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The cost of providing employee benefits is growing at a rapid pace and the trend looks likely to continue. According to research conducted by PWC, employer healthcare costs are expected to rise by 6.5% on average in 2018, faster than typical annual GDP growth and the annual rate of inflation. In addition, US healthcare legislation and additional regulatory requirements have increased the compliance risks associated with offering employee benefits.
At the same time that benefits costs are rising, employees are placing increasing importance on benefits as a key factor in evaluating job opportunities. According to a Glassdoor survey, 79% of employees would rather have new or additional benefits than pay increases.
While it can seem like offering employee benefits is like fighting a losing battle, there are steps companies can take to control and even reduce their costs. Our new e-book, “How to Get Your Escalating Benefits Costs Under Control,” provides companies with the keys to better understanding, analyzing, and managing benefits costs.
Here’s a sneak peek of what’s inside:
- Implement Wellness Programs: Studies have shown that wellness programs can help reduce healthcare expenses for both employers and employees, and also help employees to be more productive and engaged at work.
- Analyze all costs: Reviewing premiums, broker fees, and administrative costs can help to identify inefficiencies, overbilling, and other errors. An Aberdeen Group survey found that 12-15% of all benefits carrier billing contains errors.
- Automate HR Processes: Technology solutions can help make benefits administration more efficient and eliminate errors and inaccuracies that contribute to rising benefits costs. For example, benefits reconciliation technology identifies and highlights discrepancies between carrier bills, payroll reports, and employee enrollment data, helping to manage and control benefits costs.
In today’s economic climate, employers can’t afford not to review benefits costs and look for new ways to offer enhanced value to employees. Our new e-book provides important insights for getting started on the road to understanding, measuring, and better managing benefits costs.
Click here to download our free e-book - a must-read guide for every HR and Finance professionals.
