The average American spends far more time on social media each day than reviewing benefits information during open enrollment. Nearly 7 in 10 benefits-eligible employees spend just 30 minutes or fewer reviewing their options, while 42% spend 20 minutes or fewer, according to a new Voya Financial survey.
"While social media has many advantages for staying connected to family, friends and other interests, it's important to remember that one's workplace benefits also deserve their fair share of attention," said Nate Black, vice president, health product development, for the company. "And with just a once-a-year opportunity to evaluate what you're spending and using on benefits, it's even more important to give open enrollment the time and attention it deserves."
This is especially true for Gen Z, 8 in 10 Gen Z benefits-eligible employees spend 30 minutes or fewer reviewing information during open enrollment, a notably higher number than millennials (68%), Gen X (65%) and baby boomers (63%).
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"Based on what might be included in their benefits package, employees may have to make decisions on a variety of insurance and benefit solutions during their annual enrollment," Black said. "This can understandably make for an overwhelming experience, particularly for those less familiar with the enrollment experience or those who have not yet had to review all of their options."
Many employees also procrastinate. Although half select their benefits more than two weeks out from their enrollment deadline, more than one-quarter wait until within one week of their enrollment deadline. However, the number of early selectors is highest among Gen Z (60%), compared to millennials (49%), Gen X (53%) and baby boomers (56%). This indicates that although Gen Zers might spend little time reviewing their benefits information, overall interest in participation is high and greater than their peers.
Technology can help employees, especially younger generations, evaluate their options more quickly and efficiently. "Innovative technology and decision-support tools that can help employees understand their holistic savings picture can provide the support many employees need when it comes to acting with confidence in how they allocate their next dollar," Black said.
Survey results show that brokers and employers have an opportunity to provide guidance and resources to help all members of their workforce — especially those who may want and need it most — make informed decisions.
"While providing a comprehensive benefits package is one of the most important things you can do as an employer, ensuring your employees understand and take advantage of those benefits is equally important," Black said. "This data serves as an important reminder and opportunity for employers to provide the education their workforce needs to not only become well-educated about their benefits but also to help them make more informed decisions."
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Alan Goforth
Alan Goforth is a freelance writer in suburban Kansas City. In addition to freelancing for several publications, he has written a dozen books about sports and other topics.
