Why One Size Fits All Is Not Good For Your Employees
Knowing and addressing the specific needs of employees is super important for companies looking to make the most of their wellbeing programs. Even though big companies are spending a lot on these programs, recent surveys show that only about a quarter of U.S. employees think their employers really care about their overall wellbeing.
One big reason for this is that companies are choosing to work with fewer vendors who offer a bunch of different things. However, these "one-size-fits-all" programs don't really fit anyone well. While some people are tired of the growing number of specialized health offerings for specific groups of employees, known as "point solutions," these offerings are actually quite valuable. Ignoring the unique needs of employees in favor of a more general approach not only makes the employee experience less exciting but also reduces the financial impact of these programs.
Instead of giving up on point solutions, now is the right time for companies and their advisors to invest more in solutions that meet the needs of their specific groups. Here's why:
General solutions may not work well: Offering wellbeing solutions that try to help everyone might end up helping no one. Programs that are meant for everyone often don't get used much, and they may not save the company money. While it's not realistic to have a different program for each person, understanding what your employees really need can help choose the best solutions.
Big solutions may not make a big difference: Programs that try to help a lot of people often attract the healthiest employees who don't really need that much help. Making solutions that focus on helping employees with more complicated health issues, who usually cost more, can actually save the company money. Personalizing treatment and considering someone's health history can save a lot for employees with certain health conditions.
Big solutions might leave some employees out: Solutions that focus on specific needs can fill in the gaps and make sure that the best employees don't get left behind. This is especially important for women and minority employees who might be more affected by certain health issues. Investing in solutions that help these employees can create more chances for them to move up in their careers.
Specific solutions can be a good investment: Finding the most important gaps in benefits and using data and surveys to figure out what employees really need is key. Trusted resources like brokers and benefits consultants can help companies sort through all the different health programs and find the right one for their employees.
In a nutshell, having a benefits program that's tailored to the unique needs of employees not only makes them healthier and happier but also turns out to be a smart investment for companies, bringing in more rewards instead of extra costs.
We work with many carriers to give you a complete employee benefits program that can adapt, change, and expand along with your business. Maybe today you have 30 employees, but tomorrow you might have 90. Your employees could be healthy today, but unfortunate events can happen, and your group may not be as lively as it once was. Sometimes, our clients need to reduce their size because of uncertainties in the future. Whatever the situation, we've been there to assist with all of it. Your business your story is unique, so your plan should be structured to your needs.
