Providing health benefits is an important tool for building a competitive workforce. For job seekers, the strength of an employer’s benefits package may be nearly as valuable as salary. Therefore, companies, like us, that strive to hire the best, most productive employees must be prepared to pay the price in attractive, competitive health care benefits.
For many employers, however, the price of benefits has prompted the question – how do we manage this?
Let’s start with what we know:
- Health care coverage is the largest employee-related expense for U.S. employers with the average cost of a comprehensive benefits package rapidly approaching 40 percent of overall payroll expenses!
- Average annual premiums for employer-sponsored family health coverage continue to grow, reaching $15,745 in 2014, with workers paying on average $4,316 toward that cost, according to a survey report by the Kaiser Family Foundation and the Health Research & Educational Trust.
So what is our plan of attack?