HCM Skinny-Educate Employees About the Value of Benefits
Health benefits make up one of the largest expenses for employers and employees on an annual basis. It is critical to do everything necessary as an organization to manage this expense as effectively as possible. This means allowing employees to electronically enroll in benefits, reconcile and audit invoices, and audit dependents. By doing these simple tasks, it significantly reduces the administrative burden around administering benefits as an organization and it will reduce the number of overpayments to the carriers.
It is also necessary to educate employees on the benefits being offered, the differences in plans, and the true costs associated with each option. Although the Affordable Care Act has created an environment where more companies offer benefits, organizations can still use their benefit strategy as an advantage when attracting and retaining employees.
Benefits matter too much to so many people. Make sure you (as an organization) are doing everything possible to manage and maximize this investment.
Top quote from article:
You implicitly know that benefits costs are on the rise. But if you need to back up that feeling, you will be satisfied to know that according to the Bureau of Labor Statistics the cost of employee benefits (as measured in March 2018) represents 31% of total compensation costs. Shobin Urali, COO of Lively.
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