An effective benefitscommunication plan will reach employees and allow them to accessinformation when and where they want, (Photo:Shutterstock)
It's not difficult to build a benefits program that's notvalued, utilized or cost-effective. All you have to do is believesome of today's common myths about benefits and enrollment. Butthere's good news: You can create a stronger, more competitivebenefits program just by dispelling thosemyths.
Myth #1: Employees understand the benefits available tothem.
Reality: Only a third of employees understandtheir benefits very well, according to a recent Colonial Lifesurvey of 1,500 full-time U.S. employees. And employees who don'tunderstand their benefits don't value them, or the significantinvestment their employer makes in them.
This can lead to major problems, because lack of engagement withthe benefits program leads to lower morale and higher turnover, the survey showed. Employeeswho spend less than an hour considering their benefits atenrollment time are significantly more likely to:
- Feel dissatisfied in their jobs
- Think their employer doesn't care about them
- Leave their current jobs within the next six months
Ask how much time is typically spend torecruit, hire and train a new employee, and you will quickly seethe impact on the bottom line when employees don't understand theirbenefits.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
