Whitepaper:
Optimising benefits costs in the new normal

If you’re currently planning for your 2022 employee benefits spend: pause and take 20 minutes to read the whitepaper enclosed.

The pandemic forced companies to prioritise urgent employee needs. You may have found yourself quickly adding or enhancing benefits, eg mental wellbeing support, without having the time to study their long-term viability and impact on cost. One possible dilemma is that you simply can’t take these back, without creating a negative perception among the population, even if the benefits are under-utilised, or worse, unutilised altogether. 

Now is the time for employers to step back and take stock of where they are.

In a new article, Willis Towers Watson provides ideas to take a granular view of benefits and readjust programmes to meet more relevant needs. The key takeaways include:

1. Key priorities for the immediate term: Such as conducting an audit of current programmes and creating a benchmark to build on.
2. A broader definition of employee benefits returns: It will be key to define a set of core benefits (e.g., level of healthcare coverage, life cover, retirement contributions, time off) that provide a minimum level of security/protection.
3. An introduction to the ACT cost model: Avoidable, controllable, transferrable.

This is just a snippet of the full article, which also provides ideas such as conducting utilisation studies and claims analytics, employee listening strategies, and more.

Companies are now more than ever before listening to what employees are saying. We hope this resource helps in your employee listening journey!