Employer Techniques to Enhance Employee Health and Retention

The days of spending 30 years with one company are gone, as we all know. 

But what can you do as a business owner or responsible party to maximize your employee’s valuable tenure with your company?  This month’s column will dive into that topic, and ways that you can use healthcare benefits to show your employees how much they are valued in your organization.

According to The Bureau of Labor and Statistics, the average employee stays with a company for only 4.1 years, as of 2022.  For many Generation X leaders, that is a terrifying statistic. 

Using yet another readily available internet source, Indeed.com, the average cost to find and hire an employee is between $4,000-$20,000 before they even step in the door. A factor that, when combined with the earlier statistic, proves the situation is a costly, daunting and high-priority obstacle business leaders face today.

While many employees love the companies they work for, the feeling is sadly not always reciprocated in today's business landscape.  So, as an HR leader or Corporate Executive, what can you do to elongate employee tenure and reduce the acquisition cost of the best and brightest our fields have to offer? How do you protect against this modern-day business challenge?

Here are 4 steps you can start doing now to impact the curve:

1. Workplace Culture is More than Snacks and Lunch

While many Generation Xers find benefits like free snacks and the occasional company-paid meal extremely welcoming, this just isn’t the case for the younger generations. If you aren’t already providing free snacks for your employees, you are way behind the curve, so it is probably time to dig deep and determine if this is a valuable addition.

By offering quality healthcare and voluntary benefits (life insurance, short-term disability, etc.) you are showing the employees that you value them in sickness and in health.  While you aren’t necessarily getting married, it sure does sound familiar.

2. Build Your Health Insurance Plan to Your Population

As I mentioned in last months article, you must find a health plan that matches your employee population. You may be offering a full suite of benefits, covering 60%+ of the cost, when the employees would be just fine with a $200 plan that includes immediate access to on-call doctors.

It is always better to poll your employees on their benefits than to guess. Unfortunately, I can count on both hands how often I have heard this was done. Polling your employees about their preferred healthcare plan not only gives them a sense that their opinions count; it also may enhance the corporate culture as mentioned above.

3. Be an Advocate for Your Employees When Issues Arise

We have all heard the horror stories of employees stuck on hold for hours just to ask a simple benefits question. This story unfortunately doesn’t only echo in the executive offices, it hits the water cooler, break rooms and workspaces too. 

When HR is presented with an issue, they need to own it and stand beside the employee to get the matter handled. While you can’t guarantee that something gets paid out, HR leaders can ensure that the issue is handled per the plan documentation.

4. Be Seen and Allow the Employees to be Heard

Benefit navigation is daunting, and when combined with HIPAA and other privacy guidelines, it is tough to highlight the positive outcomes. But, for each open enrollment, go beyond the typical employee emails advising them to select their benefit plan.

Instead, use a blast email, corporate messenger board, or whatever other means of internal communication that's available to discuss what each benefit provides and how it protects the employees against potential financial hardships.

Explaining your benefit plan can go a very long way, especially when you put it in terms of actual impact.

Healthcare benefits and voluntary benefits are far from the most exciting step when it comes to onboarding a new hire. In fact, many HR leaders will sadly shy away from explaining the details of a plan, opting to simply hand the employee the benefits manual instead. It’s time we put an end to this practice and truly layout what is offered and why. 

You may find that this simple step makes those unbelievably valuable employees feel more seen, heard and valued than the free sodas offered in the break room. 

Let’s commit to giving this a try together!

With decades of experience in the healthcare benefits landscape, Trey Hinson outlines the ongoing fusion of technology and healthcare, providing a wealth of practical solutions for today’s business leaders. While he will not provide actual plan advice, Trey will offer insights that can help your employees navigate today’s complex terrain. 

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