By Nomi Health on October 4, 2023
It's no secret that employees expect a lot from their benefits packages. They want generous healthcare coverage, paid time off, and retirement savings plans. But with the cost of healthcare rising all the time, it can be tough for employers to keep up.
Tech companies have created high standards for employer benefits. (They offer amazing perks!) They’re competing for top talent in a small pool of qualified candidates – good healthcare benefits can tip the decision for or against a job offer.
In addition to standard healthcare benefits, tech companies are known to offer more unique ones, such as:
Fertility coverage: This can be a valuable benefit for employees who are struggling to conceive, as fertility treatments can be expensive.
Adoption assistance: This can include financial assistance, as well as paid time off to bond with the new baby.
Transgender care: Some tech companies offer coverage for gender-affirming surgery and hormone therapy, to help transgender employees live their lives authentically.
But will the relentless layoffs in the tech sector have a dampening effect on employee healthcare expectations? (As of mid-May 2023, around 150,000 U.S. tech employees have lost their jobs this year alone, according to Crunchbase.)
Even though tech companies are facing increasing pressure to cut costs, they’ve chosen to streamline operations and focus on their core businesses. But so far, healthcare benefits have remained robust, though even Google may cut back on other benefits, such as the private Lizzo concert in April.
Employees want to feel cared for – good benefits can help
The recent Gartner report on employee expectations found that employees are increasingly seeking personal value and purpose at work. (Employers need to offer more than just a competitive compensation package.) They need to create a workplace where employees feel valued, respected, and supported.
A variety of health insurance plans. Employees want to have choices when it comes to their health insurance. Employers can offer a variety of health insurance plans to meet the needs of their employees, regardless of their budget or family situation.
Flexible spending accounts (FSAs) and health savings accounts (HSAs). FSAs and HSAs allow employees to save money on healthcare costs by setting aside pre-tax dollars to pay for medical expenses.
Generous employer contributions. Employees want their employers to contribute a significant portion of their healthcare premiums. This shows that the employer is invested in the employee's well-being and is willing to make a financial commitment to their health.
Wellness programs. Wellness programs can help employees stay healthy and reduce their healthcare costs. Employers can offer a variety of wellness programs, such as fitness classes, nutrition counseling, and smoking cessation programs.
Telemedicine consults. Telemedicine allows employees to see a doctor remotely, using a video conferencing platform. This can be a convenient and affordable way for employees to receive healthcare, especially if they live in a rural area or have a busy schedule.
Convenient healthcare clinics. These clinics can provide employees with basic services, such as vaccinations, physical exams, and treatment for minor illnesses. On-site healthcare clinics can also be a way for employees to receive healthcare without having to leave work.
Mental health benefits. Mental health is just as important as physical health. Employers can offer mental health benefits, such as therapy and medication coverage, to help their employees stay mentally healthy and productive.
Substance use disorder treatment. Amidst the current opioid epidemic, drug overdose continues to be a leading cause of death in the United States. Holistic programs that offer hyper-local, streamlined, and patient-centered care can provide a comprehensive solution.
Personalized benefits. Employees want to feel like their employers recognize them as unique, valued members of the team. They appreciate benefits targeted to their individual needs, such as tuition reimbursement, childcare assistance, and eldercare assistance.
Healthcare benefits portals. Employees should have access to easy-to-understand information about their benefits. So employers must offer tools and resources to help them choose the right plan for their needs and to file claims.
At Nomi Health, we believe that everyone deserves access to quality healthcare. That's why we're working with employers to make healthcare more affordable and accessible for their employees.
For instance, employers can tap our Open Network for negotiated rates with healthcare providers, for lower prices and better outcomes. They can also use our Analytics platform to identify areas where they can cut costs in their benefits programs without sacrificing quality.