Nov 8, 2023

What HR Really Needs from Benefits Technology and Services

HR teams are under increasing pressure to help their organizations achieve strategic goals, by leading alignment and ensuring people have everything they need to do their jobs. But do HR leaders have what they need to succeed?

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In today’s human resources environment — a world emerging from a pandemic, businesses recovering from “The Great Resignation,” and an escalating need to support employees as mental health issues make daily headlines — HR leaders are being asked to take a more strategic approach to people as the key resource within their organization.

Which begs the question: Do HR leaders have what they need to care for their employees? 

A recent Businessolver report asked human resource professionals how they’re adjusting their goals and strategies while finding new ways to mitigate risk. In today’s economy, both organizations and individuals are trying to stabilize, and it’s within this balance that employee benefits have taken center stage. 

According to the Businessolver study:

  • The #1 concern among HR professionals is retaining top talent
  • 66% of employers are offering a wider range of voluntary benefits to attract employees, including critical illness, hospital indemnity, and accident coverage
  • Nearly 70% of employees want to hear from business leaders about their benefits after annual enrollment

The 7 Characteristics of a Successful Partnership with HR

The report revealed seven key characteristics organizations look for when considering a benefits technology and services partner. The seven most highly rated considerations demonstrate a clear need for more collaborative partnerships between service providers and their clients, and include:

  • Effective HR user experiences 
  • Consumer-driven employee experiences
  • Platform flexibility and scalability 
  • Risk mitigation 
  • Cost control support 
  • Greater transparency
  • Innovation that delivers results 

There are a number of underlying considerations within these results. For example, with employee benefits contributing between 31% to 38% of an employee’s overall compensation, and accounting for the largest deduction from their paycheck, it’s essential to find ways to maximize the employer and employee investment. “HR leaders have become experts at knowing how to save costs through plan design, introducing incentives, harmonizing benefits after mergers or acquisitions, and, of course, leveraging benefits to increase retention.”

60% of senior HR professionals are looking for solutions that “help control my company’s benefits costs...”

...69% of CEOs agree

Employee Benefits Matter

Now more than ever, benefits matter. But their power to attract, retain, and engage talent is limited by one crucial factor: the degree to which employees understand and value their benefits. 

Challenges are high. Benefits literacy is low. According to the Businessolver report, over 80% of employees don’t have the knowledge to effectively compare options or maximize their benefits. 

In this backdrop, CirrusMD has announced Physician-first Care & Guidance, designed specifically for the world we live in, where a multitude of benefits and point solutions often sit under-utilized simply because employees aren’t sure how and when to use them correctly. 

Within a CirrusMD chat encounter, patients are immediately met by a virtual physician who can help with their current issue, but also, consider the whole person to identify other health issues, risks or care concerns they may have. Physician-first Care & Guidance delivers a new care experience, where physicians help patients get the care they need, based on the services and benefits available through their employer or plan sponsor.

Benefits leaders invest significant time, effort and money into building effective benefits programs. With CirrusMD, employers get more from their investment in employees’ health and wellness. By supporting employees at their moment of need, with immediate access to trusted physicians who have complete visibility to additional services and benefits, it’s a guided path to an optimized care journey. 

CirrusMD is honored to be part of the Businessolver Pinnacle Partner program.

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