In the realm of HR concerns, the landscape is shifting, with a recent survey by HealthEquity revealing evolving priorities. While talent retention has long held a prominent position as a top concern for HR professionals, the spotlight is now increasingly turning toward benefit cost-containment. The survey, encompassing responses from 174 HR professionals across various industries and roles, indicates that 60% of these professionals consider benefit cost-containment a pressing concern, surpassing the 48% who view talent retention as their primary worry.
This shift in focus highlights the delicate balancing act HR faces in managing employee benefits. Many HR professionals likened the challenge to trying to provide a gourmet steak dinner on a budget meant for a more modest meal or fulfilling diverse employee expectations with limited resources.
Worries about employee benefits and costs could have ramifications for talent retention efforts. While nearly all respondents recognized the significance of benefits in retaining talent, less than 70% believed their benefits packages effectively improved their retention endeavors.
Addressing these concerns has taken on even greater significance as turnover rates have escalated over the past two years, driven by factors such as a robust labor market, compensation levels, and evolving office dynamics. The survey suggests that addressing these challenges and maintaining talent stability could be facilitated by consumer-driven benefits. Such benefits potentially aid in offsetting the impact of inflation by reducing premium costs, offering employer contributions to lower out-of-pocket healthcare expenses, and harnessing tax benefits through Health Savings Accounts (HSAs).
Beyond cost-related concerns, HR professionals are also actively engaged in promoting employee wellbeing (49%), enhancing engagement (36%), optimizing benefits through strategic plan design (29%), and talent acquisition (26%). The survey’s insights indicate the dynamic landscape HR professionals navigate as they strive to balance diverse priorities while crafting comprehensive employee benefit strategies that resonate with today's workforce. Embracing tools like telehealth can further support this effort by providing accessible and convenient healthcare options that align with employee wellbeing and cost-containment goals.Check out the full article from Benefits Pro.