Rising health care costs and a competitive job market mean walking a fine line between your organization’s financial needs and retaining top talent with an attractive benefits package, but many employees aren’t making the most of those benefits, which affects your bottom line–and theirs. Personalizing your employees' benefit experience is a great strategy to help your workforce understand the value of and engage with their benefits, easing stress on both sides of the line.
The Problem: Making the right financial and benefit decisions is stressful for your employees. They’re in need of support and resources to make informed choices.
More than 85% of full-time employees are confused by benefits options: which medical plan to choose and how to best fund retirement options can be hard to understand without guidance
71% of U.S. employers opted for passive enrollment: letting employees automatically roll over their previous elections saves HR teams and employees time, but this process can lead to misinformed employees not making the optimal selections for themselves and their families
The Solutions:
Better Personalization. Tailor benefits education and information to the individual employee. When benefit choices and education align with the needs and goals of your population, you can provide better decision support at enrollment, leverage claims data to deploy personalized nudges, send information and notifications over preferred communication channels. But how?
Ongoing education: Open enrollment is a high stress time for HR and your workforce. Give your employees the entire year to explore their benefits and learn how different options will support their needs and goals. You might ask them:
What benefits are available to you?
Why should you care about these benefits and what value does this bring to your overall well being?
How are they relevant to helping you navigate today’s economic landscape and your health?
Fostering awareness: Encourage your employees to engage with benefit information throughout the plan year by asking questions and providing relevant guidance that speaks to the unique concerns of your workforce: For example:
What specific needs and goals should you consider when electing benefits?
How do you protect yourself from the unexpected?
Do you take advantage of benefit- and financial-wellness support throughout the year?
Activation: Use specific calls to action to get your employees’ attention regarding using their benefits to their full potential, such as:
When can or should you use a specific benefit or product?
Where do you go to find more information or take action?
How can you stay prepared and access benefit- and financial-wellness support?
If your organization doesn’t have a financial wellness program, maybe it’s time to consider one that integrates with the benefit decision support.
SAVVI offers a full platform of integrated benefit and financial wellness services that can be customized to meet employee and employer needs. From a full financial wellness platform to SelectSmart™, a targeted decision support assistant, SAVVI solutions help decrease employee stress, increase productivity and help employees understand and make smarter financial decisions.
Interested in howSelectSmart™ and SAVVI Financial Wellness products can help personalize your employees’ benefit experience? Clickhere to schedule a 15 minute chat now to discuss how SAVVI might work for you. Or simply call us at 781-583-7017 or email us at sales@savvifi.com.