Daily News Alerts

BPMME Invesco Dec 1

BPMME BMO Nov 29

BPM Lastest Issue

BPMME Invesco Dec 1

1/3

Consider signing up for our Daily News Alert Email to receive relevant industry news, headlines and articles delivered directly to your inbox.

September 9, 2022

TECHNOLOGY TRANSFORMS LANDSCAPE

Technology has transformed the employment landscape, says Catherine Bierman, product portfolio manager at Medavie Blue Cross. She told its ‘The Value of Versatility’ session that, for example, 20 years ago the impact of the COVID-19 pandemic could have been greater as the average worker had far less ability to work effectively at home for an extended period. This could have created a very different trajectory of how quickly the virus spread and how many people were infected in the year so before vaccines became widely available, so COVID accelerated the pace of technology adoption for work and in healthcare. And now that the genie is out of the bottle, it’s not going back in, she said. The availability of virtual care options for medical care has become increasingly essential to the healthcare system and to modern benefit plans. People know now that it only takes a few clicks of a mouse or few taps on their phone to connect with a doctor, health practitioner, or therapist and it can be at their convenience and from wherever they like. “That’s not something people are going to want to give up whenever the pandemic is, hopefully, soon over.” Employers need to focus on shifts that were taking place before COVID, said Derek Weir, manager, optional benefits, at Medavie Blue Cross. With five generations working side-by-side in the workplace, healthcare needs are varied. For example, spending is dominated by drugs for older workers. For younger workers dollars are going for mental health and massage. Plans are spending as much on massage for young workers as they do on cancer drugs for 60-year-olds. And employees are looking for more choice on how benefits dollars are spent. Since health benefits make up a “significant chunk” of the total rewards package, they are clearly an attraction and retention tool which can make or break deals. Employers should really consider enhancing their value proposition through their benefits plans to set them apart from the competition when they are trying to attract new talent.

September 9, 2022

TECHNOLOGY TRANSFORMS LANDSCAPE

Technology has transformed the employment landscape, says Catherine Bierman, product portfolio manager at Medavie Blue Cross. She told its ‘The Value of Versatility’ session that, for example, 20 years ago the impact of the COVID-19 pandemic could have been greater as the average worker had far less ability to work effectively at home for an extended period. This could have created a very different trajectory of how quickly the virus spread and how many people were infected in the year so before vaccines became widely available, so COVID accelerated the pace of technology adoption for work and in healthcare. And now that the genie is out of the bottle, it’s not going back in, she said. The availability of virtual care options for medical care has become increasingly essential to the healthcare system and to modern benefit plans. People know now that it only takes a few clicks of a mouse or few taps on their phone to connect with a doctor, health practitioner, or therapist and it can be at their convenience and from wherever they like. “That’s not something people are going to want to give up whenever the pandemic is, hopefully, soon over.” Employers need to focus on shifts that were taking place before COVID, said Derek Weir, manager, optional benefits, at Medavie Blue Cross. With five generations working side-by-side in the workplace, healthcare needs are varied. For example, spending is dominated by drugs for older workers. For younger workers dollars are going for mental health and massage. Plans are spending as much on massage for young workers as they do on cancer drugs for 60-year-olds. And employees are looking for more choice on how benefits dollars are spent. Since health benefits make up a “significant chunk” of the total rewards package, they are clearly an attraction and retention tool which can make or break deals. Employers should really consider enhancing their value proposition through their benefits plans to set them apart from the competition when they are trying to attract new talent.