It depends...
First, break it down.
Your benefits program should...
1. Give you a competitive advantage
2. Save employees time and money
3. Increase employee satisfaction
4. Keep your team healthy
5. Improve productivity
6. Attract top talent
7. Retain top talent
Are your benefits program achieving its goals?
Let's find out:
1. What do your competitor's benefits program look like?
2. Is the care your plan provides easy to access?
3. Do your employees value their benefits?
4. Are employees always taking sick days?
5. Are employees productive during the day?
6. Are benefits helping you hire the right people?
7. Are benefits helping you retain the right employees?
Note: Major studies say it costs 50%-100% of an employee's annual salary to replace them
If you're a mid-size tech company that competes with larger organizations like Apple and Google for talent, here's what you need to do.
Background: Although large tech companies tend to have robust benefits programs and pay for most of their employee's expenses, these programs are often riddled with waste.
The average health plan wastes about $2,500 per employee - per year.
Their waste is your opportunity.
(see what we did there? 😀)
Optimizing your benefits program will allow you to compete with these companies.
Here's what you need to do:
1. Stop paying for healthcare services employees don't use.
Whether your plan is fully-insured. level-funded, or self-funded, most health plans do a poor job of ensuring your plan only pays for the services employees actually use.
2. Stop overpaying for healthcare that employees.
Most health plans do a poor job and negotiating unit prices within the healthcare supply chain. This overspend directly impacts the cost of your program each year.
3. Continually optimize and innovate. Then reinvest.
Once you've optimized your program and are saving north of $1,500 per employee, per year (with equivalent coverage), it's time to reinvest some of those savings by paying for more of your employee's premiums.
This last step is critical because it eliminates these larger organizations' ability to compete on benefits.
Of course, none of this is possible without optimizing your current program.
Note: You won't be able to do that until you replace your broker with a fee-based benefits consulting firm.
Why?
Because only fee-based benefits firms give companies unconflicted, objective advice about maximizing the return on their benefits investments.
✅ You have the power to improve coverage for your team.
✅ You have the power to increase profits.
✅ You can do this.
🎯 If you'd like to join our waiting list to see if you're ready to gain a strategic advantage with benefits, complete our free assessment today.