An article recently published in The Wall Street Journal highlighted The City of New Yorkâ€™s plans to corral their rising employee health costs. Indeed they needed to do things differently. The cityâ€™s cost of doing business in this area has doubled in 10 years. When your benefits budget is in the billions, doubling it is crippling to the taxpayers and the city. Something had to give. Mayor di Blasio and his team decided it was time to take action and here is what you can do to help your company achieve the same goals.
4 Things In NYCâ€™s Plans To Offset Employee Health Costs
If you want to take the bite out of your employee benefits, there are a couple of things that you can do, just like Mayor di Blasio, that will likely put some breathing room back in your bank account that you may not expect:
Renegotiate Lower Employee Benefits -This can get tricky but it is worth looking into. There are times when asking your benefits providers for better rates can work in your favor. Ask for a contract review of each one and see what can be saved without sacrificing the level of coverage and service for your plans.
Provide A Wellness Program -There are plenty of wellness programs you can implement in the workplace that can improve the overall health of your employees, drive down the cost of insurance claims and even increase productivity in the workplace. You donâ€™t have to wrack your brain coming up with one either. Your health insurance benefits provider likely has one or you can implement your own from what you can find in doing your own Internet research. Keeping employees healthy is the key to saving time and money.
Promote Preventative Care – Many employees feel burdened by asking for time off for checkups and dentist visits when management meets these requests with a grimace. This is short-sighted and may costing you in the long term in emergency care and days out of the office for recovery if you frown on time off for preventative care. Talk to your employees about taking care of themselves and talk about the importance of their health to your company. Make preventative care a thing to be pursued, not put off.
Include Your Employees In The Discussion -One thing NYC had to do that is a good thing for the cultural health of any small business is including employee feedback in the conversation when it comes to coverage and what needs to happen in covering the expenses. Many employees are willing to forego raises in favor of benefits coverage. Donâ€™t make assumptions. Ask for their participation. You may be pleasantly surprised what they come up with for ideas and how they feel about their coverage options. Invite a roundtable discussion and see what happens.
It is always stressful to deal with weighing employee satisfaction against lowering employee health costs. It is usually a mindset that you canâ€™t have to get around more than anything else. You can have both if you are willing to do enough research on what your options are.
How A PEO Can Be The Solution To Your Rising Employee Health Costs Issues
One simple way to avoid having to deal with all of these issues is to go with a PEO service instead of trying to enact all of this yourself. PEOs have a lot of options when it comes to outstanding benefits, retirement plans and wellness programs. You donâ€™t need to source all of it on your own. They will help you with all of these options and provide you with a significant savings that will ease employee health costs and increase employee satisfaction in no time.
There is no need to wait. Talk to a PEO broker like PEO Spectrum about what your PEO options would be for your company. They will provide you with the right options instead of you spending hours combing the Internet for answers.