Prior to the strain which COVID-19 placed on healthcare systems globally, the affordability of health care and benefits plans has been increasingly challenging for financial institutions seeking to support employee well-being.
Many firms are already investing in the well-being of their workforce, but employee needs are changing rapidly as business objectives and operations are driven by commercial, economic and regulatory pressures.
74% of participants surveyed in the financial services sector think their employer should be doing more to help the well-being of their employees . With instances of employee depression, anxiety and suicide on the rise across the financial services industry, firms must take active measures to support the mental health of their workforce.
For financial institutions looking to improve the participant experience while containing costs, engaging with an external specialist team can enable firms to build high-performing and integrated benefits programs.
A sophisticated and comprehensive approach to health and benefits should consider:
- Structured portfolio panel providers (with pre-agreed contract terms and pricing)
- Benchmarking data to support decision-making
- Proprietary actuarial tools
- Integrated physical and emotional health team
- Data analytics (including adaptable warehouse tools)
After launching a custom program, it is important to continually measure the impact on cost, utilization, outcomes and overall participant satisfaction. By building a comprehensive strategy focused on objectives and goals, firms will be well-positioned to support broader commercial objectives.