Inova Payroll Blog

Three Ways to Control the Rising Cost of Benefits

Posted by EverythingBenefits on Apr 2, 2021

Offering employees comprehensive benefits while also managing the related costs remains an ongoing challenge for employers. According to PWC research, in the last five years, benefits costs have increased an average of 5.5 to 7 percent each year. This year will be no different, with benefits costs estimated to rise by 5.3 percent, according to the Business Group on Health (BGH). And, there is a chance the increase may be even greater as employees increase their use of mental health and specialty services, seek COVID-19 vaccination, and resume elective and preventative procedures they put off in 2020.

Though the need to manage rising benefits costs will not go away, there are actions you can take to offer employees a range of cost-effective and competitive benefits options. Here are three ways you can control benefits costs while still meeting the needs of your employees:

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Topics: Benefits

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