It’s 2020—the perfect year for perfect vision. Over 61 million adults have a high risk for serious vision loss, but the majority of US employers don’t include vision in their benefits package.1 Vision benefits may seem like just a “would-like-to-have” spend, but the benefit can have a big impact on attracting talent, retaining employees, and reducing healthcare costs and productivity loss, if leveraged correctly.
Attract Top Talent
Benefits are a crucial part of hiring packages. Harvard Review reports that benefits and perks are a major deciding factor for 60% of job candidates.2 In a study, they asked 2,000 US workers to weigh the value of 17 benefits—ranging from medical/dental/vision to vacation or flextime—when choosing between a higher-paying job without these perks and a lower-paying one with these perks. Leading at the top of the list of deciding factors was better health, dental, and vision insurance, with 88% of respondents saying the perk would be given either some or heavy consideration when choosing between the two jobs.
Retain Who You Have
Benefits also serve as an important retainment tool. SHRM’s 2018 survey revealed that 56% of US adults with employer-sponsored health benefits said the health benefits package is a key factor in determining if they stay at their current job or look elsewhere.3 It might even beat raises: Harvard Review reports that 80% of people said they would choose additional benefits over a raise.2
Pay Now, Save Later
But what about the cost? Vision benefits aren’t only good for human capital management, they can also positively impact your bottom line. Did you know that there’s a productivity cost to poor eyesight? A study by the American Academy of Ophthalmology estimated that the global potential productivity loss associated with myopia, or nearsightedness, is at $244 billion.4 If your employees suffer from poor vision, some of that loss could be yours.
A Window Into Overall Health
Vision benefits can also help employers save down-the-line by helping employees identify serious health concerns early on. An annual eye exam doesn’t just check for eye diseases, it’s also one of the easiest and most non-invasive ways to identify early warning signs of diabetes, hypertension, high cholesterol, thyroid disease, stroke, tumors, and aneurysms.5 As Employee Benefits News notes, early detection is beneficial for both the employee and the employer as delayed medical treatment can lead to both a financial and an efficiency loss due to increased absenteeism, reduced productivity while on the clock, and the need for costlier treatments.1
Sources:
Cheryl Larson. “‘Eye’ spy a savings opportunity for health and vision benefits.” Employee Benefit News, September 20, 2019. (https://www.benefitnews.com/opinion/vision-loss-resulting-in-billions-in-lost-productivity) Last accessed 2/17/2020
Kerry Jones. “The Most Desirable Employee Benefits.” Harvard Business Review, February 15, 2017. (https://hbr.org/2017/02/the-most-desirable-employee-benefits) Last accessed 2/17/2020
Stephen Miller, CEBS. “Employees Are More Likely to Stay If They Like Their Health Plan.” SHRM, February 14, 2018. (https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/health-benefits-foster-retention.aspx) Last accessed 2/17/2020
David S. Karlin. “Vision benefits: 3 reasons brokers should recommend them.” Benefits Pro, May 14, 2019. (https://www.benefitspro.com/2019/05/14/vision-benefits-3-reasons-brokers-should-recommend-them/) Last accessed 2/17/2020
Reena Mukamal. “Your Eyes Could Be the Windows to Your Health.” American Academy of Ophthalmology, December 03, 2014. (https://www.aao.org/eye-health/tips-prevention/diagnosing-systemic-diseases-eye-exams) Last accessed 2/17/2020