Measuring the impact of your health benefits
Annual enrollment shines a spotlight on health benefits, but are they measuring up?
Providing the right mix of health benefits during annual enrollment is one tool for employers to use to attract and retain talent. Knowing what the right mix is—and balancing it against costs—isn’t easy. In a tightening financial environment, leaders want tangible and measurable results from their health benefits investments. They want measurements that go beyond sign-ups.
Before you can analyze and rationalize the benefits you offer, you must ensure you are adequately measuring their performance, and that has proven challenging for many. On average, 40% of benefits leaders said it was difficult or impossible to measure their health benefits.1 Even so, 62% of benefits leaders said that reporting and analytics are high priority over the next 24 months.2
Even though our research shows that, on average, 84% of benefits leaders who offer health benefits are measuring them in some way, they are more likely to look at metrics related to enrollment and utilization, overall costs, and employee satisfaction.3 As a result, employers may be missing an opportunity to better understand their population’s health.
Annual enrollment is the time for your health benefits to shine, but benefits sign-ups and cost shouldn’t be the only key metrics you measure. Dig deeper to understand your employees and their needs at a more individual level and you'll get the data you need to build an even more attractive benefits program.
Read the full “Benefits measurement for a healthier workforce” research paper to learn more.
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