Outcome Health, a Chicago-based health information provider, has rolled out a new customized benefits package for its employees.
The “Care@ Outcome Health” package includes benefits from seven key pillars — health, time away, finance, family, convenience, learning and growth and community — as dictated by the firm’s employees in a survey.
Outcome Health’s 600 employees can pick and choose which benefits work for them and customize their package without any limits, explains Madan Nagaldinne, Outcome Health’s chief people officer.
“These benefits are not tradeable for cash,” he says. “They’re designed for creating an impact in your life.”
The benefits range from standard but generous employer benefits like 401(k) packages and a match of 50% for the first 6% of employee contributions, 100% paid parental leave up to 16 weeks, and health dental and vision to innovative options such as $10,000 of fertility treatment financing, one week of marriage leave and survivor benefits for employee dependents.
“When you customize a benefits package like this, it’s going to increase the cost for the employer,” says Nagaldinne.
However, he says employers are likely to see increased gains for their brand and attraction rates as well as retention and engagement among employees.
When it came to creating a customized package for employees, Nagaldinne says having a good broker who can get quotes and bring on vendors made the difference for Outcome Health’s C-suite to sign off on it.
“The combination of being mission-led and data-led and having a great broker resonated with the C-suite,” he says.
Outcome Health’s benefits package will be effective immediately.
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