Do you know how to evaluate your employee benefits package?
As summer approaches, many of us feel the familiar bite of the travel bug. This season is normally one of exploration and relaxation, with families taking annual vacations to places near and far. Obviously, this year is different. It’s likely that such trips have already been canceled or were never planned in the first place.
While this summer takes its unique path, benefits leaders are up to something else entirely: evaluating programs for the upcoming benefits year. And it’s no surprise that this is an especially important year to get it right. Employees are managing unprecedented stress and uncertainty, the economy is precarious, and taking care of our health has never been more prominent in the collective psyche.
For benefits leaders tasked with improving health outcomes, retaining talent, boosting employee morale, and cutting costs at the same time – we see you. Your job is no easy task! To lend a hand, we created this checklist for evaluating employee benefits programs. Whether you’re new to this role or a seasoned veteran of the benefits world, this resource is for you.
Invest in programs that deliver results
- Save you money
With nearly 40 million Americans out of work, consumer spending has declined, leaving most companies concerned about the immediate future. Therefore, cutting costs is likely to become a priority for organizations across industries. Focus on programs that save you money up front and continue delivering savings in year two and three. Newtopia typically delivers 2x ROI in Year 1, with savings that grow over time.
- Guarantee performance
It’s common practice for benefits vendors to offer performance guarantees, or performance-based pricing, to employers. But, tradition per member per month (PMPM) models offer little incentive for vendors to deliver outcomes. If you’re considering a program that doesn’t advertise this, you can always ask. For example, Newtopia guarantees performance based on our randomized control trial and commercial book of business.
- Are easy, quick, and inexpensive to implement
In addition to the sticker price, consider the cost of implementation. How many team members will need to be involved? Are there many steps to launch? What services does the vendor include or charge extra for? Key things to think about here include engagement and tools.
- Complement other programs
Take stock of the programs you know you’re keeping and map out their strengths and weaknesses. Look for programs that fill the gaps rather than duplicate services to create the most comprehensive package possible. Give vendors bonus points for integrating with other benefits programs or being able to cross-refer participants to other services in your benefits ecosystem.
- Employees love
Make sure to gather employee feedback and testimonials from any potential vendor. If employees don’t resonate with the vendor’s brand or offering, it will be an uphill battle to reach meaningful engagement levels that achieve positive ROI. Leverage any existing data or knowledge about your workforce to make inferences about what they might like or dislike. You can check out some Newtopia testimonials here and here. Participant survey results reveal that 88% of Newtopia participants would recommend the program to a friend or colleague.
There are endless criteria benefits leaders can use to evaluate potential vendors. Use these as a starting point, and you’ll be well on your way to creating a top-notch benefits package that ensures your workforce is supported and your leadership team is satisfied.
If you’re curious about how Newtopia can contribute to your employee benefits package (and achieve 2x ROI in Year 1), email salesinquiries@newtopia.com