EMPLOYEES DON’T UNDERSTAND THEIR BENEFITS PACKAGE

Though employers spend a lot of money providing benefits for the employees, research shows the vast majority of them don’t think their employees really understand their benefits package.

In fact, Kathryn Mayer reported in her February 6 BenefitsPro article that a recent survey of 15,000 American workers, conducted by Colonial Life & Accident Insurance Company, concluded that less than 19 percent of employers think their employees have a very good understanding of their benefits.

However, the latest results of Colonial Life’s ongoing post-enrollment survey show virtually all employees, 96 percent, who participate in one-to-one benefits counseling sessions during enrollment say they have a greater understanding of the benefits their employers offer.  Almost half (47 percent) of employees say the benefits counseling sessions significantly improved their understanding.

Today, more than ever, the article reports, employers need to gain maximum value from the benefits they provide.  The investment made in a providing a strong benefits package is lost if employees don’t understand and appreciate what they are offered.

Remember when selling Purchasing Power: remind HR teams that our program requires very little administration; you’ll work with them to automate the process; and on the average, it takes less than six weeks from the first implementation meeting to launching the program – at anytime during the year, not just during open enrollment.  And, Purchasing Power provides communication tools and materials to help employers explain the employee purchase program voluntary benefit.

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