In the wake of the global recession and pandemic, employers are looking to optimize their company health plans — and for good reason. According to a recent Brookings study published in the Wall Street Journal, the Biden administration’s first stimulus round alone will push the jobless rate as low as 3.2% in late 2021. Compounding this, a whopping 40% of employees are considering leaving their job in 2021 according to this year’s Microsoft World Trend Index. This means that in order to avoid massive turnover and business disruption over the next 12 months, employers need to develop a strategic plan to retain talent.
Why is retaining talent important? Well, according SHRM best-selling author and turnover expert, Dick Finnegan from C-Suite Analytics, “it is likely that employee turnover and cost of employee disengagement ranks among each company’s top-five costs”. Since the goal of most corporate health plans is to attract and retain talent, now is the perfect time to re-think your company’s approach.
Five Steps For Success:
- Clarify the purpose of your program
Whether your plan is new or you’re revamping an existing program, the first step is to clarify the purpose of your health plan. Most companies offer healthcare benefits because it’s the most economical way to attract and retain talent, but this is only true if their investment is fully optimized and actively managed by benefits brokers to deliver maximum value to employee populations.