Benefitfocus Provides Strategies for Employee Wellbeing to HR and Benefits Leaders
Ebook discusses long-term planning for supporting employee wellbeing while the full impact of COVID-19 becomes clear
CHARLESTON, S.C., Aug. 24, 2021 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers, has issued an ebook detailing the key elements of a benefits administration strategy as the repercussions of COVID-19 pandemic continue.
The ebook, "COVID-19: Next Steps for HR and Benefits Leaders," covers four primary steps employers can take to diminish the long-term impact of COVID-19 and leverage effective updates instituted in response to the pandemic. It is based on insight gathered from Benefitfocus' interaction with its employer and health plan clients, much of which the company detailed in the State of Employee Benefits report released earlier this year.
"The effects of the pandemic are far from over and it seems certain that many aspects of health care and benefits will never be the same," said Matt Levin, president and CEO of Benefitfocus. "A key priority for employers today is to help their employees achieve the desired level of wellbeing. We are excited to provide valuable insight into the long-term strategies for employers and help them apply lessons learned to get the most value from their benefits."
Since HR and benefit leaders can expect to be dealing with the impact of COVID-19 for some time, they must replace the short-term emergency decision making that was essential during 2020 with longer-term strategic planning. The four steps outlined in the paper to do this are:
- Prioritize flexible and diverse benefits
- Promote mental and financial health
- Double down on benefits education, and
- Identify and mitigate cost drivers.
Within these steps, Benefitfocus notes two core themes that will support the forward movement needed to minimize the long-term effects of COVID-19 and capitalize on positive changes instituted in response to the pandemic:
- Data-driven insights: Employers should shift their mindset from conducting a once-a-year data analysis of what employees are enrolling in, to gaining real-time data insight into how employees are using their benefits along with people-oriented information from multiple channels for effective plan design decisions.
- The rise in (and need for) health care consumerism: Employers have a greater opportunity to improve health outcomes and drive down costs through year-round engagement as employees are increasingly focused on their health and financial wellbeing as a result of the pandemic.
Benefitfocus Resource Center
This ebook is the latest offering from Benefitfocus' Resource Center, which offers useful information and guidance to everyone across the benefits ecosystem for driving industry change.
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About Benefitfocus
Benefitfocus (NASDAQ: BNFT) unifies the entire benefits industry through innovative technology solutions that bring efficiency, cost savings and simplicity to employee benefits administration. Our powerful cloud-based software, data-driven insights and thoughtfully designed services help employers, insurance brokers, health plans and suppliers address the complexity of benefits enrollment and engagement, while bringing easier access to health, wealth and lifestyle products through a world-class benefits experience. Our mission is simple: to improve lives with benefits. Learn more at www.benefitfocus.com, LinkedIn and Twitter.
DISCLAIMER REGARDING FORWARD LOOKING STATEMENTS
Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Important factors that could cause actual results to differ materially include: our ability to maintain our culture and recruit, integrate and retain qualified personnel, including on our board of directors; our ability to compete effectively; the need to innovate and provide useful products and services; risks related to changing healthcare and other applicable regulations; the immature and volatile nature of the market for our products and services; privacy; security and other risks associated with our business; management of growth; volatility and uncertainty in the global economy and financial markets in light of the evolving COVID-19 pandemic and uncertainties arising from the recent U.S. elections; and the other risk factors set forth from time to time in our SEC filings, copies of which are available free of charge within the Investor Relations section of the Benefitfocus website at http://investor.benefitfocus.com/sec-filings or upon request from our Investor Relations Department. Benefitfocus assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
SOURCE Benefitfocus, Inc.
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