Leverage Health Spending Accounts to Attract and Retain Top Talent

The “Great Resignation” are buzzwords making the rounds in Canada and United States lately as we all pull ourselves out of the pandemic. The pandemic and its remote working mandate has provided an extended period of time for top talent – all talent – to rethink what work means to them. They have been able to test-drive remote working and provided them the opportunity to choose how to invest their time, possibly changing their expectations of how work fits into their lives.

Whether or not the great resignation is a real phenomena in Canada or not, a couple things have become clear in the past 18 months:

  1. The newly favoured hybrid workplaces are forcing businesses like yours – small, medium and large – to tackle the unique challenge of attracting and retaining the top talent in new ways
  2. Employers now more than ever can’t simply win over top talent by throwing money at them. Employees are looking for better benefits, work-life balance, and a sense of inclusion and purpose at work.

A flexible prepaid HSA and WSA can help you solve for all these non-salary wants and demands of top talent. In addition, it frees your employees from ever having to pay for their health expenses out of pocket – building on their belief and trust in you and your business.

War for top talent

Job seekers – and even those not actively looking – are finding themselves being aggressively recruited as turnover rates increase. You need to come up with innovative ways to not only attract, but also keep the best and the brightest people through culture, compensation, and flexible benefits and wellbeing. You can create a winning strategy for acquisition and retention of top talent by putting employee’s diverse and unique health and wellness needs at the forefront. Wellbeing starts with corporate culture and your business desire to make the biggest difference to current and prospective employees.

In The Future of Benefits Report by Care.com, it was found that 98% of HR executives and C-suite respondents said they will offer either new or expanded benefits that employees say are the most important to them.

By offering HSAs and WSAs to your prospects and existing employees as part of a total compensation plan, you can gain the upper hand over your competitors in retaining and attracting the best staff. If your industry is a part of the great resignation, you need to arm yourself with the best ammunition because you will be entering a ‘war for top talent.’

An HSA Easy Pay Ltd. prepaid HSA Mastercard can provide your team the options they want but also allows them to pay for their health needs in a convenient way accepted in 5X more places than traditional group benefits.

Prioritizing Employee Wellbeing to Retain and Attract Talent

Employees won’t simply be won over by the job opportunity that offers the highest salary— top talent are also looking for benefits that meet their personal and professional needs. Per the a recent survey conducted by Limeade, one in 8 workers actually took a pay cut when leaping from one job to the next while one in 4 are paid the same amount. This is a huge indicator that compensation isn’t an absolute requirement for job hoppers. On average, respondents who changed jobs reported a 22% boost in feeling cared for as an individual by their new employer and a 22% improvement in comfort regarding disclosing a mental health condition compared with how they felt at their previous employer.

Salary only goes so far. As an employer , you can truly engage your employees into how they are looked after when it comes to health and wellness benefits. Since HSAs can be used for roughly 155 different CRA-approved categories, there is something for everyone. Layer on top of your HSAs a diverse selection of wellness categories and your employees will feel that you care about their home life as much as you care for their work life.

Recruiting top talent and reducing employee turnover in the new world of hybrid working requires organizations to get creative about the employee experience, and in some cases, reimagine their corporate culture to attract the best talent to meet their long-term business needs. Losing experienced workers and constantly trying to fill open positions can negatively impact your bottom line in various ways

According to the same Limeade report, burnout, well-being and organizational care were hot buttons for employees who left their job in the past year with no guaranteed job to go to. The seven top reasons why employees quit in the first place:

  1. Burnout: 40%
  2. Company going through organizational changes: 34%
  3. Lack of flexibility: 20%,
  4. Instances of discrimination: 20%,
  5. Contributions and ideas not being valued: 20%
  6. Insufficient benefits: 19%
  7. Well-being not supported by the company: 16%

Over one in 4 (26%) of job hoppers sought a better work-life balance. Job changers are generally happy they made the switch to a new role.  More areas the job hopper sought out in a new job included:

  • Ability to work remotely according to personal preference: 40%
  • Better compensation: 37%
  • Better management: 31%
  • Better company reputation: 29%
  • Better work-life balance: 26%
  • Flexible work schedule: ​​24%

The right benefits package empowers all employees to be the best versions of themselves. That’s a win for employers—a healthy, happy workforce is more engaged, productive, and less likely to take sick days. Although it has become a common practice to offer employee wellness benefits, many organizations lack a clear and comprehensive employee wellbeing strategy, often making significant investments that go underutilized and stagnant.

A successful employee health and wellness strategy is multifaceted, spanning across all aspects of home and work wellbeing. Creating a comprehensive cloud-based health platform makes it easier for all employees, regardless of where they work, to access and utilize benefits while also easing the administrative burden for you.

How HSA Easy Pay Ltd helps you attract and retain top talent

By using HSA Easy Pay’s prepaid HSA Mastercard solution, you gain the following advantages:

  • Flexibility          An HSA Easy Pay Ltd. prepaid HSA Mastercard provides your employees the flexibility they need for their health and wellness needs..
  • Freedom           Your employees can spend where they want – any health merchant or practitioner that Mastercard, the most accepted credit card in the world, is accepted – versus insurance companies dictating where they can spend.
  • Efficient            You can onboard and manage all your employees in one simple cloud-based location. Access it from anywhere in the world.
  • Less Fraud       HSA Easy Pay’s prepaid HSA Mastercard solution reduces fraud liability by checking every claim using CRA specifications
  • Saving              HSA Easy Pay saves you significant money compared to other HSA and WSA providers
  • Support            Quick, highly personable and reactive responses to all your queries

Your Health and Wellness Insights

When employees feel appreciated and are actively achieving their personal goals, morale, productivity, and motivation rise. Pair that with the flexibility to change or adjust their wellness goals, a strong social network, engagement and loyalty will get a boost. That’s why a healthy, happy workforce is the foundation of a healthy, successful business. Retain and attract top talent by putting the health and wellbeing of employees first.

Does your employee benefits plan include the flexibility to attract and retain top talent? Not sure? Contact the team at HSA Easy Pay Ltd. for a free consultation. We can also provide a demo of how our “no out of pocket” solution can ease the stresses of your entire team – including you!.

Healthcare is stressful enough. Paying for it shouldn’t be.