A survey by Alight Solutions developed with Business Group on Health and Kantar predicts the pandemic will have a significant impact across the five dimensions of wellbeing – physical, mental/emotional, financial, social, and career – and many wellbeing trends will accelerate.
The Employee Wellbeing Mindset Study finds that nearly half (44%) of employees feel optimistic about their wellbeing, up from 38% in 2019. Moreover, employees are placing a higher premium on employer programs that impact their personal and professional lives.
A partnership between LEVERAGE, an affiliate of the League of Southeastern Credit Unions (LSCU), and Salus Group, an experienced benefits consulting CUSO among credit unions, offers a turnkey solution that provides comprehensive and competitive employee benefits and services at affordable prices. LEVERAGE Benefits Group provides expert consulting, industry insight, credit union specific programs and robust technology that will not only reduce the costs and the complexity of healthcare but also the time of daily administration.
Self-insurance and collaboration can be keys to cutting costs during this time, effectively taking care of credit union employees with robust health benefits while also lowering the bottom line. LEVERAGE Benefits Group has extensive knowledge and expertise in this area and can determine if this may be a good fit for each individual credit union.
According to an article in Credit Union Journal Online, “Credit union leaders have gotten pretty comfortable with letting their employee medical plan cost consistently go up 5% to 10% a year.
The article goes on to say, “What many high performing credit union leaders do in these times is evaluate and reduce the top expenses within the credit union. One of the largest expenses in every credit union is employee benefits, specifically the group health plan. The cost of employer-sponsored health benefits has risen by approximately 54% in the last 10 years.” Some of LEVERAGE Benefits Group’s programs have proven to take that trend down substantially.
LEVERAGE Benefits Group is ready to assist your credit unions with cost savings that take on a significant portion of the administrative/compliance burden, particularly with the added pressure of the pandemic. Learn more here.