What employers can do
A new study by Mercer found employers’ turnover rate dropped by a third when comparing companies doing the most to help employees thrive, versus those doing the least.
Employees stay longer when the culture of health is stronger, the study found. Further, employers engaging in more “wellbeing practices,” also bend the cost curve more substantially.
What are the well-being practices? The study broke them down into three categories, “basic,” “culture of health,” and “quality and value.” Here are a few of these solutions for cost containment and employee well-being.
Offering a consumer-directed health plan and the HSA sponsor making a contribution to employees’ accounts
Offer voluntary supplemental coverage
Bundled solutions for health benefits
Mandatory generics, specialty pharmacy use and collective purchasing of prescriptions
Culture of Health
Optional paid well-being programs
Company vision statement supports a healthy workplace culture
Offer tech-based resources
Incentives for well-being programs
Quality and Value
Offer a health advocacy program
Offer a Surgical Center of Excellence or a COE for other services, such as oncology, orthopedics, cardiology, and women’s health
On-site primary care
Telemedicine utilization of 5 percent or higher
Bernard Health has more than a decade of experience implementing many of these practices, particularly offering and supporting HSAs and supplemental coverage options.
As employers focus on recruitment and adding lines of coverage can create a culture of health and prevent turnover can be a good strategy. Bernard Health clients have access to BerniePortal, a benefits and HR platform that reduces the administrative burden of expanding benefits, allowing small and mid-sized employers to better compete with large employers in their market for talent.
To learn more, click below to schedule a consultation with a Bernard Health advisor.