To find out the impact of offering EZaccessMD as a mobile telehealth benefit has meant for our clients and their employees, watch this video to hear about their firsthand experience.
We all know the importance of benefit offerings. They are often seen as the best way to get top talent in the door and keep them there. Your benefits should set you apart from your competitors, and be affordable enough for even your lowest-paid employees to utilize. There is no one-size-fits-all solution for offering a well-rounded package that will make every employee happy. Some people prefer more money in their paycheck and less money contributed to their HSA. Some prefer lower health care costs over PTO. But somewhere in the middle lies the optimized benefits package for your employee demographic.
But what are the lesser known implications of a less-than-impressive benefits package?
1. Employee Retention & Cost of Turnover. It's not enough to attract top industry talent. You need to keep them. Some studies estimate the cost of replacing a salaried employee is 6-9 months' salary. Other studies say estimate it costs twice their salary, especially for high-earning or executive-level employees. Improving benefits is one of the most tangible ways to reduce employee turnover, due to the ripple effect it has on the employee and company as a whole. Within the benefits package, health insurance is ranked as the most important benefit in the eyes of (potential) employees. If you're going to revamp your benefits package, that's the place to start.
(Check out this blog post that outlines the top 3 reasons to invest in health and wellness benefits.)
2. Employee Productivity. It's been proven that affordable and comprehensive benefits, while potentially costly for the employer, have a direct effect on employee satisfaction and productivity. For example, studies show that offering a balanced health insurance package will decrease absenteeism and improve overall employee health. Those with access to affordable health care will be more likely to see preventative care, as well as treatment for low-acuity conditions that otherwise would turn into hefty claims, and live overall healthier lifestyles. This will carryover into their work lives, as they will be more productive, more present, and have a better outlook on the company they work for.
3. Employee Morale. We've all seen what low morale can do to a company. As consumers, we have been on the receiving end of a customer service representative who is clearly underpaid and underappreciated, and therefore see little reason in going the extra mile for those they service. We've all also seen what a company who openly appreciates and motivates their employees can do to the customer experience. How you choose to show your appreciation for your employees and the ways they move your business forward should depend on the demographics of your employees, and there's plenty of room to get creative. Whether it's the offering of a supplemental mobile telehealth benefit with mobile diagnostics, or discounts at local gyms/wellness facilities, or even more PTO in exchange for a lower wage, it's important to think outside the box when evaluating your benefits package.
Summary: A comprehensive and affordable benefits package will increase productivity, retention, and ultimately effect your bottom line. They can attract top talent or be the reason they accept a position with your competitor. When it comes time to renew or rethink your benefit offerings, keep in mind the ways it will effect ROI and employee happiness. It will make all the difference for not only your employees, but also your bottom line.
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