"Employers have significant pressure on their healthcare costs. While many look for new solutions, there are also considerable savings in their current spend,” says Rebecca Lich, PharmD, MBA Pharmacy Practice Leader in Lockton’s Denver office. “Twenty two cents of every healthcare dollar is used for prescription drugs. Employers must have best-in-class agreements in place, but we also need to ensure those agreements are met. Every employer should take a ‘trust but verify’ approach through a pricing reconciliation audit. There is money to be found."
The health and medical needs of a working population vary based on any number of demographics. The workforce today is comprised of three major generations, each of which has a unique set of health risks and medical costs. As the needs of generations vary, so do the offerings that benefit them most.
A strong benefits package not only attracts and retains good employees, it keeps them healthy and can maximize productivity. The role of benefits for financial security and work-life balance also varies in significant ways from generation to generation.
This whitepaper is part two of a three-part series where Lockton experts share how companies can design risk management and employee benefits programs with their multi-generational workforce in mind.
According to the Bureau of Labor Statistics in June 2018, the U.S. unemployment rate fell to 3.8%. The U.S. economy hasn’t seen that level of employment since April 2000, and prior to that, 1969. Although unemployment increased slightly in July, economists report that there are more open positions in the United States than there are qualified workers to fill them. With a strong economy, the pressures on Human Resources to find and keep qualified talent while managing compensation, benefits and employee engagement are at an all-time high.