You’re fighting the battle of the century. Your goal? To retain your company’s top talent and recruit employees who want to be a part of your team. With this battle top-of-mind for all executives and HR teams, there are plenty of tactics being implemented with the hopes of boosting morale and limiting turnover.
While you may be placing an emphasis on bonuses, PTO and 401k options, what exactly is the unsung hero of the talent war you’re waging?
The answer. Benefits.
We get it. From the outside looking in — our solution seems expensive. Offer better benefits to our employees? We can’t afford that. But what if we told you that you could offer quality benefits to your employees so you can attract and keep them without having to increase your overall healthcare spend? You can have your cake and eat it too!
Unfortunately, many employers make the mistake of falling into the trap of accepting premium increases year-over-year and then passing them along to their employees. And then they wonder why they have such high quit rates. From the top-down, health insurance needs to be seen as a form of compensation for your employees, not just a “perk” your employees get.
At Totem, we believe, when done right, benefits are the overlooked silver bullet to recruiting and retention.
To properly position your company to win the talent war, there are two key elements you need to consider.
1. High Quality Steerage
Don’t assume a higher price tag equals the best healthcare you or your employees can find. The reality is, when you direct your employees to top-tier physicians, you’ll find better healthcare outcomes and significant cost savings for both you and your employees.
At Totem, we use the nation’s largest healthcare claims databases to identify the highest-quality doctors in every community. Then, when paired with our concierge service, employees are encouraged to see those quality healthcare providers. When your employees receive care from the identified physician, the plan covers 100% of their out-of-pocket expense. This results in thousands of dollars in savings for employers and reduced out-of-pocket spending for members — a huge benefit when it comes to their overall compensation.
2. Reinvest Healthcare Savings
By implementing health plan strategies such as quality steerage, reference-based pricing, and international pharmacy programs, employers realize significant financial savings that can be reinvested into additional employee benefits. These savings are often used to reduce deductibles, copays and premium contributions. Another common reinvestment is into Virtual Primary Care. VPC is a critical offering, as it gives your employees direct and convenient access to a primary care provider team at little to no cost.
With the Telemedicine model, patients are typically assigned to whichever physician is available at the time. But with VPC, patients can connect with the same physician every time, allowing for a stronger and more thorough patient/physician relationship. Most patients prefer to have an established physician that’s familiar with their medical history and unique health concerns. Totem’s Virtual Primary Care service prevents up to 90% of specialist visits, includes preventive and chronic care, and has a $0 cost to members — another win for your employees.
Benefits, high-quality steerage and reinvested healthcare savings need to be at the forefront of your battle for recruiting and retention. These tactics will position you to crush your competition and provide the best care for your employees and save you money.
For more information on getting Totem on your team to fight the talent war, click here.