In 2019, the cost of healthcare rose by 31% in comparison to 2009.
For many businesses, this increase was difficult to absorb and caused them to re-evaluate their employee benefits packages.
Some companies chose to pass the increased costs on to their employees while others cut back on coverage.
In light of these changes, many businesses are wondering if there is a way to use healthcare as an employee retention strategy. Although it may seem counterintuitive, there are several ways that businesses can use healthcare to retain employees and improve business.
By offering competitive benefits packages, investing in wellness programs, and using health insurance as a recruitment tool, businesses can make themselves more attractive to prospective employees and improve retention rates.
Reference: CDC Health Care Expenditures
CEO of Excel Health Plans