Trending Employee Benefits That Strengthen Attraction and Retention Efforts
In the aftermath of the Great Reshuffle— what experts are loosely defining as the mass exodus of workers from rigid working environments to jobs that better prioritize their needs—and macro trends like the fiercely competitive labor market, attraction and retention are top of mind for employers. In fact, according to Zywave’s 2022 Attraction and Retention Benchmarking Overview, over 75% of employers consider attraction and retention among the top five current business challenges for their organizations. As a result, many employers are expanding and enhancing their benefits offerings to increase retention or become more desirable to new hires.
The following benefits may be advantageous to employers’ attraction and retention efforts:
• Flexible work arrangements
• Competitive compensation
• Career development opportunities
• Student loan assistance
• Comprehensive benefits; medical, dental, vision, 401k
Various labor market trends are driving employees to expect better benefits packages. There are many benefits employers can offer to attract and retain workers, including those that provide perks that became commonplace during the Covid-19 pandemic and help alleviate the effects of inflation through competitive compensation and student loan assistance. Employers should consider expanding benefits offerings such as these to improve their overall attraction and retention efforts.
What Employers Should Know About Prior Authorization
Prior authorization—also known as preauthorization, preapproval, or precertification—is the process by which medical providers are required to obtain approval from a patient’s health plan or insurance before administering specific medications, treatments, or procedures. This process aims to protect patient health, and privacy, but also to improve affordability by reducing or eliminating unnecessary medical expenses. Both medical and prescription drug plans use prior authorizations.
Understanding prior authorization can enable employers to help their employees in receiving adequate care and prevent the misuse and abuse of prescription drugs. It can aid organizations in reducing their overall medical expenses by helping employees avoid unnecessary or delayed treatment and denied claims. To do this, health plans partner with medical professionals to identify efficient and effective treatments, improve patient outcomes and reduce medical expenses for the health care system.
Prior authorization can act as a safeguard to keep individuals healthy by ensuring appropriate and effective medications are being prescribed. It can also help make health care more affordable by providing patients and providers with lower-cost alternatives.