This may be the most overused term in corporate healthcare. Workplace wellness is already a $7+ billion industry in the United States, and is expected to grow to $11 billion by 2019. What does it mean and does it actually have any financial payback? That answer depends in part with whom you speak. If you talked to Catholic Health Initiatives, they would answer with a resounding “YES!”. They credit their “Healthy Spirits” program with “bending the curve” on healthcare costs from prior increases of about 6% per year to a far lower 1.4% per year. They view their wellness initiative as extending the healthy commitment that is their corporate mission to positively impact their employees and their families. Read More
That’s a challenging question, because it depends, to some extent, on an organization’s culture, the industry it operates in, senior management’s perspective on healthcare, and whether you ask the employer or the employee.
But, while it’s generally agreed that healthcare coverage is absolutely critical to attracting and retaining top talent, healthcare costs have been spiraling over the past 10 years, and have rapidly escalated to become the second most costly “people” expense behind salaries (growing at nearly three times the rate of inflation).Read More
If you’re like most senior executives, whether in HR, Finance or the C-Suite, the rapidly escalating costs of healthcare are top of mind. Per the Center for Medicare & Medicaid Services (CMS), they will continue to grow at 6% per year at least through 2023. Realistically, what can you do about it? Here’s five steps I would recommend as a starting point to get a clearer handle on this critical component of attracting talent and the second largest cost “people” cost behind payroll:Read More