5 Ways Companies are Modernizing Benefits Programs

Aug 7, 2017

Employee benefits programs are changing. Last year, the nonprofit International Foundation of Employee Benefit Plans (IFEBP) released a survey finding that 49 percent of employees don’t understand their provided benefits, and 31 percent didn’t perceive any value in their benefits. The latter is logical when you consider that employees who don’t understand their benefits are unlikely to perceive their value. Employers have recognized the need to update the way employee benefits are managed and marketed to their staff.

Companies have made their employee benefits programs more progressive based on the following:

utilize online benefit marketplaces 89 percent of organizations that moved to a benefits marketplace reported a positive impactemployees enjoy voluntary benefits options 80 percent of organizations report low benefits knowledge amongst their employeesemployees are more likely to enroll in a benefit if they see the value42 percent of employees find the enrollment process too complicated better explanation of employee benefits 2 in 5 employees are confused over their employee benefits human resources and employees benefit from data analytics on employee benefits half of employees don't read their benefits materials

The future for employee benefits will be much different from the present as more innovative benefit options emerge and employers embrace a multi-generational approach to recruitment and retention.

Sources:
WTW 2017 Employee Survey Report
https://www.benefitnews.com/ 
https://www.employeebenefitadviser.com/