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In its new perspectives paper, Voya Financial explores how employers can realize greater value by getting their workplace benefits and savings in sync. By adopting an integrated approach that’s personalized and technology driven, companies can boost employee engagement, save time and help improve outcomes by simplifying decision making.
Offering a comprehensive employee benefits package has always played an important role. However, employers have traditionally presented benefits as a fixed menu that appeals to a broad employee population. This paper discusses the potential advantages of a more integrated, holistic approach to workplace benefits and savings – and how technology-driven personalization can help each employee find the right balance for their distinct needs.
Below are some key insights from the research paper. For complete details, view the full Voya Perspectives paper: The future of workplace benefits starts with a connected experience.
Key takeaways:
- The proliferation of comprehensive benefits designed to meet the different needs of four generations of workers requires employers to rethink how they deliver and manage employee benefits – particularly in light of the increased pressures employees face.
- As employers add more flexibility and choice to their benefits menus, decisions get more complex which can create confusion and decision fatigue for employees.
- Employees need a benefits decision-making process that is simplified and connects all workplace benefits and savings opportunities – and they are looking to their employer to provide it.
- Employers should consider leveraging technology and embracing personalization to boost employee engagement.
- Guidance and advice tools can help employees get their workplace benefits and savings in sync.
- Employers who adapt strategies to better support employees could have an advantage in recruiting and retaining the best cross-generational talent.
Employees want help improving their financial well-being.
With COVID-19, people began to change their values and priorities, including how they value employee benefits. The 2021 EBRI Workplace Wellness Survey found that employees wanted more flexibility in their benefit offerings and more help improving their financial well-being. As a result, employers added more flexibility and choice to their benefits menu – but more choice can create confusion. And in a diverse workforce, one size does not fit all.
A holistic approach can help get workplace benefits and savings in sync.
Employers recognize the dynamics around the convergence of workplace benefits and savings and are reevaluating their programs to understand how they can more fully support workers’ financial, physical and emotional well-being.
By integrating workplace benefits and savings to more closely align with how employees attempt to manage the stressors in their lives, employers may be able to help reduce employee stress, improve productivity and lower staff turnover.
HSAs can help sync workplace benefits and savings.
The Health Savings Account (HSA) can be part of the solution and is a good example of the symbiotic relationship between workplace benefits and savings.
Increasing 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 utilize HSAs, plan sponsors could realize health care benefits cost savings.
Here's how to evolve the employee experience.
We believe workers seek speed and personalization along with a seamless and integrated experience to help meet their holistic financial wellness goals. But current benefits programs too often serve up a confusing experience – too many seemingly independent and competing choices with little guidance on how they all should work together as a package.
Here are three ways for employers to consider evolving the employee experience to be even more personalized:
- Connect the unconnected through technology
- Ramp up benefits communication and education
- Offer holistic guidance and advice
Intermediaries play a key role.
Plan sponsors can turn to intermediaries, such as benefits brokers, financial professionals and consultants, to help guide them across the evolving 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 personalized digital solutions connect workplace benefits and savings to address competing financial needs. These solutions help employees make optimal decisions around their workplace benefits, including health benefits, HSAs, student loan debt, emergency savings and retirement savings.
Our suite of connected workplace digital solutions includes myHealth&Wealth™ which helps employees make benefits choices, and myVoyage, our next-gen, mobile-first experience that considers the complete employee picture across an employer’s total benefits ecosystem.
To learn more about how you can realize greater value by syncing your workplace benefits and savings program visit voya.com/futureofbenefits.
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