“41% of U.S. employees spend 15 minutes or less researching health care benefit options during open enrollment.”
Do you remember this 2014 survey stat? It generated a lot of conversation among HR professionals — especially when compared to research that showed Americans spend at least two hours deciding which television to buy. We’re confident that the results would be much the same if the survey was conducted today. Employers are frustrated with employees’ lack of engagement in their benefits.
People are a company’s biggest expense. In the 2020 State of Talent Optimization Report, executives reported that 64% of their total company costs were salary and benefits. The most recent data from the Bureau of Labor Statistics shows that, in the private sector, benefits represent nearly one-third (29.2%) of total compensation. Given these numbers, it’s not surprising that employers are looking for ways to help employees better understand the value of their benefits — especially at a time when “retention” tops the list of many employers’ organizational concerns and HR priorities, regardless of industry or size.
We understand your pain. Every year you invest significantly in employee benefits that you believe will advance your recruitment and retention efforts. But if employees don’t know or understand the value of these benefits, you’re not getting a good return on that investment. The best way to counter this is with the one-two punch of technology and employee engagement.
An industry merger provides an expertise “twofer”
In January, iBenefit Communication (iBC) acquired Benefit Technology Resources (BTR). We brought our companies together into one cohesive team because it is apparent that employers want and need a more integrated employee communication and enrollment solution. Together, we offer:
- Top-of-the-line, best-fit HCM, Payroll and Benefits Administration delivery and consulting on the full spectrum of solutions designed to advance the organization’s people strategy, and
- Personalized employee communication and engagement support to educate employees on the value of their benefits and help them make informed choices using a high-touch approach that builds trust, creates loyalty, and increases retention.
Lean into the human experience to increase retention
The counselor-assisted approach to benefits enrollment is key to building a relationship with employees. Today’s employees want a more personal connection with their employer. Before the seismic shift to remote and hybrid work options, the HR tech market was trending towards greater employee engagement. This new norm only adds to the need to lean into the human experience.
Our combined services represent a total package to leverage benefits as a retention strategy. We’re also happy to assist you with just one (or any combination) of our service offerings, including:
- Benefits administration technology. Pre-vetted, versatile platforms with top-notch implementations and unmatched service and support.
- HR technology consulting. Expertise in HR tech procurement, analysis, and optimization to help you get the most out of your HR technology ecosystem. We’re a trusted advisor, providing independent and agnostic guidance to help you make sense of today’s complex HR tech marketplace and identify solutions to meet your unique needs.
- Personalized education and engagement. One-on-one, concierge-level benefits education and enrollment support with a Benefits Education Specialist for every employee, resulting in more informed employee decisions and a stronger employer-employee connection.
The employee-employer balance of power in the talent market has shifted, and the employee is in the driver’s seat. Employers are responding with better benefits to attract and retain good talent. Your benefit offering is one of your most important recruiting tools. Get the most from your investment with personalized employee engagement and education supported by technology that delivers an enhanced employee experience.
Contact your iBC or BTR representative to learn more and discuss your retention strategy.