Redefining the Benefits Strategy to Recruit and Retain Talent
Executives and key leaders have different expectations when it comes to benefits. The bad news is that it’s often impossible to meet them with one-size-fits-all primary plans. The good news, though, is that companies can look to innovative benefits to design or strengthen executive benefits, including enhancing executive medical benefits. Here is a look at the why and how behind benefit enhancement to recruit and retain talent.
Recruit and retain talent with better benefits
It is challenging for employers to recruit and retain talent for all roles—including executives and other leaders. One-size-fits-all primary plans fall short in addressing what many leaders need—or expect—leading to voids in coverage that can drive up both out-of-pocket healthcare expenses and dissatisfaction. Other typical solutions like employer-funded health savings accounts (HSAs) also fall short. Trying to solve the issue with ill-fitting solutions can cause more harm than good, which is why it’s important to seek out the right type of benefits is essential for both the needs of executives and the company.
Research shows that health benefits are the #1 retention driver.1 It may be why two-thirds of employers are planning to enhance health and benefit offerings in 2023 to recruit and retain talent.2 Not all plans are created equal, though; it’s important to be savvy about health insurance benefits that actually fulfill executives’ needs and can help you meet the benefit expectations of top performers. Here are some key things to keep in mind when evaluating benefits that can help to recruit and retain top talent.
Close coverage voids
The right supplemental health insurance benefits go beyond the limitations of primary plans and aren’t limited to event-driven plans. They actually close voids in coverage for routine, elective and unexpected health insurance needs. Robust supplemental health insurance plans are often viewed as “supercharged” flexible savings accounts since they can pay for expenses like brand-name Rx, over-the-counter medications and other 213(d) type of expenses. It’s no wonder why employers turn to these unique supplemental plans to shore up coverage for leaders and top performers when making changes to primary plans; doing so can mitigate the frustrations and distractions that such changes can cause.
Provide or enhance dental and vision coverage
Executives and their families spend more on non-medical yet still health-related expenses. It’s why going beyond the primary health insurance plan is essential to support health and well-being (as well as to recruit and retain talent). After all, primary dental and primary vision plans rarely, if ever, offer 100% coverage for treatment. Innovative supplemental health insurance benefits can offer coverage for LASIK, prescription eyewear, adult orthodontia and much more.
Support employee health and well-being
Research shows that nearly 75% of leaders report job-related mental and physical health concerns.3 Benefits that support employee health and well-being are more important than ever. Executive Physicals can be a valuable addition to leaders’ benefits in order to identify and treat health conditions or even prevent them. However, these top-to-toe exams are typically not covered by primary plans, at least not entirely. Coverage and support for employee health and well-being isn’t just for those under duress; it’s also valuable even for healthy employees. Covered wellness treatments like prescribed massage therapy, acupressure or chiropractic care can be a proactive way to counter stress.
Boost convenience and loyalty
Finally, it’s important not to overlook the time savings and conveniences of benefit enhancement. Executive medical benefits like ArmadaCare’s Ultimate Health®, that include timesavers like emergency travel services/evacuation and specialty physician matching services like, TopDoc Connect®, can help keep top performers focused on the business. In addition, such benefits go a long way toward helping executives feel valued and rewarded.
ArmadaCare’s benchmarking data shows a fourfold increase in retention and reveals that 98% of members consider their plan their most important benefit.4 Take a closer look at Ultimate Health® by ArmadaCare. It combines robust supplemental coverage with a strategic health and wellness program to keep senior leaders happy, healthy, and productive at work—and helps you protect your most valuable asset.
1 Predictive Index, 2022
2 Mercer, 2022
3 FlexJobs and Mental Health America, 2021
4 ArmadaCare Engagement Survey, 2022