since 8 out of 10 CFOs are involved in health care decisions, according to the IBI’s 2011 CFO survey brief, it’s key to know their point of view. (this post is based on the brief. not being a member, i don’t have access to the full report.)
IBI found that 30% of their CFO respondents rated health as a very important contributor to workforce productivity. investing in health still lags behind more traditional productivity investments, such as retention campaigns, skills training and proper staffing levels. (it’d be interesting to analyze the data to see whether there’s any correlation between those CFOs who are involved in health care decisions and those who are more likely to rate health as a very important contributor.)
because this survey’s meant to equip benefits pros with useful data, IBI asked CFOs to share what information’s critical to their decision-making about health investments. their company’s claims data is the most critical, followed by the cost of providing medical and other benefits. benefits pros will be heartened to hear that CFOs recognize the value of their recommendations as well as employees’. they look to employee survey results and pilots to guide their thinking.
IBI also sought to identify health and productivity leaders. they determined only three in 10 respondents qualified as an H+P leader, leaders who were identified as being keenly committed to the importance of workforce health through their responses to three questions. in the brief, IBI commented:
“H+P Leaders were more than twice as likely as other CFOs to believe that improving employee health is very important to workforce productivity. These H+P Leaders also were almost twice as likely to see the significant impact of poor health on financial performance than other CFOs, and were more than twice as likely to consider internal company information very credible.”
all of this is important, as it means H+P leaders are more likely to make sustained investments in employee health and to personally support a healthy workplace. however, there’s an important missing ingredient: does a company with an H+P leader see stronger company performance than one without?
that’s CFO-attention-grabbing information.
read the brief.