85% of employees are (still) confused about their benefits. This statistic alone underscores the fact that employees are never going to really understand their benefits. And they shouldn’t have to.
Year five marks a turning point for the Benefit Insights report: We’re looking beyond the single moment of enrollment and building out a holistic view of how employees are engaging (or at least trying to engage) with their benefits year-round.
Our latest data shows us that to balance this fine line between benefits and budgets, employers must double down on technology that will personalize the benefits experience and guide employees toward optimal choices for their individual health and wealth needs.
Check out the data to see how your organization can help employees connect with the right benefits at the right time.
Benefits Insights Action Items for HR
8 ways employers can personalize the benefits experience to meet their employees’ unique needs.
2023 Industry Benchmarks
See how the data stacks up at the industry level and how these benefits teams can build value into their unique benefits programs.
85% of employees say they’re confused about their benefits and 45% say they feel panicked about large, unexpected expenses. The data gets clearer year over year: Employees are never really going to understand their benefits. But they do need help connecting the dots from their wellbeing to their benefits.
52% of women said they don’t have a rainy-day fund to cover an unexpected expense vs. 33% of men. With financial hardship growing, personalized decision support plays a large role in ensuring more equitable access to financial wellness for all employees.
67% of employees actively seek support (chats and calls) from Sofia with an average 90% same-day resolution rate for chats. The idea of printing a phone number on the back of an ID card is a thing of the past. Today’s consumers expect integrated, online, and personalized experiences that help them self-service on demand with near-instant results.
A data-driven, tech-enabled engagement strategy meets employees where they’re at (any device, anytime) while providing personalized decision support. 60% of employees who used decision support tool at enrollment elected a high-deductible health plan and a health savings account; 46% of employees log into Benefitsolver five or more times after enrollment when additional benefits services are available (such as FSA and HSA, or custom communications).
We’ll be releasing additional findings and recommendations to help you scale our insights directly into your own organization. Subscribe to stay in touch and get early access to these reports.
Please note that by submitting this form, you are agreeing to receive promotional emails from Businessolver.