As the economy continues to show strength and with unemployment at its lowest point in years, finding and retaining quality employees is becoming more challenging. As a result, employers are expanding benefits, including wellness programs, to help their employees thrive and want to show up for work every day. To better understand the wellness strategy companies are implementing this year, Wellable surveyed 105 health insurance brokers and published the findings in the 2018 Wellness Industry Trends Report. As trusted advisors to employers, the survey respondents reflect the opinions of thousands of companies and millions of employees. Employers and brokers can use the report to make better benefits decisions to ensure they are creating competitive wellness plans to address the needs of current and prospective employees.
One of the areas researched in the report was vendor evaluation. The survey explored the main criteria employers use when evaluating wellness vendors by asking “What are your top criteria when evaluating wellness vendors (choose top 3)?” The responses to the question are found in the chart below. Based on the survey results, two things are clear: (i) pricing is and remains the top criteria and (ii) customer testimonials and domain expertise don’t really matter that much. Twenty-five percent of brokers felt pricing was a top three criteria when evaluating vendors, but very few felt customer testimonials and domain expertise were a top three consideration. The remaining criteria, which include customer service, flexibility, technology, and reporting, were effectively equally considered.
Employer size did change the importance of these criteria. Smaller employers are the most price sensitive, which explains why these employers consider costs significantly more than medium and large employers, who value flexibility/customizability and technology more. Customer service seems to be equally important to employers regardless of their size.
In addition to vendor evaluation criteria, the report also explored investment trends (where employers are investing their wellness budgets) as well as decision influencers (what factors employers consider the most when making benefit decisions). Check out the 40-page report learn more about the future of employee wellness!