Healthcare reform initiatives have led many companies to make changes they had not anticipated and left many companies feeling caught off guard. For example, thirty-six percent of companies that had implemented a high-deductible health care (HDHC) plan in 2013 had not initially planned to take that step. In adapting to these changes, those companies that find a balance of profits and principle can find the most success for their business. An InsuranceNewsNet Magazine article, “Impact of Health Care Reform in the Workplace,” examines an Aflac WorkForces Report and discusses strategies companies can use to reevaluate investments in their workforces to find such a balance.

Companies that notice the connections between workers’ financial situations and the insurance choices they make should note that in the case of most workers, healthcare costs have risen over twice as fast as wages and four times faster than inflation (1.8 percent and 1.1 percent, respectively). Increasing costs of healthcare causes a loss in productivity at work, with twenty-four percent of workers saying that personal finance issues were the top distraction.

Companies should change benefit plans to contain medical expenses and give better peace of mind to employees. In order to continue to drive talent recruitment, retention, productivity and competitive advantage, companies should consider the following moves:

  • Use surveys to find the preferences of employees and customize benefits to emphasize what they want most.
  • Use benefits to drive employee engagement.
  • Change plans to focus on what employees want most in employer-sponsored insurance.

The value that employees place on benefits can be seen in the numbers, with forty-eight percent of workers in the Aflac study saying they are likely to look for new jobs in the next year but forty-one percent of those workers saying a change to benefits packages would keep them in their current jobs.

These tips can help a business navigate smoothly through healthcare changes affecting the workplace and point them towards a strategy to balance the workforce’s needs with employer profitability.

If you’re in healthcare, insurance, technology or other professional services industries, and need help with a PR, marketing or social media campaign, contact Scott Public Relations.

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