What if there was one thing that your employees—across every demographic—agreed on more than anything else?
With less than 7% of employees in North America taking full advantage of their benefits, it should come as no surprise that what they want is guidance. More than 7 in 10 want support and tools to determine how use and compliment their benefits and many do not understand their benefits at all—just 19% have a high level of understanding of what their company offers.
Yet employees value benefits more than a raise, with 80% saying they prefer additional benefits over a pay increase.
There are two irrefutable conclusions to draw from this:
- Employees (and employers) are sitting on a pile of untapped potential. 93% are failing to extract available value from their total rewards (compensation and benefits).
- Employees prefer solutions to cash. Despite their struggles understanding and using benefits, people want ready-made solutions to their challenges as opposed to having to navigate their options themselves.
Unfortunately for employers, this presents an obvious problem: trying to give employees what they want but knowing that they will not be able to navigate and optimize these resources. And that is an HR nightmare.
HSAs, FSAs, DCAs, 401(k)s, HMOs, PPOs, life, health, disability, dental, vision, legal assistance, accident, cancer, critical care, discount plans, EAPs, pet insurance…it is no wonder employees feel like they are wandering around in the dark hoping to bump into the right solution. But there is tremendous value in each of those programs when appropriately utilized.
Rather than wasting time, energy, and money with communications 80% of employees do not even read, why not provide an unbiased guide using a simple, confidential process to help each member of your team choose and use their benefits to their fullest potential?
Is it because it is too expensive? What is it costing now in terms of last value, HR time and frustration, employee wellbeing and engagement, and even potential liability?
There is simply no chance of an open enrollment education session bridging the gap between all those acronyms and benefit programs and your employees’ comprehension of their options. Humans need real-time, personally relevant information to make good decisions, and the data overwhelmingly backs that up.
Talk to us to find out how this is possible, affordable, and effective for your team.