HR technology leader creates industry-first marketplace that puts employers on the leading edge of boomerang employment trend
WEST DES MOINES, IOWA (August 2, 2017) – Businessolver®, a leader in SaaS-based benefits administration technology, today announced the launch of MyChoice MarketSM, an innovative technology solution that allows employers to offer seamless benefits transition when offboarding employees.
The industry-first marketplace gives employers using Businessolver’s benefits administration platform a strategic advantage for capitalizing on the growing trend of “boomerang” employment – when employees leave an organization, then return. With persistent skilled labor shortages and U.S. unemployment at 4.3% (its lowest point in 16 years), employers are increasingly open to considering boomerang employees to fill the more than 6 million current U.S. job openings.
“The way we offboard employees is just as critical as how we onboard them – and you don’t need to look any further than the boomerang phenomenon to see why,” said Jon Shanahan, Businessolver President and CEO. “MyChoice Market can set employers apart by maintaining consistent support for employees in managing their benefits, no matter where they are on the employment spectrum.”
Boomerang Employment Driven by Millennials
According to the U.S. Bureau of Labor Statistics, younger Millennials (ages 19-35), spend an average of 1.3 years with an employer. However, according to Workplace Trends, 46 percent of Millennials say they would return to a former company – and they aren’t alone. A third of Gen X employees and 29 percent of Boomers also would consider boomerang employment. The same study finds that 40 percent of HR professionals would rehire alumni employees.
MyChoice Market Engages Alumni Employees
Recognizing those statistics, Businessolver created MyChoice Market as a tool to help transform the offboarding process for departing employees. Powered by Benefitsolver®, Businessolver’s secure, single-source benefits technology platform, and leveraging its proprietary mobile app, companies can use MyChoice Market as part of their strategy to facilitate a positive offboarding experience for all employees, from Millennials to retirees. Offering a simple online shopping experience with a mix of core and voluntary offerings, MyChoice Market helps engage an organization’s alumni network, including potential boomerang workers, by allowing them access to seamless benefits transition/continuation after they leave.
With just a few clicks on the Benefitsolver® platform (or a few taps on a smartphone), departing employees are easily transitioned to MyChoice Market to elect, enroll, and set up payment for a range of benefit plan options including:
- Medical – The Affordable Care Act (ACA) requires all Americans to carry a certain level of medical insurance. MyChoice Market offers a suite of low-cost, limited medical plans that meet ACA guidelines for minimum essential coverage. These plans can help employee alumni comply with the law while having an affordable alternative to COBRA.
- Vision – Vision insurance through the marketplace covers the cost of routine exams, as well as costs associated with lenses, frames, and contacts.
- Dental – Dental options available through MyChoice Market provide alumni and their families with access to pre-negotiated discounts on all common dental procedures at more than 100,000 general and specialist dentist locations nationwide.
- Pet insurance – One in five Millennials carry pet insurance; MyChoice Market gives alumni employees peace of mind that their pet will receive necessary care without breaking the bank.
- Identity theft protection – Marketplace coverage protects alumni and helps them navigate the process if their identity becomes compromised.
- Legal – Whether creating a will or closing on a new home, MyChoice Market allows departing employees to easily find legal services without the fear of extensive costs.
- Device protection – Extended warranty and device protection plans protect alumni employees from the high costs associated with home electronics repair.
“MyChoice Market leverages our robust Benefitsolver® technology platform and mobile capabilities to help employers stay connected to their alumni in a positive way,” said Shanahan. “Through meaningful engagement with this network, companies can transform the offboarding process and turn departing employees into powerful brand ambassadors. The marketplace drives a favorable benefit experience and breeds strong connections that can lead boomerang employees back to an organization.”
Learn more about MyChoice Market at www.businessolver.com/alumni.
Since 1998, Businessolver has delivered market-changing benefits administration technology supported by an intrinsic responsiveness to client needs. It creates client programs that maximize benefit program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefit selections. Founded by HR professionals, Businessolver’s unwavering service-oriented culture and secure SaaS platform provide measurable success in its mission to provide complete client delight.
Kristin Schmotzer, Edelman (on behalf of Businessolver)