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Total rewards encompass various components, with compensation being just one aspect. Managing a comprehensive package requires more than just salary considerations – benefits also play a crucial role in retaining employees and attracting new talent. In recent years, there has been a heightened emphasis on supporting employees’ physical, mental, and emotional well-being. Therefore, an organization's benefits package must reflect its commitment to valuing its employees.
Having a robust benefits package that is beneficial to employees can be challenging. When focusing on health insurance, employers have several options to choose from, including traditional Preferred Provider Organizations (PPOs), Health Maintenance Organizations (HMOs), and High Deductible Health Plans (HDHPs) paired with Health Savings Accounts (HSAs). Each type of plan offers different levels of flexibility, network access, and cost-sharing, allowing organizations to tailor their offerings to meet budgetary constraints and employee needs.
The rising cost of health care continues to be a prominent concern among employees and employers. Taking proactive steps to manage expenses without compromising the quality of care provided to employees can help. One such approach is reviewing which benefits are utilized. Reviewing benefits can help ensure that employees receive appropriate and necessary care while avoiding the overuse of costly medical services.
