Benefits packages are a significant expense for companies. In fact, on average benefits make up over 30 percent of employees’ compensation package. Unfortunately, many companies don’t see a strong return on their benefits package. Indeed – for every dollar spend on healthcare, companies spend 61 cents on illness-related absences. This along with disability and reduced productivity provides an opportunity to improve the ROI on benefits.
Not only do chronic illnesses negatively impact employee productivity, but benefits administration does as well. In fact, dealing with healthcare questions and issues eat up more than $11 billion annually in employee productivity. A digital benefits solution can make a big difference on the efficiency and ROI on benefits offerings.
Expect digital benefits solutions like a mobile benefits app to gain popularity in the upcoming year. Here are three ways digital solutions like Benefits Zone can help improve the ROI on benefits.
1. Better Understanding of Benefits Options
Digital benefits solutions should connect employees with benefits information and resources. Not only does this make it easy for employees to review benefits information, but it also streamlines the process of finding answers to their questions. It also allows them to access benefits information when and where it’s convenient for them.
Especially when a wholistic benefits offering is presented in a digital solution, employees have ample time to research options. This likely increases employee understanding of benefits and also creates opportunities for the company to highlight programs or explanatory resources through the app.
2. Streamlined Communication with Benefits Partners
Similarly, a digital benefits solution should easily connect employees with any of the various benefits partners, whether that be carriers, agents, or customer support. A centralized list of contacts not only saves employees time but helps HR teams as well.
Instead of HR serving as an intermediary connecting employees to benefits contacts, employees can access the contact information themselves. Since there are usually multiple benefits offerings in companies’ benefits packages, digital solutions are an ideal way to collect phone numbers, email addresses, and reference websites of the various benefits options.
3. Effective Communication
Additionally, digital benefits solutions should work with companies to coordinate messaging to employees so that it’s easy for them to access and remember important benefits events or deadlines. Delivering these types of messages via text message is ideal because it’s so effective. Indeed, nearly 100 percent of text messages are delivered and read – a much higher success rate than internal emails.
Setting up a cadence of text messages to employees with reminders and resources helps in several ways. It not only helps drive enrollment but it also helps employees engage with and use existing resources.
Use Benefits Zone to Improve Your ROI on Benefits
Benefits Zone is an ideal digital benefits solution that incorporates all of these strategies to improve the return on benefits offerings. The Benefits Zone platform provides companies with an easy-to-use mobile app that links to important benefits resources.
Benefits package trends are including a wider variety of options. Therefore, it’s critical to help employees self-educate and access all of their benefits. We can help you provide a centralized hub to employees that helps them access benefits and connect with benefits and members of the benefits team. Additionally, we provide a messaging solution to easily engage with employees. Contact us to learn more.