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6 Signs your Benefit Plan Needs a Refresh

Posted by Medavie Blue Cross on June 22, 2018

Building a solid and competitive business means investing in your number one asset – your employees. And as your organization evolves, so too should your health benefits.

Smart employers periodically re-evaluate their benefit plan design – to ensure it reflects the needs of their employees and supports the financial health of their business.

Is your plan informed by trends, driven by data and aligned with your HR philosophy? Here’s why it may be time to hit reset on your benefit plan:

  1. You read about trends that you don’t see in your plan - When was the last time you did an in-depth review of your benefit plan? From rapid advancements in medical treatments that increase claim spends to digital health technologies that promote self-care, there are new risks and opportunities to be understood if you want to get the most out of every benefit dollar you spend.
  2. Your workforce is becoming more diverse - We now have close to five generations working side by side. Each has health benefit needs and expectations as diverse as their life experiences, from Boomers who are retiring and staying in the workforce longer than ever before to Millennials who view paramedicals like massage therapy as necessities, not perks. Has your plan been adjusted to meet the varying needs and wants of a multi-generational workforce?
  3. Your workforce is more transient – The competition for new hires is fierce. If you want to retain and recruit employees to take your organization to the next level, a robust benefit package is a must. According to a 2015 study by Glassdoor, 78% of employees would prefer more benefits or perks to a pay hike – an important consideration in keeping and attracting top talent.
  4. Burnout and absenteeism are a constant worry - Just as mental health awareness has increased, so too have claims for psychological counselling and drugs to treat clinical conditions, along with absences from work. In fact, every week roughly a half million Canadian employees are off work due to mental health issues. Does your plan consider all this?
  5. Your employees want help getting healthier – Effective benefit plans don’t just respond to employees when they are sick. With the right proactive tools and resources, you can help employees take charge of their health and prevent illness from occurring. For example, Google saw employee satisfaction rise 37% after they invested in employee support initiatives.
  6. You have employees in need, but don’t know how to help - Though 6 out of 10 Canadian employees have a condition that is chronic, they can improve the management of their condition - even reverse or delay the onset of disease - with the guidance and support of a health coach. Through our Managing Chronic Disease benefit we have a network of health specialists employees can access - even without a doctor’s referral.

Taking good care of employees is effective in boosting your bottom line. When you offer benefit packages that go above and beyond, they will too. The end result? A great return on investment in the form of healthier, happier employees, increased productivity, improved morale and lower drug and benefit spends.