Employee Benefits: How Employee Health Affects NJ Business

Your employees are hurting your bottom line. Employees are the wheels in your company, which if those wheels need maintenance, productivity dramatically slows down. In a recent report from IBI, in collaboration with CFO Research Services surveyed 313 CFO’s, controllers, directors, VP’s of finance and treasurers exhibits how Employee Benefits & Health affects your ROI. Here are their findings.

• Eight in 10 CFOs report that finance professionals play a role in their organizations’ health care benefits decisions, usually in collaboration with human resources and executive leadership, and often with operations.

• More than two-thirds of CFOs surveyed agree that health is a cultural or financial priority in their organizations, while 75% agree that providing comprehensive health care coverage is important for their company’s financial strategy.

• More than 90% of CFOs surveyed believe that improving health is at least a moderately important contributor to workforce productivity.

• By a more than 2-1 margin, CFOs view their company’s claim costs as more credible measures of the impact of health on financial performance than external measures. They are especially wary of advice from suppliers they perceive to have a financial interest in decisions about improving employee health.

• Six in 10 CFOs indicate that poor workforce health significantly affects financial performance through increased health care costs, while four in 10 cite a significant impact through increased sick days.

“This research shows how CFOs crystallize the impact of health on financial performance and on productivity, and particularly focuses on the kinds of information critical to their health investment decisions,” IBI President Thomas Parry said in a statement.

At Vreeland, our employee benefits team of highly experienced, dedicated professionals are experts in Employee Benefits from plan design, implementation and ongoing service of employee benefit programs. We take the time to learn about your New Jersey business and develop strategies and solutions tailored to meet your needs.

We represent hundreds of clients with unique needs and complex benefit issues. We ensure employers remain well informed about benefit plans and increasing health care costs. As these costs rise, we analyze claim data and benchmarking information to help you make an informed decision regarding benefit plans.

Contact us today.

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