San Francisco, CA – February 10, 2016 – Contrary to commonly-held beliefs, chief financial officers’ focus goes far beyond controlling costs when it comes to health benefits, according to a survey of chief financial officers conducted by the Integrated Benefits Institute (IBI), a national, nonprofit research and educational organization supported by more than 1,150 member companies representing over 20 million workers.
Nearly half (44%) of CFO respondents identified controlling costs as the most important of their company’s top five goals for health and related benefits. However, almost as many (36%) identified attracting, retaining, satisfying talent (15%); helping employees become better consumers of healthcare (10%); helping enrollees become healthier (9%); and improving workforce productivity (2%) among their company’s most important benefits goals.
The study results also reveal how companies’ health benefits have evolved since the ACA, and how these changes connect to larger business goals. For instance, while shifting healthcare costs to employees is on the rise generally, the strategy is less likely among companies that place more importance on attracting, retaining and satisfying talent, and improving productivity. Companies that place more importance on enrollee health are more likely to increase their use of wellness programs and incentives since the passage of the ACA.
“These results demonstrate that to CFOs today, health management strategies extend well beyond controlling medical costs,” said IBI President Dr. Thomas Parry. “These findings go against the popular notion that CFOs demand a hard ROI from health promotion programs, and that companies are scrambling for the cheapest options. If we want to understand where companies are going with health benefits, we need to think of them within the context of business strategies beyond cutting costs,” Dr. Parry concluded.
The results of IBI’s most recent CFO Survey, its fourth, will be delivered during the 2016 IBI Annual Forum, February 15-17, at the West St. Francis in San Francisco. The report—Finding the Value in Health—is available here or by contacting Robin Schoen at firstname.lastname@example.org or 215.504.2122.
About the Survey
The new CFO survey was conducted by IBI in partnership with CFO Research Services (the research arm of CFO Publishing LLC) during the Spring of 2015. A total of 345 chief financial officers, controllers, directors, VPs of finance, treasurers and other senior finance executives at companies with annual revenues of at least $100M responded to the survey; 40% of respondents are at Fortune 1000 companies with annual revenues of more than $2 billion.
About the Integrated Benefits Institute
The Integrated Benefits Institute (IBI) is a national, nonprofit research and educational organization committed to helping business leaders and policymakers understand the business value of workforce health and recognize the competitive advantages of helping employees get and stay healthy. Founded in 1995, IBI is supported by more than 1,150 member companies representing over 20 million workers.
Robin Schoen Public Relations