Top 3 Things You’ll Learn
- How pharmacy benefits can help attract and retain talent.
- Employee preferences for pharmacy benefits plans.
- How employers can optimize benefits without increasing costs.
In 2021, a staggering 47 million Americans voluntarily quit their jobs. While employee resignations had been steadily growing, COVID-19 accelerated it to new records. At the onset of the pandemic, people across the globe were forced to change nearly every aspect of their lives – from using video calls to connect with loved ones to carving out workspaces at their dining room tables. While the pandemic created uncertainty, it also caused many to reflect. Entire generations of employees took a step back to determine what they wanted out of their lives, including their careers.
Headlines about the Great Resignation have littered the media. As the worker shortage in America continues to climb, experts across industries are sharing various tips for retaining and attracting employees, ranging from creating greater corporate transparency to offering innovative personal benefits like extended PTO options. But have you considered how optimizing your pharmacy benefits plans based on employee needs can support retention efforts?
Employee Trends and Optimizing Pharmacy Benefits
More than 40% of workers who switched jobs over the last year are currently looking for work again. What’s causing this churn? More than 35% of employees cited benefits as a primary reason for getting back in the field. One way to enhance your plan options is by ensuring prescriptions drugs, especially specialty medications, are covered. In fact, nearly three-quarters of Americans utilize employer provided health benefits plans for prescription drug coverage.
As companies are looking for creative ways to retain top talent, offering stronger pharmacy benefits packages customized to employee needs may produce greater ROI due to improved employee satisfaction. If you’re still not convinced, 1 in 10 American employees also noted they are likely to get their company’s HR department involved to ensure specialty medication costs are included in the health benefits plans provided by the employer. In turn, if a business chooses not to provide stronger benefits plans, employees may choose to leave their current role in search of better employer-provided benefits that covers the cost of their, or a family member’s, specialty medications.
Improving Retention Rates Without Impacting Your Bottom Line
As you consider how you can offer a competitive benefits package to attract and retain top talent, you may also be wondering if improved plans come at a greater cost. After all, in 2020, specialty drug utilization costs accounted for more than 50% of total pharmacy spend incurred, and since the pandemic, costs have continued to increase.
Despite rising costs, however, there are opportunities to enhance your pharmacy benefits package while protecting your bottom line.
As a first step, we recommend employers seek out a trusted benefits consultant to advocate for your business’ financial health as well as the health of your employees. Additionally, if your consultant partners with an independent Pharmacy Benefits Optimizer like RxBenefits, you get the benefit of aggregate purchasing power, enabling the PBO to secure a tailored plan with the most competitive rates, rebates, and contract terms from leading PBMs on your behalf. From there, we’ll apply data-driven clinical oversight and strategies to help reduce your overall pharmacy benefits costs, increase value and improve member health.