Changes You Need To Make To Your Employees Benefits Plan
What do you think, when you see 70% on a report? For most, it’s just okay. It’s a B-, average number that doesn’t indicate any sort of excellence or overachieving.
Well according to the latest Sanofi Canada study, which is Canada’s longest-running survey on health benefit plans, 70% is also the average percentage of people with benefit plans satisfied with their job.
This is an alarming number, because only 10 years ago, 90% of people with benefit plans were satisfied with their job. It seems a good benefits plan alone isn’t making employees as happy as it used to.
So what’s changed?
Sanofi found only 53% of all people surveyed were very or extremely satisfied with their benefit plans – a percentage that has been decreasing steadily over the past decade.
A number of changes have taken place in a short period of time. As employees get older, health costs began rising, prescription drugs only get more expensive, and the cost of maintaining a benefit plan becomes a struggle for small businesses.
Many expensive changes have happened in a short period of time, and while little personal change to benefit plans has happened, now 68% of employees believe their employer’s desire to keep costs down outweighs the employer’s desire to provide a quality benefits program.
So then, what do employees want now?
These days, employees want to feel healthier and happier while having more freedom and control.
Employees who have Health Spending Accounts are more likely to give their employers top marks in benefits satisfaction (60% over 50%), as well, more employees think they would be happy with flexible benefit systems that are customizable to their exact needs. For example, some employees may value dental coverage over vision or paramedical coverage.
The survey also found workplaces with wellness programs also consistently gave their benefits top marks in satisfaction (63% with wellness programs over 45% without). Not only that, people with wellness programs also felt more responsible for controlling their health spending and had increased job satisfaction overall.
You may be shocked to find that one-third of employees feel physically ill from the amount of stress they encounter at work. Employees are beginning to take a more active approach in their health, and appreciate when employers help them along.
What are the best benefits to offer?
These (relatively cost-effective) wellness solutions were rated the highest for effectiveness among employers who took the survey.
Showing employees their physical and mental health is work it, can make them happier, and therefore more productive overall.
Drugs, therapies, and reactive measures aren’t getting cheaper. The healthier and happier your employees, the less you pay in the long run. The preventative-focused approach to benefits could be the way of the future, and businesses should reach out and see if their plans need a re-vamp.