The proliferation of benefits designed to meet the different needs of four generations of workers can create confusion for employees. Now, they are looking to their employer to provide a benefits decision-making process that is simplified and connects all workplace benefits and savings opportunities so they can better understand their options and to help them make optimal decisions.
In fact, a recent consumer sentiment study conducted by Voya Financial revealed that three-quarters of Americans agree that receiving guidance on how to optimize their retirement savings and workplace benefits (75%) is extremely/very important as well as receiving messages from their investment providers (e.g., 401(k) provider) that provides important information during volatile market environments (74%) – up significantly from 68% in March 2023.1 In addition, two-thirds of Americans are open to receiving information from their employer outside of open enrollment to help them better understand their benefits (65%), up significantly from 60% in March 2023.1
Voya identified several potential advantages of a more integrated, holistic approach to workplace benefits in its perspectives paper: The future of workplace benefits starts with a connected experience. By harnessing the power of technology-driven personalization, organizations can boost engagement, save time and help improve outcomes by simplifying decision making – which could help each employee find the right balance for their distinct needs.
How Voya is changing the future of workplace benefits and savings
To help employees make optimal decisions around their workplace benefits, including health benefits, health savings accounts (HSAs), student loan debt, emergency savings and retirement savings – Voya developed myVoyage® personalized enrollment guidance experience.
This next-level employee experience provides holistic decision support during enrollment and guidance throughout the year. The goal of myVoyage is to help improve employee health and financial outcomes with an engaging experience that simplifies decision-making. The digital platform offers a consolidated view using data-driven insights to provide personalized guidance to help individuals make progress toward achieving their financial goals.
6 ways myVoyage is helping connect the dots for employees
- A consolidated account view under one login, inclusive of one’s workplace savings accounts and external accounts and the ability to connect outside benefits and accounts such as banking and savings, brokerage accounts, credit cards and loans.
- Holistic financial wellness support, including the opportunity to view where individuals stand across all accounts, set and track goals (such as saving for college or paying off debt) with insights on accounts like spending limits, savings reminders and deposit summaries — offering support along the way.
- Benefits enrollment guidance, including the ability to optimize one’s workplace benefits options and costs as well as receive personalized guidance on savings and coverage based on plans that are most appropriate for an individual’s needs.
- Access to medical claims to track out-of-pocket expenses and get reminders for preventative care.
- Personalized nudges and actions, including specific steps, tools and resources to help individuals navigate different life stages and events including everything from daily spending to having children or preparing for retirement.
- Professional resources, including the ability to refer individuals to a financial professional for additional personalized advice and guidance.2
HSAs can help sync workplace benefits and savings
An HSA can also be part of the solution and is a good example of the symbiotic relationship between workplace benefits and savings. Retirees may need personal savings in the six-figure range just to cover potential health care expenses throughout retirement. HSAs can bridge the health and wealth gap and help improve financial outcomes – triple tax advantages allow employees to use HSAs as a long-term savings vehicle that can help boost financial wellness now and into retirement.
Many employees don’t understand how HSAs work or how to use the account effectively. Employees need their employers to educate them about HSAs and help them make benefits decisions. Employers can empower employees with comprehensive communication and education strategies to help overcome the HSA knowledge gap.
Increasing awareness of HSA benefits can help employees utilize their benefits, and 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.
Win-win for employers and employees
Offering guidance tools, advice and other solutions can help employees get their workplace benefits and savings in sync. Plus, employers who adapt strategies to better support employees could have an advantage in recruiting and retaining the best cross-generational talent.
To learn more about myVoyage and how to realize greater value by syncing your workplace benefits and savings program visit voya.com/futureofbenefits.
1. Based on the results of a Voya Financial Consumer Insights & Research survey conducted June 12-13, 2023, among 1,000 adults aged 18+ in the U.S., featuring 483 Americans working full-time or part-time.
2. Financial professionals are investment advisor representatives and/or registered representatives of, and securities and investment advisory services are offered through Voya Financial Advisors, Inc. (member SIPC). Investment advisory services are only offered through investment advisor representatives of Voya Financial Advisors.
For educational purposes only. Each plan must consider the appropriateness of the investments and plan services offered to its participants.
Voya Financial and its affiliated companies (collectively, “Voya”) is making available to you the Personalized Enrollment Guidance and myHealthMoney tools offered by SAVVI Financial LLC. (“SAVVI”). Voya has a financial ownership interest in and business relationships with SAVVI that create an incentive for Voya to promote SAVVI's products and services and for SAVVI to promote Voya's products and services. Please access and read SAVVI's Firm Brochure which is available at this link: https://www.savvifi.com/legal/form-adv. It contains general information about SAVVI's business, including conflicts of interest.
Health Account Solutions, including Health Savings Accounts, Flexible Spending Accounts, Commuter Benefits, Health Reimbursement Arrangements, and COBRA Administration offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). HSA custodial services provided by Voya Institutional Trust Company. For all other products, administration services provided in part by WEX Health, Inc.