As the leader of a staffing company, you’re always looking for ways to attract a more skilled and loyal workforce. Here’s one that few managers know about to the detriment of their companies and their teams: the Population Health Incentive Plan (PHIP).
Basically, PHIPs incentivize your employees to take charge of their health with extra pay for performing positive health activities (such as counseling with a dedicated company doctor, filling their prescriptions, engaging in preventative care, etc.). The goal of the program is to improve health outcomes by eliminating cost as a barrier to care: Primary care doctor and nurse team, prescriptions and wellness training are all unlimited usage with zero co-pays. There is no reason to not engage and improve one’s health.
In addition, you will improve performance on your underlying health plan as claims are shifted away and to the PHIP. There’s also embedded programs to contain worker’s comp claims and mitigate employee misconduct issues. And leaving the best for last, there’s approximately $1000 per employee in FICA savings or your company!
With these great benefits and cost savings, how can this make your staffing company really stand out? Easy. Here are five incentives that matter to your employees:
Extra cash for staying healthy. Imagine your employees earning extra money for looking after themselves. It’s like a bonus for staying fit and well.
Like a caring family. Make your workplace feel like a warm, friendly family. Show you care about your team’s well-being, and everyone feels right at home.
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Stand out as a great place to work. Be the company everyone wants to join. When you offer PHIPs, you’re saying, “We’re not just any workplace — we’re a tight-knit group that looks out for each other.”
Supporting their whole crew. Many of the PHIP benefits extend to your employees’ families too. Help them keep their loved ones happy and healthy by supporting their well-being.
Savings for everyone. When your team stays healthier, it’s a win-win. They enjoy life more, and you save on healthcare costs. More money in everyone’s pockets!
In summary, PHIPs help your employees earn more, create a friendly and supportive atmosphere, attract top talent, take care of their families and save money. If your firm doesn’t already offer a PHIP, I encourage you to learn more about how these plans can make your firm stand out and help you retain your staff.