Benefits Breakdown Newsletter - September 2022

Early preparation is crucial for 2023 open enrollment

The job market is still dealing with the after-effects of the COVID-19 pandemic. Workers are taking stock of their circumstances and considering which employment perks matter the most. Specifically, employees are more concerned now about their physical and mental health, financial security and work-life balance than before the pandemic.

Many employers have enhanced benefits offerings to support their employees, but providing the right options for a specific workforce is vital. Beginning open enrollment efforts early in 2023 will enable employers to tailor benefits offerings and showcase all the perks they can provide for their employees.

Employers can prepare early for open enrollment by:

surveying employees to determine which benefits are essential to them;
revamping benefits offerings to meet workforce needs;
strategizing employee messaging; and
effectively communicating benefits offerings.

Early preparation can help show employees they are valued and convince top performers who may be seeking job changes to stay in their current positions. It can also help employers educate their workers, bolster retention efforts and get a leg up on the competition in this challenging employment market.

Tips for mitigating the costs of deferred medical care

For employers, early detection of health issues can reduce the amount of time employees are absent from work for medical appointments and recovery. Employer-offered health plans have traditionally focused on preventive medical care. However, the pandemic changed the way individuals access healthcare. Many deferred elective or in-person care during 2020 and 2021 to reduce the risk of contracting the virus. Now, they are starting to address their deferred care and employers must respond to a surge in employee healthcare usage.

Employers can prepare for increased healthcare costs using these strategies to address deferred medical care:

guide employees to cost-effective care;
improve employee healthcare literacy;
leverage technology; and
expand access to second opinions.

Increased medical costs due to deferred care will likely continue to impact employers for the foreseeable future. Employers who proactively implement strategies to address the costs of deferred healthcare will be better positioned to meet employee needs.

For more information about employee benefits, our services and products, contact HANYS Benefit Services by email or call 800.388.1963.

Innovative employee retention strategies: 9 fresh ideas

Employee engagement and retention are pivotal in every sector, but they carry even more weight in the not-for-profit space, where resources are often limited. High turnover can be both costly and disruptive, impacting productivity and damaging morale. In an era of workforce evolution, to effectively retain their top talent, organizations must explore innovative employee retention strategies that go beyond conventional methods. Engaged employees are distinguished by their higher productivity, motivation and loyalty, and they are more likely to stay with a company for the long term. Gallup recently updated its research article, The Benefits of Employee Engagement , finding that "low engagement teams typically endure turnover rates that are 18% to 43% higher than highly engaged teams." In addition to turnover, disengaged employees negatively impact a company's financial health, with turnover costs averaging six to nine months of the departed employee's salary, accordin

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