4 Alternatives to Offering Paid Healthcare Benefits
1. 6/13/2015 4 Alternatives to Offering Paid Healthcare Benefits
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HEALTH-CARE COSTS
4 Alternatives to Offering Paid Healthcare
OCTOBER 13, 2014
MATT STRAZ
CONTRIBUTOR
Founder and CEO of Namely
The cost for companies to provide healthcare benefits is at an all-time high, according
costs reached an average of $9,560 per employee, and that’s just the employer’s sha
The Affordable Healthcare Act mandates that companies with 50 or more full-time em
businesses and startups don’t have to take the same route.
Related: The Real Power of Health Insurance
Though this new law might make healthcare more expensive to employers, Healthcar
individual and family plans. For example, if an employer does not offer coverage, the
Since the Affordable Healthcare Act is giving consumers more control over their own
be as attractive as it once was. In place of providing healthcare as a benefit, consider
1. Pay enough to help cover costs of personal plans
Though healthcare costs are rising for employers, it doesn’t necessarily mean employ
family plan. Instead of taking out plans for the whole company, give everyone a boost
employees’ personal insurance plans.
2. Opportunities to work remotely
We’re entering an age where the workforce is starting to get picky. Why? It’s increasin
alongside the Internet, mobile technology and access to any information on demand f
2. 6/13/2015 4 Alternatives to Offering Paid Healthcare Benefits
http://www.entrepreneur.com/article/238179 2/4
younger workforce actually cares more about freedom in the workplace than other be
healthcare.
A 2013 study by PwC, the University of Southern California, and the London Business
millennials work has a big impact on job satisfaction. To remedy this, more companies
remotely either part-time or full-time.
A 2013 WorldatWork survey reports that telework is now offered by 88 percent of org
on a full-time basis. This allows 54 percent of organizations to offer a more flexible sc
Instead of healthcare, consider offering employees the option to work from home onc
schedule that tasks demand. Employees, especially millennials, will have more freedo
coming from an employer.
Related: How to Attract -- And Retain -- Staff When You Can't Pay Big Bucks
3. More flex/vacation time
Instead of offering healthcare to supplement the medical expenses that may be incurr
part in helping reduce workplace stress so employees will be healthier in the first plac
A 2013 study published by the Canadian Center of Science and Education found that
reduced stress and absenteeism, but also improved morale and motivation. When em
life, overall well-being is improved. A healthy well-being means less frequent illnesses
medications to subdue the harmful effects stress from work has on the body.
4. Creative perks to inspire innovation
By 2025, 75 percent of the workforce will be made up of millennials. Companies are g
employee retention. Along with offering more freedom and autonomy in the workplac
millennial interest. In fact, a Deloitte study reveals 78 percent of millennials are influen
where to work.
To millennials, healthcare now pales in comparison to perks like catered meals, attrac
like the ones offered by Apple, Google and other companies known for innovation.
3. 6/13/2015 4 Alternatives to Offering Paid Healthcare Benefits
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While it might not be realistic to open a cafe in the office building, try filling the break
organize a catered office lunch. Employers in the service industry can build relationsh
parks and movie theaters to see if service trades are an option.
It’s possible that, in the next 10 years, offering healthcare as a benefit may be irreleva
adopting personal healthcare plans. Just as the workforce is changing, companies sh
more pertinent to employees.
Related: Putting a Price Tag on Employee Fitness
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