The C-suite is distressed about employee confusion
Do you believe employee confusion is a major cause of rising healthcare and benefits costs for the business?
Respondents who strongly agree
The C-suite is 2X more likely than HR to strongly believe employee confusion is a cause of rising benefits costs.
You hired your employees because of their knowledge in their field and their experience with their role—not because they’re healthcare or benefits experts. (Excluding your HR team, of course 😉). So it should come as no surprise that there’s a learning curve to figure out complex healthcare and benefits programs.
Just think about some of the most common employee missteps with healthcare and benefits:
- Over-insuring
- Visiting out-of-network providers
- Not properly utilizing resources to manage chronic conditions
- And the list goes on…
Unfortunately, these actions all equate to wasted benefits spending. That’s why we asked HR and C-suite professionals if they thought employee confusion is causing a spike in healthcare costs. More of the C-suite were worried about it, with 83% somewhat or strongly agreeing, while only 64% of HR folks said the same. Again, the contrast between C-suite and HR opinion is more pronounced when you look at those who strongly agree or disagree that employee confusion is a serious issue.
Do you believe employee confusion is a major cause of rising healthcare and benefits costs for the business?
Ex: over-insured employees, employees who visit out-of-network providers, employees who don’t understand chronic condition management resources, etc.
Employee confusion means money slipping through your fingers
What percentage of your business’ annual healthcare spending do you believe is wasted because of employee confusion?
Respondents selected a number on a sliding scale of 1 – 100. Averages were calculated for this report.
Let’s get down to brass tacks. Exactly how much money is really wasted due to well-intentioned but misinformed employees? As our report shows, well, a lot.
On average, HR teams estimate 40% of their company’s total healthcare spend is wasted due to employee confusion. The C-suite thinks it’s more than that, clocking it at 53%.
Let’s take that in: this means execs believe they could reduce healthcare costs by half if they eliminate employee confusion—HALF! 🤯
Section 3 takeaways:
What’s it mean?
We’ll say it again for those in the back: Execs believe they can cut healthcare costs in HALF if they eliminate employee confusion. Just imagine what you could do with that huge chunk of your budget freed up!
If you’ve spent any time on our blog, or work with us, you know that at Jellyvision, we like to shout about the high price tag of employee benefits confusion. But putting a number on it, like 50% of your business’ annual healthcare spend, shines a whole new light on the situation.
The Solution
Companies that reduce—or better yet, eliminate—employee confusion will see returns in the form of major savings, not to mention more money in your employee’s pockets, leading to happier employers and team members.
Thank you for reading!
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