2021 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 their benefits during Annual Enrollment. Check out the 2021 report and related special content, plus previous years’ data and analysis in our Benefits Insights series.

New report shows employees’ benefits literacy limped, yet financial preparedness gained firmer footing amid COVID-19 surge

As we learned in 2020, the unexpected—in this case, a global pandemic—can sometimes bring clarity from complexity. As COVID-19 cut the economy off at its knees, sending millions of people into un- or under-employment and associated significant financial hardship, employee benefits came into sharper view, most employees saw their benefits as more important than ever.

In the fall of 2020, we had been living with COVID-19 and its impact for the better part of a year. From an HR and benefits perspective, many parts of the nation had returned to something at least resembling stable. Fall annual enrollments occurred prior to the nationwide infection surges that resulted from holiday gatherings and before any vaccines were approved or administered. Much of the civil unrest that occurred during the summer had slowed and unemployment had decreased to 6.7% in November from a record 14.8% in April.

It was in this context that the American workforce made its benefits decisions for 2021. Check out this year’s MyChoice® Recommendation Engine Benefits Insights Report and related content—including our interactive data dashboard that allows you to filter findings based on your preferred metrics and demographics.

 

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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 2020 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.
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