Colleen McCarthy and I spoke at RIMS last month about trends in human capital risk—also known as employee benefits or human resources risks. You can view our conversation on the video below, or on YouTube.
Human capital risk is faced by companies in literally every business sector, and the risk itself can represent as much as 50% of an employer’s revenues. The war on talent is on and employers are seeking better ways to source, motivate and retain top talent.
The linkage between employee productivity and health care demand management is a key concern for many employers. Maximizing employee productivity is on every HR and C-suite professional’s mind today. To that end, employers are growing more focused on employee engagement strategies designed to align employee rewards with organizational objectives.
Although each company is different, demand management is a dominant concern for many of the American companies we’ve spoken with—the demand in question being health care: how to reduce the company’s costs by reducing the need for health care services through wellness programs or interventions, engagement strategies, and the like.
Healthcare insurance is still not a buyer’s market, but we are seeing some reduction in premium trends. All bets are off as the insurance carrier community continues to react and brace for further Healthcare Reform impact. For non-medical benefits, on the other hand, we’re seeing a continued soft market. We also continue to see a rise in the number of employers offering voluntary or supplemental benefits on a payroll deduction basis in an effort to give employees greater control over benefit design and decisions.
I’ll be blogging in greater detail about these and related issues in the coming months. I hope you’ll share your experiences here along the way.