LCPA 24/046.
Costs continue to climb for employers
Whether it means providing traditional employee health and benefits programs, or an evolved plan that includes well-being initiatives, flexibility, and choice to attract, retain, and engage their talent.
No matter the program type, there is an increased focus on cost containment and simplification. In fact, risk managers across Australia and New Zealand rated two of their top 5 risks as governance and financial risks, as noted in the 2023 People Risk Report: Pulse Check.
Errors or poor decisions around design, financing, administration, and vendor management can have substantial implications for the business. Claims frequency and cost are rising, while employers have little visibility around what’s driving this cost, and have other fiduciary or compliance obligations to meet.
MMB can help you
Companies are increasingly looking to centralise decisions to improve visibility, reduce risk, and ensure agility in their local execution of their global benefits strategy that is aligned to their mission and values.
Mercer Marsh Benefits can work with you to:
- Review all policies and guidelines and map responsibilities for benefits decision making to key roles.
- Examine provider, employee, and leadership behaviours that may be driving benefit cost increases.
Though these actions to simplify HR administration, you will be able improve visibility, reduce risk, and ensure agility in your employee health and benefits program.
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