These days you can buy almost anything online, from electronics to clothing and even groceries. And this trend is not just gaining traction among the younger generations. Even the more mature population is loving the fact that they can get what they need without leaving the house, fighting crowds, and searching through aisle after aisle in a store. And this self-service shopping mentality is becoming the preference of many when selecting their employee benefits.
Employees want to be able to shop for benefits online, or even on their smartphone or tablet. All while employers are looking for better ways to manage costs and lessen their administrative burden.
Enter benefits technology.
Just as healthcare itself has been radically changed by technology over recent decades, so has benefits technology. And there are a number of reasons for that. Much of the growth of technology has been due to the compliance requirements imposed by the Affordable Care Act (ACA). It can also be attributed to the increasing popularity of high-deductible health plans, as employees are taking a more active role in making coverage choices tailored to their specific needs.
However, although technology is becoming increasing popular in the world of employee benefits, there are still some employers who aren’t ready to take the plunge. Some (as much as 38 percent, according to a 2016 LIMRA Study) falsely assume that their workers prefer paper enrollment, even though 68 percent of employees said they’d rather sign up online and only 16 percent actually wanted paper. In fact, some participants even thought companies who still used paper enrollment were out of touch with today’s technology.
Don’t let your employees think you’re stuck in the past. In today’s competitive market, it’s important that you harness the power of technology to better meet the needs of your company and your employees. Not only can it help relieve you of some of your administrative burden, it can also help your employees become more aware of their benefits.
When your employees feel valued and engaged, their loyalty, productivity, and job satisfaction all increase. If that sounds like the kind of results you want, give us a call today.