Ever-Rising Benefits Costs Are Tough to Manage

Credit unions compete to recruit and retain quality employees by offering a wide range of benefits. But could that competitive edge be in jeopardy because of rapidly rising costs?

Because of higher benefit expenses, 31% of credit unions added or increased employee cost sharing in 2012. This year, 43% of credits unions expect to add or increase employee cost sharing. In addition, 24% of credit unions are expected to enhance or add workplace wellness programs, which are up from 22% last year.  Credit unions are also trying to hold down costs by improving employee communications to educate staff about their health care options and ways to cut costs and monitoring health care data for cost utilization patterns.<<<MORE>>>Ever-Rising Benefits Costs Are Tough to Manage: