As published in Toledo Business Journal - January 1, 2020
by William Grebenc
With a tight labor market and fierce competition for top-end talent, employers are under pressure to develop benefits packages that are both a recruiting asset and an avenue for improving the health and wellness of employees. This investment can result in not only happier and healthier team members, but in better productivity and long-term cost savings for the organization.
By 2025, millennials will make up 75 percent of the workforce, according to Forbes magazine. This commanding portion of the workforce will continue to drive the behavior of business owners when it comes to tailoring their approach to finding and hiring quality employees.
While a survey from Fit Small Business identified health care benefits as very important to the millennial cohort, the survey also revealed that 27% of millennials don't go to the doctor because they want to avoid the costs, and 50% have received a medical bill that they had not budgeted for. When it comes to selecting where to seek health care, 34% of millennials prefer retail clinics, and 25% prefer acute care clinics – double that of baby boomers and seniors. On the flip side, seniors and baby boomers were more likely to visit their primary care physician than millennials (61%).
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Enlightened business owners and HR managers alike are exploring various approaches to creating not just a work environment, but a healthy lifestyle setting that appeals to today's workforce. Good health care and insurance offerings can go a long way toward attracting talent of all ages. With health care costs on the rise, an increasing number of employers are turning to employer-sponsored direct primary care solutions. These offer accessibility, convenience, and employee affordability through on-site or near-site health clinics that provide basic preventive and primary care, along with further benefits such as 24/7 call access and more.
Overall, to address the evolving needs of each generation and make their workplace one of choice for generations to come, employers need to continue their pivot from general health and wellness to overall well-being, including work/life balance.
In addition, keeping up with the integration of new technologies, programs, and innovations will help them operate in the real-time world their employees demand, whether it be through mobile access, holistic experiences or personalized support.
The rising cost of benefits and lack of transparency in health care is a major problem. Businesses simply can't justify the price. Oswald provides their clients with the turn-key solutions and resources needed to properly manage a health care plan expertly from start to finish. Our extensive background in managing health care benefits lets HR staffs and management focus on growing their business, not getting bogged down in process. In addition, the aformentioned exclusive Primary Care Centers are rising in popularity and address many of the changing needs of health care.
If you're looking to proactively offer health care benefits that address your employees' total health care needs, talk with Oswald for solutions that can take the pressure off you and your employees and lead to a healthier, more productive work environment for everyone.
Sources: Wall Street Journal, Fortune, Benefit News, CNBC, Kaiser Permanente
Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information.
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