Latest / Beyond the Paycheck / The Benefit Nobody Expected: GoHealth's Eric Waggoner on Financial Well-Being, Pay Equity, and Why Custom Insoles Outperformed Every Prediction
Transcript
- Kelsey Willock (00:02) Welcome Eric Waggoner, Director of Total Rewards at GoHealth Urgent Care. We are beyond excited to have you this Tuesday morning. And so to kick us off, I'd love for you to introduce yourself to our audience, sharing a little bit about your career and background, where you're calling in from and your current role today. Eric Waggoner (00:03) Okay. Yeah, thanks Kelsey. As you said, I am Eric Waggoner. I'm the director of Total Rewards at GoHealth Urgent Care. I've been in the total reward space for 12 to 14 years now across various health care platforms really stayed within that industry during that time. I'm calling today from Marysville, It's a small town just northwest of Columbus and it's. unusually cold and we had some unexpected snow last night. So here we are in mid-March with cleaning off cars still. Kelsey Willock (00:57) Midwest loves a spring snowstorm. What got you into HR? Eric Waggoner (01:01) yeah. ⁓ I had a very unusual path. Actually, I ⁓ started off my career in sales as a regional sales director ⁓ and had some opportunity to redesign commission based programs within my market. ⁓ And that was kind of my first foray into human resources. ⁓ And then I spent time in other sales and finance type roles where compensation and ⁓ redesign just kept coming up. And I just naturally gravitated that way and turned it into a career in human resources. Kelsey Willock (01:45) So interesting because I imagine that it's not something you foresaw happening, but you probably really enjoyed that project that ultimately became your career today. Tell me a little bit about GoHealth. How many folks are at the organization? A little bit about the population that you serve. Eric Waggoner (01:57) Yeah, absolutely. Yeah, so GoHealth is a joint venture company. We partner with health systems across 17 states where we operate our, urgent care and we help deliver and expand those services and those markets, opening new locations, taking over existing clinics. We currently have just over 6,500 team members across those markets. ⁓ So it's definitely unique in the fact that we're an organization that has multiple joint ventures to serve, provide healthcare to people on a daily basis. Kelsey Willock (02:48) No, thanks so much for sharing that with me. I have so many more follow-up questions, but before I get to, you know, digging deeper into all the great things that you're doing, I want to learn a little bit more about you personally. So if you'll indulge me, I'd love to hear, what was your earliest memory of money? Eric Waggoner (03:05) ⁓ My earliest memory is honestly just I was outside picking up sticks with my grandfather and I came in and he handed me like two dollars which when you're a little kid You know two dollars you think is huge money ⁓ And that's that's my earliest memory and he did that ⁓ Up up until he passed away when I was around 15, so Kelsey Willock (03:33) It's such a beautiful story of, you I think so many of our earliest money memories are positive in a sense, and they have to do with someone that's important to us and our families that pass down some type of value. And I'm not talking about the exchange of value, but values in terms of money. So how cool is that? What was your first job? Eric Waggoner (03:57) My first job was bailing hay ⁓ and making just like 20 cents a bail, walking through fields all summer long, ⁓ getting out of some lifting practices for sports by doing it. ⁓ And that was my first like unofficial type job. My first official job, I actually moved furniture ⁓ through high school and college. Kelsey Willock (04:26) Do you remember what you spent your first paycheck on? Eric Waggoner (04:30) I don't but it was probably food related. If I'm guessing. Kelsey Willock (04:35) I think that that is the most common answer that I get because that is what motivates children, food. How do you think, you know, the beginning of your money story shaped how you think about security, freedom, or even responsibility? Eric Waggoner (04:41) yeah. I think it has a great impact and shape, whether you grew up with or around money or not, and how you just generally think about it. And it definitely still has an impact today, just the background that I grew up in and seeing the work ethic that the people around me had and what they use their funds on. I'm not that different today than watching them. Kelsey Willock (05:24) Right? And even kind of further, how do you think this experience and your story has influenced how you show up for your people and think about pay and benefits? Eric Waggoner (05:36) Yeah, I mean, I think ⁓ what's your personal experience is definitely shape how you think about pay and benefits and the impact that it's having on team members individually and personally. I think it allows you to empathize in those conversations. ⁓ You know, when you're talking to a single parent or a part time employee or. ⁓ an individual that's still working after they've retired from their first career just to get out of the house for a few days. I think it helps you think about those lenses as you're trying to set up organizational practices and policies and the impacts that it's going to have both on the team member and just on your organization as well as your own family. Kelsey Willock (06:25) Right, you you are also a benefactor of the decisions that you make and it's kind of this wonderful experiment of would this feel good for me, would this feel good for my family, what would my grandfather think? Eric Waggoner (06:30) Thank Yeah, exactly. So and I have three young children. So, you know, even thinking, you how's this going to impact them down the road as well? Kelsey Willock (06:47) of course, and as they enter a very, you know, ever-changing workforce. I think this is a really great segment into, you know, how do you think about today's challenges? We're obviously in a really interesting time for total rewards and benefits. know, cost of healthcare is high. ⁓ AIs is really the big hot topic that everyone's talking about, how it's going to transform, how we show up for work. Eric Waggoner (06:52) you Kelsey Willock (07:14) There are so many interesting new tools and resources that we can offer folks. Where do you think in this world compensation and benefits are breaking down most often today? Eric Waggoner (07:26) Yeah, it's a great topic and one I do face every day. And those conversations around, you know, how the workforce is just changing, you know, compensation of benefits in a lot of organizations are still very manual processes done a lot of times in Excel, you know, file feeds, if you're in the benefit space, things like that. And really, AI is just a way ⁓ to improve the service that we're able to provide an organization, the speed at which we're able to reach people, to educate people. And when you embrace how it supplants the current team that you have, not replace, but supplements them, ⁓ I think you can do some really great things with those tools and resources just to create a better overall organizational experience. Kelsey Willock (08:22) Do you favor build versus buy? Eric Waggoner (08:29) try this. I'm to think. I don't know, I'm pretty close to 50-50 sometimes. Depends on the day. Kelsey Willock (08:42) Yeah. And are there any interesting tools or resources that the company has either built or found from external vendors that you found helpful start to automate these really manual processes, specifically the tasks that are stuck within Excel? Eric Waggoner (09:02) Yeah, currently ⁓ one compensation tool that ⁓ I love to use is the Better Comp platform. It has a lot of great AI integration on its side that really help you move quicker through a lot of your annual analysis and building and adjustments and structures. It's very intuitive ⁓ and it really creates a lot of efficiencies for my team. And then on The benefits side, we partner with an AI team to ⁓ essentially answer all the questions we taught at our benefits programs, open enrollment, ⁓ and it handles a lot of those very surface level ⁓ questions. And even with some more complicated ones to an extent, but it was a way to allow the team to not be stuck in those entry level questions. especially during open enrollment, which is always very busy in the benefits space. ⁓ And, you know, really focus more on making sure we're able to deliver on the information that we're getting provided ⁓ and just improve, ⁓ you know, the data and ⁓ service levels that we were that we previously weren't able to do. Kelsey Willock (10:25) And how are you finding adoption of those new tools and resources? Eric Waggoner (10:30) Um, I would say, uh, a majority it's great. Um, as long as you take the time to really explain and show the value of those tools and resources and help people understand how, um, you know, if it's your team that's using how it's going to help them, um, be able to provide a better experience and then, you know, organizationally also just explaining, Hey, this is, this is the impact it's going to make on you. So, you know, Kelsey Willock (10:39) Mm. Eric Waggoner (10:59) As a leader, got to take time to explain it to both audiences and to ensure it's embraced a little more effectively and quicker. Kelsey Willock (11:09) Yeah, I think that the education of new tools is so key because it might exist, but if people don't know what it is or how to use it, then it loses its value in a significant way. You're kind of hinting at, know, understanding total rewards and the value of such, know, talk me through how you think about that. I'm hearing in a lot of our conversations as of late that there is this major breakdown in understanding total rewards and the value associated with them. Sometimes, you know, employees simply look at the paycheck that they receive and think that that's all the company pays for on their behalf. Is that going on the company? And are you finding the tools that you're describing as a way to and combat that. Eric Waggoner (11:56) Yeah, I would say you're right on ⁓ with how people tend to think. Because I mean, the bi-weekly, weekly, whatever the case is, paycheck is what they see the most. You know, it's the thing that impacts them the most regularly. ⁓ So I tend to think, yeah, that's just a natural way of thinking about it because of, you know, the constant communication of that regular paycheck hitting the bank account. ⁓ But I think it's important to ⁓ and with a lot of organizations show the other value of like show the value of benefits, you know, provide, you know, total rewards communication, like, this is, know, your benefits. Yes, you pay some, but this is how much the company invested and you'll provide them that information, at least on an annual, annual basis, but also with your total rewards programs. And when you're building them out, you got to make sure you're focusing on the whole part of the people, not just you know, their physical health and then their, you know, pay, you know, how can you help make sure there are things to help with emotional health? How do we make sure there's things with overall well-being, how to make sure there's financial well-being built into those programs to really focus on the full person, you know, from the beginning of their career all the way up into retirement and retirement planning. So ⁓ I just think as you build those programs, you got to really take in the whole ⁓ career journey that someone might go through as you're building those programs up. Kelsey Willock (13:30) You're totally right. How do you think about this holistic approach to how to support someone in and out of work? ⁓ How important is financial well-being? You touched on well-being. I'm noticing interest in that space. How important is it to your organization and why? Eric Waggoner (13:51) I mean, I think it's very important ⁓ because if people don't feel financially stable, ⁓ they're not going to stay in an organization for very long. You're going to go to the next organization. And obviously in health care, don't want turnover. We're facing enough headwinds over the past several years with burnout and things like that. And just a shortage of people entering the career fields that are related to health care. We really want people that can stay in their communities, build relationships, and have that stable feeling when it comes to their financial well-being. But also helping people, again, understand that financial well-being isn't just focused on your paycheck. We want to focus on 401k, which I think for the younger pieces of the workforce with so many generations. that we can do a better job of educating and helping them understand the benefits of that traditional retirement plan and then, you know, other things that are out there like Roth IRAs, independent investments. ⁓ You know, just each generation kind of has their own definitions of what makes them feel financially ⁓ stable and well. So just kind of meeting them where they are on those different platforms, I think is really important. Kelsey Willock (15:17) You're totally right. I it's funny. think about my parents' generation, this goal of, you know, home ownership was super clear. And next generations are thinking, you know, maybe I can't buy a home, but there's still ways in which to accrue wealth or maybe I can't buy home now. And how do I think about getting there? So personalization of these tools makes them so much more valuable and more likely for people to engage with them because if they don't feel seen and heard, they're going to log off. Eric Waggoner (15:51) Yeah, exactly. Kelsey Willock (15:53) What's a change, a benefit, a vendor that you've introduced at the company that you've seen go from really just, you know, attracting talent to transforming the lives of your employees? Eric Waggoner (16:08) ⁓ I think, ⁓ one that we did, ⁓ you know, with being in healthcare, being on your feet all day. I mean, they're walking, they're walking around. have a lot of muscular skeletal things involved with that that you just don't even think about over time. ⁓ and we were able to partner with a vendor, that provides 3d custom insoles, ⁓ that are a really affordable price and able to, you know, incorporate it. Kelsey Willock (16:32) Yeah. Eric Waggoner (16:36) that indoor benefits program as well. And the enrollment of that was way more than was ever expected. Kelsey Willock (16:51) Tell me more a little bit about that. I think that that's something that folks can so easily take away, especially for similar workforces where people aren't just sitting at their desks all day. Eric Waggoner (17:01) Yeah, I mean, with the custom insoles, you know, it takes a lot of pressure off your feet, you know, shoes break down. ⁓ And just having that comfort, you know, people aren't thinking about like, my feet are hurting and, know, alarm, the negative thoughts that can creep in on your day that have nothing to do with your what you're actually doing, ⁓ you know, and helping people. But, ⁓ you know, it definitely it definitely helps. ⁓ just take some of that little negativity off and it provides a great impact to them. then also ends up helping with, ⁓ since they're custom, they shape to how your foot falls in your shoes, which over time can lead to ankle, knee, hip, ⁓ and other just physical issues that you might end up down the road having to go into some kind of physical therapy for. Not that it's going to prevent that, but... It definitely helps just, you know, it's very surprising just how getting something to that fits your foot correctly and bends and flexes as you walk can alleviate just some of the way you think throughout your day. Kelsey Willock (18:16) I love that. And it's such a unique benefit offering that people don't necessarily think is a part of your standard offering. And going outside the standard can oftentimes be the space that makes the most impact. What is the measurable impact the organization is looking for when introducing a benefit like that? Is it employee satisfaction? Is it retention? Is it reduction in MSK costs? Eric Waggoner (18:42) Yeah, I think. ⁓ It can be it can be a lot of things that I sort of just one when you're doing seeing a benefit. Obviously. ⁓ You're wanting to reduce some costs around future musculoskeletal problems in terms of benefits, but also when you introduce a benefit, you want to understand the cultural impact that's having our people participating. Is it benefiting them? Where else that benefit might be able to? help someone out or help their family out. And it's not always going to be, ⁓ you know, quantitative measurable. ⁓ But if you, you know, have good communication with leaders and team members and they're able to collect, you know, timely feedback when introducing, you know, establishing some check-ins on a new benefit, you can kind of begin to see those other things that you necessarily didn't expect when you're originally, you know, trying to figure out a new benefit offering by looking at data and ways to make an impact. Kelsey Willock (19:48) Yeah, I think that we also often get hung up on the quantitative and we forget how valuable the qualitative is. And there can be quantitative that comes out of that, but you know, just it sounds like, you know, people reacting positively saying that they're feeling more comfortable throughout the day has been a real way that your organization sees success. Pay equity. Eric Waggoner (20:08) Yeah, absolutely. Kelsey Willock (20:12) That's another kind of major buzz topic going on right now. How do you think about it? And what kind of guardrails are you putting in place to ensure we keep up with the regulatory changes that are making it such a hot topic? Eric Waggoner (20:28) Yeah, I mean, the regulatory changes are ⁓ coming quick, very quickly. mean, eventually it'd be in all, all states. mean, it's just the way it's going. ⁓ you know, now it's in, I think 23 states officially, and then, you know, several municipalities have their own on top of that. but I think in terms of just pay equity in general, you know, you want individuals to have similar experience, similar rules. to be making relatively the same amount of money, ⁓ regardless of any other demographics. That's really what you're focusing on is the job, the experience, and making sure that the pay is relatively the same ⁓ as it should be. And now we do huge analysis like everyone else with demographic cuts and things like that. just as a guardrail to make sure that a process or something has caused inequity amongst a group of individuals, ⁓ whether it's a physical demographic or it's a tenure type demographic, you just wanna review those at least on an annual basis ⁓ to ensure that in some states you have to report your findings. ⁓ as you do those analysis as well. Kelsey Willock (21:58) What benefits trends do you think are going to shape the employee experience most over the next year? Eric Waggoner (22:05) over the next year, ⁓ I think, ⁓ what, what individuals and companies can do around RX and RX prices. ⁓ you know, that's a cost most people don't account for, ⁓ when they're building budget plans and things like that. It's just, you just don't think of it. then in the moment, ⁓ but just like, ⁓ a lot of things in today's world, RX prices. are going up. ⁓ So I think that's going to be whatever you can do in that space to deliver some value back to your people and to your organization is going to be key and super impactful in a more immediate way. Kelsey Willock (22:52) It just goes back to as mentioning, health care is just such a major topic right now given the cost of it. And the cost of it isn't just one line item, it's all the line items below it. And RX is certainly a huge one. GLP ones, you name it. Even MSK is a huge one right now. ⁓ And then last question I love to ask is, is there a 30 day experiment that you'd recommend to our listeners to try and boost their financial well-being? Eric Waggoner (23:27) I mean, honestly, just sit down and track it. Track where your dollars are going and you'd be surprised. You know, it's so easy today to get caught up on what streaming service has what show you want to watch and then you sign up and then you're on the hook for 20, you know, it might be $9 and then it's 12, then it's 14, then it's 20. And before you know it, you're spending more than you did on traditional cable just to watch a few shows. ⁓ So I mean, just sitting down and tracking it for 30 days, like where is my paycheck going after I get it? I think taking the time to do that definitely helps you open your eyes a little bit. Kelsey Willock (24:12) It's such good advice that's so hard to do. ⁓ Eric Waggoner (24:16) Yeah, it's incredibly hard. One, just forcing yourself to sit down and think about it. Kelsey Willock (24:21) Right. Well, thank you so much, Eric, for the conversation. It was a joy speaking with you. I took away so many great things, but just to kind of recap our conversation, I loved your story about your grandfather and how that really has shaped. how you show up for your people. I think you also gave us a lot of really tangible and actionable items to take away, especially for workforces of similar breakdowns, such as the 3D custom insults. It can be a great way to help your people feel better. And it's not just from a numbers perspective, as you have mentioned, listening to how that affects their everyday walking around. It's not just about the MSK costs that it can reduce. It's about just hearing boots on the ground that people are feeling better because of it. I love the line that you had mentioned. You want to understand the cultural impact of your benefits, not just the numbers. Also, you've mentioned a little bit about, you know, our X prices. Make sure to really be thinking about not just the health care costs that you see at the top level, but think about what's affecting them down the line, such as our X costs. And it's not going anywhere anytime soon. They're likely going to just keep going up. So Where can our listeners connect with you beyond this conversation today? Eric Waggoner (25:40) I'm on LinkedIn. It's really about the only form of social media I use. So just search my name and reach out. I'm always happy to have these conversations with others throughout the total rewards and human resources spaces. Kelsey Willock (25:58) Well, thank you so much, Eric. I hope you're able to stay warm and thanks for joining us in this conversation. Eric Waggoner (26:04) You too. Thank you.