52 per cent of employees would choose health benefit plan over $15,000 cash
While it may be tempting for employers to cut health benefit spending during the recession, companies must balance current economic pressures with the need for organizational performance and employee productivity to survive, according to the latest sanofi-aventis Healthcare Survey.
"People are at the heart of an organization's success — a weak economy doesn't change this. Even if some companies must cut staff to survive, they must also look after those who remain. Employees need peace of mind, and the survey demonstrates health benefit plan provides an important level of security," says Chris Bonnett a member of the sanofi-aventis Healthcare Survey advisory board and president of Toronto-based H3 Consulting.
The 12th annual survey of 2,090 health benefit plan members found 52 per cent of respondents would choose their health plan over $15,000 in cash. Even when the cash was increased to $20,000, 45 per cent would still choose the benefit plan. When asked which part of the health benefit plan they found most valuable, 64 per cent of respondents say day-to-day health coverage for themselves and their families.
Moreover, 57 per cent of respondents strongly or somewhat agree they have an obligation to help their employer control the plan cost.
The survey found the economic climate is taking a toll on employees' stress levels. Close to one-third (31 per cent) agree stress in their home or personal life made them physically ill in the past year and 38 per cent say the same regarding workplace stress.
In fact, 28 per cent say they did not get much work done when experiencing stress and 26 per cent called in sick for a couple of days when feeling stressed.
The good news is that plan members who strongly agree their workplace stress has made them physically ill in the last year and have a workplace wellness program are more likely to use such programs (56 per cent versus 35 per cent overall).
The survey highlights the return employers can reap from an investment in health and wellness programs. Companies that offer health promotion programs are significantly more likely to have their health benefit plans rated as excellent or very good (65 per cent versus 54 per cent), have employees who are more satisfied with their jobs (82 per cent versus 77 per cent) and have employees who feel an obligation to help control benefit costs (66 per cent versus 57 per cent).
However, only 35 per cent of those with access to workplace wellness programs say they use the programs.
Plan members said they would be more likely to change their health behaviour if their employer subsidized a gym membership (62 per cent), provided small incentives (61 per cent), offered healthy food choices (56 per cent), more flexible hours (55 per cent) or time at lunch or breaks for fitness activity (51 per cent).
"The take away here is that employers need to realize that just offering the wellness program is only a small part of the equation. They must be very strategic about ensuring program elements are relevant to and of interest to employees, and offering incentives to employees to engage in these healthier behaviours is critical — especially during challenging economic times," says Bonnett.
