Many employees consider these medical benefits before accepting a job offer or to stay with an employer: health, vision, and dental. Consequently, employee medical benefits require executive attention. Decision-makers in small and medium-sized organizations need to keep a sharp eye on the benefit performance, making certain that problems are solved quickly. Equally important is the ability to spot when things are going right. There are indicators show the employee benefits program is doing well. These can serve as KPIs (Key Performance Indicators) for making decisions to fine tune, or even end, a given employee benefit.
- High Participation Rates. It is not realistic to think that you will get 100% participation from employees. Many may have insurance from other places, such as dependent’s insurance. However, a high percentage of employee participation shows a definite appeal for either the services provided, the premiums charged, or perhaps both.
- All Employees Benefit. A benefit should provide services for everyone in the organization and not just one special group. Millennials, Baby Boomers, and everyone in between ought to be able to derive some good from the benefit. If an employee survey suggests this is happening, then the benefit is a success.
- Services Justifying the Cost. Employee medical insurance benefit in Singapore can be expensive. The services provided must warrant the cost. A good utilization review helps provide a good cost/benefit analysis, proving whether the financial outlay is merited.
- Wide Selection of Options. Boilerplate plans, the take it or leave it variety, turn off employees. It is a significant reason for low participation because there aren’t options to fit individual needs. A benefit that has some options, such as different premium plans, is appealing to the workforce because the choices better suit individual needs. For example, the ability to voluntarily purchase insurance for your dependents would interest any employee with a family.
- Benefit Enhancements. These are the other programs that happen to make core benefits more successful. The best example is a wellness program, which makes employee medical insurance in Singapore more affordable while keeping employer cost down at the same time.
- Low Turnover Rate. Employees head for the door when the benefits package does not meet basic needs or is too expensive for them. An effective employee benefits program is just as important as a good paycheck for keeping people. The more successful the benefits are in meeting needs, the less reason a person has for leaving the company.
- Employee Satisfaction. It is best determined by periodic surveys about the employee benefits and working conditions. Survey data can show if the benefit is doing all it is supposed to do and if the employees are happy with it. Low figures are warning signals changes may be necessary.
Knowing the signs of a working benefit saves on expenses. If management knows a benefit is working, then there’s no need to expend resources on any improvements. The concept” if the wheel ain’t broke, don’t fix it” applies. What is mentioned above are possible benchmarks to evaluate the effectiveness of any benefits program.
Our experience in the insurance industry taught us to spot problems and early symptoms where everything is working well. How is your current benefits program performing?