A recent survey by Voya Financial revealed that 70% of benefits-eligible individuals are more likely to work for an employer that offers employee-paid voluntary benefits. These benefits may include critical illness, disability income, hospital indemnity, or accident insurance. Interestingly, the survey shows less than half of benefits-eligible employees (49%) took advantage of the offerings during open enrollment.
"Nearly one-third of American workers who are eligible for benefits (31%) admitted they do not fully understand any of the employee benefits they selected during their most recent open enrollment period," according to a Voya news release announcing the findings. "With inflation at record highs, the results also show that nearly three-quarters of Americans (74%) agree their money does not go as far as it used to go."
Benefit programs are part of an organization's total rewards strategy and are a significant investment. Employers who educate employees about their organization's various benefits can help workers maximize their dollars and advance their health and financial well-being. Since employee benefits vary in type and complexity, a well-developed communication strategy can ensure employees understand and utilize their benefits and appreciate the value.
Employers Council has a whitepaper that can help your organization develop a benefits communication strategy. If you have any questions, please email the Member Experience team.
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