2020 Businessolver Benefits Insights

Every year, Businessolver releases our annual MyChoice Recommendation Engine Benefits Insights Report, detailing employees' state of mind and financial position as they enroll in benefits each Annual Enrollment. Check out this report and others in our Benefits Insights series.

On average, 86% of employees are confused about benefits, does this describe you?
Special reports show benefits literacy declines while financial woes increase

When it comes to their benefits, employees want more options so they can personalize their plans. But, benefits are complex and there can be a disconnect between what employees really need and what they choose.

In our 2020 MyChoice Recommendation Engine Benefits Insights Report we leveraged the answers of almost a half-million employees as they use Businessolver’s propriety decision-guidance tool: the MyChoice Recommendation Engine. By aggregating individual responses, we took the pulse of the American workforce as they considered their benefits options during last fall’s annual enrollment.

But a lot has changed since 2019 and the American workforce is facing unpredictable challenges. In an effort to better understand where employees are currently, we created two additional special reports that compare how employees’ benefits literacy and financial preparedness has changed since March of 2020. Check out all three reports below.

Benefits InsightsA Spotlight on Benefits Insights

Ready to dig in? Check out even more great content from our Benefits Insights series.

Learn more about the MyChoice Recommendation Engine.

The MyChoice™ Recommendation Engine is a decision guidance tool that connects employees to better benefits choices by taking into account their holistic state of mind.

Users on the Benefitsolver platform answer a set of specially designed questions that help align a benefits recommendation to their specific circumstances around benefits literacy, emotional state and financial health. In short, users tell the MyChoice Recommendation Engine what they’re thinking and/or feeling, and it uses that information to suggest the best benefits choices.

Each year, hundreds of thousands of employees use the MyChoice Recommendation Engine to get personalized benefits suggestions. As a result, we have insights into what a representative sample of the workforce is thinking as they consider their benefits choices. Those insights are put forward each year in our annual Benefits Insight Report.

Interested in seeing previous years’ reports? Check out the 2019 results here.

Ready to really dig in?

Forces other than rationality come into play when employees choose their benefits, and that’s what the MyChoice Recommendation Engine Benefits Insights Report looks to uncover, learn from and share with the HR and benefits community.
Download the Full Report