The future of workplace benefits
In its new outlook paper, Voya Financial explores how eemployers can realize greater value by synchronizing their benefits and savings to the workplace. By taking a personalized, technology-driven, integrated approach, companies can boost employee engagement, save time, and help improve results by simplifying decision-making.
Providing a comprehensive benefits package to employees has always played an important role. However, employers have traditionally presented benefits as a set menu that appeals to a large population of employees. This paper examines the potential benefits of a more integrated and holistic approach to workplace benefits and savings – and how technology-driven personalization can help each employee strike the right balance for their distinct needs.
Below are some key ideas from the research paper. For more details, see the full article from Voya Perspectives: The future of benefits starts with a connected experience.
Key points to remember:
- The proliferation of comprehensive benefits designed to meet the different needs of four generations of workers is forcing employers to rethink how they deliver and manage benefits, especially in light of the increased pressures employees face.
- As employers add more flexibility and choice to their benefits menus, decisions become more complex, which can create confusion and decision fatigue for employees.
- Employees need a benefits decision-making process that’s streamlined and connects all benefits and savings opportunities — and they expect their employer to provide it.
- Employers should consider leveraging technology and embracing personalization to drive employee engagement.
- Guidance and counseling tools can help employees synchronize their benefits and workplace savings.
- Employers that adapt their strategies to better support their employees could have an advantage in recruiting and retaining top cross-generational talent.
Employees want help to improve their financial well-being.
With COVID-19, people have started to change their values and priorities, including how they value benefits. The 2021 EBRI Workplace Wellbeing Survey found that employees want more flexibility in their benefits packages and more help to improve their financial wellbeing. As a result, employers have added more flexibility and choice to their benefits menu – but more choice can be confusing. And in a diverse workforce, one size doesn’t fit all.
A holistic approach can help synchronize benefits and savings in the workplace.
Employers are recognizing the dynamics surrounding the convergence of workplace benefits and savings and are re-evaluating their programs to understand how they can better support the financial, physical and emotional well-being of workers.
By integrating benefits and savings into the workplace to more closely align with how employees try to manage the stressors in their lives, employers may be able to help reduce employee stress. employees, improve productivity and reduce employee turnover.
HSAs can help synchronize benefits and savings in the workplace.
The Health Savings Account (HSA) can be part of the solution and is a good example of the symbiotic relationship between benefits and savings.
Increased awareness of HSA benefits can help employees utilize their benefits, as well as potentially overcome any negative biases associated with high-deductible health plans (HDHPs). If more workers enroll in HDHPs and use HSAs, plan sponsors could realize savings in health care benefit costs.
Here’s how to evolve the employee experience.
We believe workers are looking for speed and personalization along with a seamless, integrated experience to help them achieve their holistic financial wellness goals. But today’s benefits programs too often provide a confusing experience – too many seemingly independent and competing choices with little guidance on how they should all work together.
Here are three ways employers can consider evolving the employee experience to be even more personalized:
- Connecting the unconnected through technology
- Increase the benefits of communication and education
- Provide holistic guidance and counseling
Intermediaries play a key role.
Plan sponsors can turn to intermediaries, such as benefits brokers, finance professionals and consultants, to guide them through the changing benefits landscape and implement an integrated benefits program designed for a diverse employee population.
How Voya is changing the future of workplace benefits and savings.
Voya’s customized digital solutions connect workplace benefits and savings to meet competing financial needs. These solutions help employees make optimal decisions about their benefits, including health benefits, HSAs, student loan debt, emergency savings, and retirement savings.
Our suite of digital solutions for the connected workplace includes myHealth&Wealth™ which helps employees make benefits choices, and myVoyage, our next-generation mobile experience which takes into account the complete picture of employees in the workplace. an employer’s entire benefits ecosystem.
To learn more about how you can realize greater value by synchronizing your benefits and savings plan, visit voya.com/futureofbenefits.
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