A primary theme for the Alliance’s September 12 meeting is retaining employees. One of the key components of an organization’s retention strategies is healthcare practices. While often the source of a great deal of frustration, we still suggest that benchmarking against the best is probably the most efficient way of introducing positive improvements to your organization. Thanks to Ed Adams of Arthur J. Gallagher & Co., an Alliance service provider organization, we have a best in class comparison. (AJG has over 4,000 responses to their annual survey on company practices for hiring and retaining employees.) Using some of the topics suggested from their survey, a self-assessment questionnaire has been developed to encourage an evaluation of your current practices against others and to introduce some ideas for future consideration.
While these and many more topics will be discussed at the event, please feel free to take a few minutes to complete the following questions on healthcare practices. After the survey, answers for a best-in-class comparison are provided, so that you can self-score. If you do attend the meeting, please bring your survey (without any identification as it will be anonymous) as we would like to use it to calculate overall trends.
Using a three year look back:
a. How many years did you keep your healthcare cost increase below 4%?
b. How many years was your turnover rate below 5%
- Do you perform annual eligibility audits:
a. On employees?
b. On dependents?
- Offer annual opt-out incentives for waiving medical plan coverage?
- Integrate health and disability management programs?
- Reduce employee costs for medicine used in the treatment of chronic conditions?
- Have a comprehensive communication strategy?
- Tie compensation and benefits costs to business performance outcomes?
- Have a comprehensive plan in place for administration of leaves?
- Have formal wellness programs?
- Do you reward wellness participation?
As these are condensed questions and using a very liberal measuring stick, the answers for achieving “Best-In-Class” certification are:
1. 2 or more
Questions 2 through 10 – answering YES to 7 of the remaining 9
Reminder: Score is not important. Awareness of the topics presented is. These are a few of the suggested ways the folks at Arthur J. Gallagher say you can improve the value of your company compensation and benefits program.