In the past year, a record-breaking number of employees quit their jobs. Data from the Bureau of Labor Statistics reported that resignations soared month after month in 2021, reaching an all-time high with 4.5 million workers quitting in November alone. Meanwhile, recent trends show that this “Great Resignation” shows no sign of slowing down anytime soon with almost 4.3 million people quitting their jobs in January of 2022. These shocking statistics have led many employers to shift their priorities to employee engagement and retention.
One of the top reasons employees consider leaving their job is due to their employer’s insufficient benefits. To overcome this tidal wave of resignations, companies need to demonstrate that their benefits and total rewards package are not only competitive but support their population’s health, well-being, and financial goals.
Read on to find out how you can use your benefits administration system, and upcoming open enrollment to better support and educate employees on all of the ways your company values their well-being.
Employees Want Real, Tangible Results from Their Benefits
Providing employees with excellent health and financial resources starts with helping them choose a benefits plan that’s right for them. However, in a recent Wall Street Journal article, J.J. McCorvey recognizes that many employers are failing to evolve their employee benefits experience, and specifically the open enrollment process, to match the changing needs and expectations of their population.
Choosing the right benefits package is so much more than just a medical plan. It’s essential for employees to receive the holistic care they need, achieve a healthy work-life balance, and invest in their future. But, let’s face it, benefits are getting more complex, and many employees are overwhelmed by their number of benefits options. On top of that, as inflation rises employees are growing more skeptical of monthly paycheck deductions related to their benefits, questioning whether they are worth the cost.
By integrating financial wellness into BCC’s existing platform, BenXcel, we help employers leverage financial engagement software to reach and educate employees, provide them with access to benefits consulting, and recommend benefits that fit their unique needs. Through our unique technology, employees receive one-on-one support at the decision points and additional advisory services from our team of experts to ensure they always get the most out of their benefits plan.
Employees Need Guidance to Demystify the World of Benefits
“Workers are often told to get a job with good benefits, but they rarely think about why.
At many companies each fall, employees receive a thick booklet in the mail, or their inboxes, listing myriad options for financial, health, and other benefits. Many skip over the more complicated ones in favor of simple, quick choices. Going quickly, however, is a mistake.”
–J.J. McCorvey, Personal Finance Reporter at The Wall Street Journal
Employers are expanding their benefits, offering more options than ever before. However, when employees are presented with countless benefits options during open enrollment, many glance through their options and quickly pick one without considering which benefits will help them achieve their long-term goals. The problem with an easy, “one-click” approach to open enrollment is that employees often miss out on important benefits. Each employee has different objectives they’re trying to meet with their plan, so there isn’t a one-size-fits-all solution to choosing the right benefits. Instead, each benefits plan will look different from employee to employee, based on their unique needs.
To provide a high-quality benefits experience, it’s not enough for employers to offer a large selection of options. Employees also expect their employer to help them understand which options best fit their unique lifestyle and financial situation.
We built BCC’s benefits platform around the principle that there’s no one-size-fits-all solution when it comes to employee benefits. While some employees might need a plan that offers a dependent-care flexible spending account, others might be focused on choosing a plan with fully-covered mental health visits. That’s why our software showcases a simple, transparent checkout experience, showing employees exactly what they’re getting and reassuring them that they’ve chosen the right benefits for their unique needs and long-term goals. Plus, with our advanced workflows, employees only see the benefits available to them, further reducing the confusion and simplifying the process so they can focus on the benefits that matter most to them.
Your HR Team is Overwhelmed & Overworked
Chances are, your HR team doesn’t have the capacity to give each employee the personalized benefits support they need. Over the past year, the “Great Resignation” has made HR professionals busier than ever, adding an overwhelming amount of stress to their job. According to a recent survey, “A whopping 86% of human resources professionals say their stress has increased in the last year—44% say their stress levels have increased dramatically.”
HR has enough on its plate. Your company needs a partner who can help support and educate employees on their benefits, options, and costs, while still delivering expert benefits support to your team. Saving time on benefits administration frees up your HR team to work on strategic initiatives like recruiting and training.
At BCC, we focus on reclaiming time for your company’s HR team by simplifying the benefits experience. Our technology and team of benefits experts become an extension of your HR department, providing your employees with the support they need to get the most out of their benefits plan.
Give Employees Easy Access to Personalized Benefits Support
Your company’s benefits are a key recruiting and retention tool. Let BCC’s easy-to-use technology and a team of expert benefits professionals show your employees what benefits are available and best for them, so they know your company values their health and financial well-being.
Interested in finding out how our technology can help improve benefits administration at your company? Visit our website to learn more or talk to one of our consultants today to see how we can support your employees. (Get in Touch CTA)
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