Based on my work at Inspira Financial with thousands of employers across America, top-performing organizations focus on several key action items to increase engagement and produce better outcomes – for both employers and employees:

Be holistic. It's not clear to many American workers how their HSA can contribute to their overall retirement plan, which may also improve their investment strategy. Additionally, most employers often communicate about each of those things in silos. For example, most people know HSAs are tied to one's health care plan. However, fewer know that, because of their tax-advantaged status, HSAs may also function as an incredibly effective investment and retirement savings vehicle.
Be consistent. Don't just engage during open enrollment. It can be overwhelming for employees to receive so much information, about every single benefit offering, in such a short time. Instead, create always-on employee training and communications to help workers receive a steady flow of smaller bites of information throughout the year to make open enrollment less intimidating. The employee demand for consistent communication is growing. According to a recent EBRI survey, 7 out of 10 employees want to hear from employers outside of open enrollment about their benefits packages.
Consider multi-channel and multi-format communications. Employees no longer just receive communications one way, and people learn differently. Communicate about benefits via a blend of formats, including email, text, video, and audio, and utilize internal communications channels and opportunities to connect in-person or virtually to field questions and receive in-the-moment feedback. That feedback can then help inform future communications about employee benefits, making them more informative and effective.

Emphasize that employees have skin in the game. If employees feel they might leave money on the table, they will engage and act more readily. By providing matching contributions and clearly communicating about their value, employers can drastically increase employees' participation and engagement with their benefits.
Auto enroll. The improved outcomes from auto-enrollment in retirement plans, like 401(k)s, have been well-documented. By simply making enrollment something one needs to opt out of, we have seen drastic upticks in participation. One lesson learned from this is to make it easy for employees to get their "foot in the door." Once they do, they will be more likely to engage with the benefit and tailor it to their needs. We just need to help them take the first step.

I welcome all employers to join the call to address the widening gap between what people are saving now and what they will need for retirement. It's a complicated problem that will likely require systemic changes. However, if employers take these small, meaningful steps to improve benefits-focused financial education — simplifying the complex into something achievable and encouraging employees to learn and take action – we can improve countless lives and futures.

Instant Insights /

Doubling down on ongoing benefits-focused financial education for employees

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