By VJ Bala, senior vice president and head of marketing, hCentive
When going up against larger competitors for a limited pool of highly qualified employees, small to midsized companies often find themselves at a disadvantage, particularly when it comes to benefits. Big businesses typically have access to a wider range of benefits and can offer better choices. And, larger companies usually have a deeper bench of in-house experts to handle their benefits strategy.
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The playing field has been tilted in favor of larger companies for decades, but the disadvantage for smaller companies is even more acute in an era where the healthcare landscape is changing rapidly. Today, payment models are more complex, and technology plays a significant role in gaining access to coverage.
To find out how smaller companies are dealing with these challenges, hCentive conducted a pulse survey to explore what small to midsized companies need and what factors they consider when administering benefits. The survey focused on employer groups in the Mid-Atlantic and Northeast across a range of industries and roles.
Here are seven insights hCentive gathered from survey participants, which included people from HR/benefits, finance and legal as well as executive officers.