Top 4 Goals of a Benefits Plan for Employers & Employees
There are some fascinating statistics to be found in the recently released 2016 Sanofi Canada Healthcare Survey, including how benefits plans are viewed. Whether you believe benefits plans are a health resource or a form of compensation depends heavily on whether you are an employer or an employee.
Employers top 4 reasons for providing a health benefit plan:
- Boosting Productivity - 64%
- Maintain Employee Satisfaction - 60%
- Attract & Retain Employees - 60%
- Respond to Catastrophic Health Care Costs - 32%
Employees top 3 goals of a health benefit plan:
- Treat & Prevent Illness or Injury - 43%
- Extra Compensation to Use as Much as Possible - 35%
- Compensation & Health Resource - 23%
While a large number of employees believe benefits are extra compensation, claims data shows that only a small percentage of plan members actually maximize their benefits. Still, only 21% of employers saw benefits plans as extra compensation, which is much lower than is actually the view among employees. When making changes to plan designs, it's important that employers understand what their employees value in a plan; if a plan changes to put more emphasis on insurance and asks its members to pay more for expenses like basic dental or vision care, it could create challenges.
Source: Are Benefits Plans a Health Resource or Compensation? by Sara Tatelman, Benefits Canada (June 14, 2016).