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|Business Owners and HR Professionals Believe the Quality of Benefits Packages Impacts Company Reputation|
According to the survey, the majority of employers and HR executives view health benefits offerings as key tools to attract and retain employees. When asked which of the following were important outcomes of the health benefits offering, three-quarters of respondents answered that retaining and attracting quality employees were important outcomes. The majority of respondents also said that improving employee morale and satisfaction (68 percent) and improving employee health (67) were key considerations.
Further, when asked to rank on a scale of one to 10 how strongly they agreed with the statement “the quality of a benefits package impacts the reputation of my company”—with 10 being “strongly agree”—67 percent selected seven or higher, with nearly a quarter citing “strongly agree.”
“Employers are faced with daily challenges to keep employees healthy and
engaged at work,” said
Employers Are Seeking More Choices at Better Costs
In terms of current offerings, 70 percent of respondents said their company currently offers Preferred Provider Organizations (up from 60 percent in 2015); 67 percent offer Flexible Spending Accounts (up from 59 percent in 2015); 59 percent offer Health Savings Accounts (up from 52 percent in 2015); and 53 percent offer High Deductible Health Plans (up from 39 percent in 2015). The growth in these types of plans and consumer spending accounts is indicative of the market shifting to consumer-driven healthcare and increased employee cost-sharing. Notably, more than half of employers responded that their employees are enrolled in an HSA, FSA or HRA.
Given the uncertainty of healthcare reform, some employers are making changes to their offerings. Approximately one in five survey respondents said they are increasing employee cost-sharing and employee engagement in healthcare decisions. Employers are also looking to enhance wellness and preventative health programs (18 percent). During the past two years, the approach to designing benefits has changed, with nearly one-third (29 percent) of respondents citing that they are now collaborating with outside organizations to find opportunities to reduce employee costs, and 27 percent responding that they are now offering healthy lifestyle and wellness incentives. Nearly one in five (16 percent) said they are working directly with providers to design health plans.
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding WEX Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|