
In our last blog post, we explored the idea of risk aversion, including what it is and how it affects benefits decisions. We reviewed different levels of risk aversion and how those variations impact the way employees think about their health care benefits. Now it’s time to dig even deeper and find answers to questions like,
When employees hear the word “risk”, they may experience a wide range of emotions. Oftentimes, it’s associated with a type of behavior that ignites excitement and a rush of adrenaline, such as jumping off a 10’ high diving board or betting everything on black in Vegas. However, when it comes to health care benefits, the word “risk” can have quite the opposite effect, leaving employees with feelings of fear and doubt.
Your team works hard to offer a broad range of benefits to keep employees happy and healthy. But, even if your organization offers the best benefits in the world, they’re only valuable if your employees are enrolling in, and using, them. Keeping benefits engagement steady (and working on ways to improve it!) are crucial to ensuring your benefits programs are successful.
So you’ve evaluated your benefits offering and have decided to stick with the same plans for this year’s open enrollment. Without any new benefits to offer, you probably feel like it will be difficult to get employees excited about their benefits. Many will just stick with the same plan because it’s comfortable and easy. But that’s not always the best option - and it will be your job to show them that.
The past several years have thrown a wrench into the way your employees live their lives and make decisions - especially when it comes to health care benefits.
Most Millennials are now seasoned professionals, and the competition to recruit them is fierce. So, if you want your company to be an employer of choice among this workforce-dominating generation, you must tailor your benefits package and administrative approach to their needs. According to a recent AFLAC survey, 34% of Millennials have rejected a job offer due to dissatisfaction with the benefits provided.
Sure, your employees want a great salary and a prestigious job title. But, more importantly, they want to work for a company that cares about them. Fortunately, your organization can easily demonstrate appreciation and respect for your team members by offering a company culture and benefits package that truly supports them and their needs. If you’re not sure where to begin, you’ve come to the right place - we’re here to help you get a head start by sharing the top employee benefits your organization should be offering.