The business need or opportunity
In June 2013, the University of Missouri (UM) formed a task force charged with reviewing UM’s total rewards offerings for faculty, staff and retirees. The impetus for creating the task force was that UM faces major financial challenges that affect its ability to meet employee and retiree needs and expectations around pay and benefits.
As part of its report, the task force recommended that UM explore new concepts in how medical plan options and wellness programs are designed in order to reward healthy behaviors. This recommendation stemmed from research indicating that one very effective way to manage and reduce benefits costs for both employees and employers is to encourage employee wellness. Given that over half of UM employees responding to a recent wellness survey reported themselves as “somewhat unhealthy,” the task force felt there was a significant opportunity for improvement in that area.More