New Study Shows Many Firms Fail to Get the Full Value Out of Employee Benefits Plans

April 26, 2017 No comments | Back To Home

Although companies tend to spend heavily on employee benefits plans, many are not communicating the value of those benefits to their workforces, as revealed by a recent employee benefits research study conducted by HR.com in partnership with BambooHR, a provider of online HR software.

The study is based on HR.com’s Communicating Employee Benefits Survey, which was conducted in late 2016 and early 2017 and gathered responses from 1,004 HR professionals. The research found that less than a quarter of participants said that “employees take full advantage of the resources available to them to fully understand and use the company’s benefits plan.”

“Employee benefits are almost a third of the average cost of employee compensation in the U.S., but employers aren’t doing enough to communicate the real value of those benefits. That’s a missed opportunity for a lot of companies,” stated Debbie McGrath, Chief Instigator and CEO, HR.com.

A presentation of the research findings will take place via webinar:
“How to Maximize the Value of Employee Benefits: Communication Is Key”
May 2, 2017 1:00 – 2:00 PM ET
WEBINAR INFO

According to the report, part of the problem appears to be that many employers are not communicating the actual value of their own benefits offerings. Only half of the survey respondents agreed with the statement that “my company helps its employees understand the added value that their benefits contribute to their compensation.” And just 16% strongly agreed with the statement.

The problems are generally not with the benefits plans themselves. Nearly two-thirds (64%) of HR professionals report being satisfied with their company’s employee benefits package.

The survey responses highlight that employers are not, however, diligent about gathering worker feedback. Few organizations allow employee feedback during the benefits options decision-making process, and collecting feedback is not commonplace during other phases, either.

To educate and train employees about benefits offerings, many HR staff use time-intensive one-on-one consultation, but results illustrate that they would prefer to rely more on external representatives of benefits providers or on online sites that employees can access on their own.

The study also showed that less than half of the participants believe upper management is “totally committed” to employee wellness, and only about two-fifths say their organizations have initiatives supporting work-life balance.

About BambooHR
BambooHR is the leading provider of tools that power the strategic evolution of HR in small and medium businesses. BambooHR’s cloud-based system is an intuitive, affordable way for growing companies to track and manage essential employee information in a personalized Human Resources Information System (HRIS). Now HR managers have more time for meaningful work, executives get accurate, timely reports and employees can self-service their time off using a convenient mobile app. BambooHR’s clients include innovators like SoundCloud, Foursquare, Freshbooks, Stance, Reddit and Magnolia Homes, among thousands of others in more than 100 countries worldwide. bamboohr.com

About HR.com
HR.com is making HR Professionals smarter. As the largest global social networking and resource site for over 290,000 HR Professionals, HR.com is helping organizations educate and inspire their workforces by helping HR employees to reach their goals, be innovative, embrace and drive change by providing the best possible content and tools: a global Leadership annual event, Leadership Excellence Awards, HR certification/recertification programs, 12 monthly HR themed ePublications, hundreds of monthly webcasts and virtual events each year, community networks, blogs, industry news and advisory boards. The HR.com Cert Prep course maintains a 93% certification pass rate compared to the industry average of 58%. www.HR.com

For more information, contact:
Debbie McGrath
Chief Instigator and CEO
HR.com
dmcgrath@hr.com
1-877-472-6648, ext. 104
May 2, 2017 research webcast registration on Communicating Employee Benefits

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This entry was posted on Wednesday, April 26th, 2017 at 1:00 am and is filed under Compensation/Incentive Programs, Compliance, Diversity, Employee Benefits, General HR, HR Consulting, Outsourcing, Payroll Services, Recruitment / Staffing, Screening / Assessment, Talent Mgmt/Employee Relations. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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