Tom's Take Blog

Tom’s Take

One Pro’s Perspective on Employee Benefits
Here at Cypress, we’re constantly fielding questions related to employee benefits and cost containment. And with his 25+ years of experience in third party administration, our company CEO and president has become a go-to source – or guru, as we like to call him – in the self-funded world. Tom Doney has been summoned to speak in front of the U.S. Department of Labor on cost control in health care and travels nationwide to deliver eye-opening conferences on the topic. In his new blog, Tom will continue to share his unique perspective and dive into all types of topics from medical advocacy to health claim management. Read along!



February 8, 2018

How does today’s multi-generational workforce factor in to the employee health benefits that companies offer?

Tom’s Take: With a workforce that represents everyone from Baby Boomers to Post-Millennials, employers are tasked with offering employee benefits that fit the wants and needs of multiple generations. This is no simple feat when your staff consists of some employees who are nearing retirement, others who are just entering the job market and all ages/phases in between.

 

Today’s multi-generational labor pool makes it necessary for companies to provide flexible, customizable employee health benefits. A one-size-fits-all approach has never been ideal for health plans, but the current state of our employee population makes having options more important – and appreciated – than ever. Thankfully, self-funded health plans can make this a bit easier by offering the flexibility to customize your benefits.

 

Benefits education has also become a must with such a wide-ranging workforce. This is especially true of health-related benefits, as the care system has grown increasingly complex and employees often need help in navigating how their benefits are set up and what is covered.

 

In addition to benefits education, something else to keep in mind when considering these varying age groups is how people access care. We tend to think of the way things are moving in an online-centric direction, but also need to remember that there’s still a population that’s looking to find health information and connect through more traditional outlets. The availability of concierge- and advocacy-type programs for self-funded plans can address both access and benefits education needs.

 

As for the employee benefit trends we’re seeing with the multi-generational workforce, one of the biggest is a stronger emphasis on overall wellness. This is a topic that speaks to all audiences and is being addressed, in part, through the evolving workplace wellness initiatives companies are implementing.

 

No matter which generation we’re talking about, from Post-Millennials to Baby Boomers, employee benefits can play a big role in recruiting – and retaining – talent. Companies should be sure that the health benefits they offer appeal to today’s diverse workforce.

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