As you read this, an under-pressure CFO somewhere is walking into the office of their HR benefits leader asking tough questions about employee engagement with the company's health care benefits:
- Have the expanded offerings paid off for our employees in terms of better outcomes?
- Have they paid off for our company through employee retention and recruiting, higher productivity and happier employees?
- Are enough employees consistently engaging with our benefits in a meaningful way?
CFOs have always had to ask tough questions and grapple with a host of macro- and microeconomic variables affecting profitability and growth. In the past few years, however, health care has rocketed toward the top of this list and is now the second-highest cost on a company's profit and loss statement after compensation. In fact, 70% of employers express rising concern about their ability to continue to afford healthcare coverage for their employees according to one recent study.
For cost-pressured CFOs, benefits managers, and their advisors, knowing whether employees are engaged and utilizing their health benefits is both mission-critical and distressingly elusive. According to Quantum Health's just-released engagement study, 67% of employers see increasing employee engagement with benefits as essential to reducing long-term health care costs, while 73% believe it is key to improving health care outcomes and employee satisfaction. Despite this level of importance, only 20% of benefits leaders surveyed believe their employees are currently optimally engaged with their health benefits.
How can we begin to close this engagement gap?
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