Misinformation and Employee Benefits: Which Direction Is Your Program Headed In?

Misinformation and Employee Benefits: Which Direction Is Your Program Headed In? It can be easy to fall into a routine when you have been doing something the same way for years. You become familiar with all the steps and the outcomes, which can bring a sense of comfort. However, in time, knowing what to expect can make it harder to embrace change or explore new ideas. Similar to taking the same route to work every day. You become accustomed to the road. You know when to stop, when to turn, you may even know how fast to go.

For many HR leaders, this can be how it can feel to navigate employee benefits.

When brokers reach out to businesses during the renewal period—sometimes weeks before they’re due—the discussions can feel routine. Questions and key topics may take on the same tone and structure. For many organizations, when the journey becomes this repetitive, it can leave them heading in the same direction year after year—without realizing it!

Unfortunately, this type of broker-employer relationship can lead to common misconceptions including: the only way to reduce costs is to raise deductibles. While this may seem like something that other companies have done, it is not a proper solution to proactively manage healthcare costs or help your employees by making healthcare more affordable. Ask your broker about proactive solutions to rising healthcare costs or seek a second opinion if you’re not getting any suggestions. Options are available that can promote employee wellbeing and cost efficiency—and get your program off the beaten path.

Taking the same route is predictable and easy, but a detour can show you much more.

Providing a comprehensive program that is regularly assessed and updated is essential in today's competitive landscape. The Employee Benefit Research Institute’s 2023 Workplace Wellness Survey states that two in three employees trust their employer to “help them improve their overall wellbeing through quality benefits and resources.” To support this demand, employers need to dig into their programs and ensure the benefits they are providing are truly what their workforce needs. 

Offering benefits that employees genuinely want can promote overall employee health and wellness. Keep in mind that changes don’t have to happen all at once or be costly. Your consultant should be able to meet you where you are and go at your pace. Depending on your current workforce, making small changes can create a significant impact. For example, a workforce with a younger demographic may benefit from a debt-repayment option whereas an older workforce may desire retirement options. In either case, updating your benefits to cater to your unique workforce can help employees feel valued and engaged, creating higher participation, which can lead to fewer serious health issues and lower medical claims.

Supporting employees is just the beginning. Don’t settle for the same route year after year. Discover new directions.

If you haven’t discussed your benefits program with your broker, reach out today.  You should receive details about your plan including, employee demographics, claims data, benchmarking, and utilization rates. Then use this data to create a strategic runway.

Don’t head in the same direction year after year with no evidence of proof. You—and your people—deserve more.

Sometimes, heading in a new direction can generate greater rewards.

At Conner Insurance, we take pride in developing a strategy that will work best for your unique workforce. Ultimately, the goal is to create a benefits package that supports employees while staying within budget. By thinking outside the box and leveraging expert insights, you can create a new path that leads to happier, healthier employees without compromising quality or affecting the bottom line.

In the complex world of employee benefits, it pays to have a plan—and the right partners—to navigate it successfully.

Reach out today to discuss your benefit needs. We’re here to talk.