{"id":12753,"date":"2020-01-06T15:00:00","date_gmt":"2020-01-06T15:00:00","guid":{"rendered":"https:\/\/www.wellable.co\/blog\/employers-focused-on-benefit-costs-holistic-wellness-and-technology\/"},"modified":"2022-11-04T05:26:03","modified_gmt":"2022-11-04T09:26:03","slug":"employers-focused-on-benefit-costs-holistic-wellness-and-technology","status":"publish","type":"post","link":"https:\/\/www.wellable.co\/blog\/employers-focused-on-benefit-costs-holistic-wellness-and-technology\/","title":{"rendered":"Survey: Employers Focused On Benefit Costs, Holistic Wellness, And Technology"},"content":{"rendered":"

In order to offer attractive benefits to recruit and retain talent in a tight labor market, more financial investment is now required from companies. It\u2019s not just the rising costs of health insurance, but the demand for more expansive benefits and a holistically-minded approach to well-being.<\/p>\n

Willis Towers Watson (WTW), an insurance brokerage and advisory company, recently conducted\u00a0a survey<\/a>\u00a0on employer benefits trends, gathering data from over 4,300 companies across 88 countries, including 400 large and mid-size employers in the United States. Respondents overwhelmingly reported that the rising costs of benefits will be the biggest challenge for them in the next three years, with 82% identifying costs as a primary concern.<\/p>\n

This is consistent with\u00a0Wellable\u2019s 2020 Wellness Industry Trends Report<\/a>, which found that 99% of employers are either somewhat influenced (20%) or significantly influenced (79%) by costs when making benefits decisions. The report found this is a challenge for companies no matter their size. Relatedly, 98% of those surveyed by Wellable also ranked pricing as their top criteria when selecting a wellness vendor.<\/p>\n

WTW\u2019s survey respondents also reported that\u00a0communicating benefit choices to employees (53%), providing diverse options for multigenerational workforces (50%), and a lack of employee engagement (47%) were significant issues.\u00a0To improve\u00a0wellness program\u00a0effectiveness, the survey noted that some\u00a0employers hope to change their strategy by improving benefit choice and flexibility and tailoring offerings to better meet employee needs. Addressing these issues will greatly help their overall value on investment and employee engagement.<\/p>\n

<\/p>\n

Holistic Approach Remains Key<\/h2>\n

It\u2019s no surprise that pricing is a top concern, because wellness is no longer limited to having health insurance and a retirement plan.<\/p>\n

In WTW\u2019s survey, respondents said they are focused on offering a broad range of benefits. Eighty\u00a0percent want to implement programs that support\u00a0physical, emotional, financial,\u00a0and social wellness altogether. In addition, 70% plan to focus on enhancing corporate social responsibility (CSR) policies\u00a0by\u00a0aligning them with their benefit strategy over the next three years, a significant increase from previous reports.<\/p>\n

\u201cWhile controlling costs remains their top challenge, employers are increasingly focused on a broader benefit strategy that goes beyond their core health and retirement offerings,\u201d said Jennifer\u00a0DeMeo,\u00a0Senior\u00a0Director for\u00a0Retirement at WTW.\u00a0Mental health, stress management, social well-being, and personal and career growth all factor into a competitive, holistic program.<\/p>\n

Wellable\u2019s\u00a0report also underscores this holistic focus, as data shows a clear demand for both mental health support\u2014including stress management as well as mindfulness and meditation resources\u2014and financial wellness programs.<\/p>\n

<\/p>\n

Technology Opens Up More Benefits Options and Strategies<\/h2>\n

Technology-driven solutions are generally more affordable to implement than other traditional offerings. They don\u2019t require a large amount of resources or additional infrastructure, are easily scalable to company size, and can also be accessed by remote\u00a0employees. Thus, they can meet companies\u2019 goals for controlling costs while offering a variety of solutions to choose from.<\/p>\n

WTW discovered that a significant majority (82%) of employers aim to use new technology programs to deliver benefit messages in the next three years. This is up from just 44% surveyed in the past three years. Furthermore, 65% of employers (up from 38% in the previous three years) want to create a benefits shopping experience for employees, again adopting innovative solutions to meet expectations.<\/p>\n

Wellness apps and tools are becoming more numerous, providing many options for employees to meet their overall wellness needs. Telemedicine, which can offer more affordable healthcare visits, continues to be one very popular offering for employers.\u00a0Wellable\u2019s\u00a0report found that 62% of companies plan to invest more in\u00a0telemedicine, making it one of the most popular benefits.<\/p>\n

Other technology-driven solutions include online wellness challenges, health education resources, mindfulness and meditation apps, disease management tools, and much more. It can be an affordable and convenient way to build a competitive benefits package that incorporates all aspects of wellness.<\/p>\n

\"Download<\/a><\/span><\/span><\/p>\n

\"2022<\/a><\/span><\/span><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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