One Size Fits One : To Retain Employees, Fix The Health Insurance

The United States spends a significant share of its economy on healthcare, but when compared to other high-income countries, Americans have a much higher disease burden rate. While the government and the businesses are still figuring out ways to improve the affordability, quality, access, and experience of healthcare, escalating costs have impacted employees’ take-home pay for years now. The healthcare concerns are further elevated by inflation. Assessing the Great Resignation, it is clearer now than ever that health insurance is a deciding factor for employees choosing an organization to join, stay in, or leave.

The following are some of the top challenges that companies should resolve in order to impress their employees.

1. As workplaces globally shift to the hybrid model, employees now prioritize health and wellness more than ever. One of the lessons learned during the pandemic is that companies should not completely rely on governments or the public health system, but rather should tailor their investments to the unique needs of their employees. Employers and employees should influence the healthcare needs for the betterment of the organizational and personal health.
2. The pandemic has highlighted the importance of mental health. ?According to the CDC, 75% of adults have at least one symptom indicative of workplace stress. Companies around the world have come to the realization that mental health support is not a nice-to-have, but a must-to-have. ?It is no longer a human resources issue, but a business continuity issue. Workplace stress is a silent killer of employees’ productivity. If not addressed properly, it will impact the health of both employees and organizations.
3. By and large, four generations make up the workforce today: Baby Boomers (born between 1946-64), GenX (1965-1980), GenY/Millennials (1981-1996), and GenZ (1997-2012). Different generations interact with the healthcare system differently and the life outlook, expectations, priorities, and preferences of these generations are very different. Hence, the design of healthcare plans should also vary for these generations.
4. Government regulations have always influenced health in the workplace. Regulatory conditions such as OSHA (Occupational Safety and Health Administration standards) have forced additional compliance requirements during the pandemic. Employees’ and employers’ increased familiarity with the workplace standards will help improve workplace experiences in the “next normal”.
5. The pandemic has proven that Telehealth can deliver a more convenient experience to staff and patients, and also can extend the reach of care to those who may have trouble accessing it. The healthcare system is yet to figure out how to institutionalize the intelligent informatics that “extends care beyond the walls of the hospital, ensuring the smooth and secure transfer of data, and equipping organizations with scalable, connected ecosystems”. However, 80% of large employers see virtual care and Telehealth solutions as playing a significant role in their healthcare delivery, per Business Group on Health.

On the one hand, cultural shifts, cost of care, and governmental policies have created a patient-empowered shift in care; on the other hand, ?technological advancements continue to play an increasingly larger role in our healthcare system. I am confident that the healthcare innovators will solve the puzzle eventually. In the meantime, employers who invest in the unique needs of their employees maximize their chances of retention. That is the loyalty fee companies should pay.