Employee Benefits & HR: Increased Profitability Long Term

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Many companies, historically, have viewed Employee Benefits and Healthcare as necessary commodities in attracting and retaining top talent. As costs rose with an aging demographic, the cost of care, litigation, health reform, and a host of other factors, employers absorbed cost increases while also passing them off to employees in the form of increased out of pocket exposures and voluntary benefits to plug gaps in coverage. These are short-term fixes though.

At Deland, Gibson, we discuss Workforce Risks with our clients, and help them realize how proactive attention and service can reduce costs long-term. We also view HR and Employee Benefit plans as an effective means to reducing costs and expenses, and ultimately improving productivity and increasing profitability.

So, we were excited to read the below SHRM article on the Integrated Benefits Institute’s CFO survey and their findings that 34% of CFO’s see health benefits as an important tool in achieving strategic goals, including:

  • Attracting, retaining and engaging talent
  • Helping employees become better health care consumers
  • Helping employees better manage their health
  • Improving workforce productivity

In our view it’s simple: An engaged employee who values their Total Compensation, who understands how to use their health plan, who is focused on their wellbeing, and who values their Company’s mission can result in decreased turnover, enhanced productivity, reduced medical claims and costs, and increased profitability.

Click here to read the SHRM article on the IBI survey: CFOs: Controlling Costs Isn’t the Only Health Benefits Goal

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