290-skeptical-467091509-738x415ts-crop-600x338In the face of new healthcare regulations and cost increases, business owners are making many changes in order to remain profitable, comply with the laws, and keep their employees happy.

One benefit of these changes is that employers are moving away from the traditional one-size-fits-all benefit options in favor of more consumerized benefits that allow employees to tailor their packages to meet their individual needs. They have new options like health reimbursement plans, wellness incentives, and a number of other customizable features.

One downside, though, is that with these new plans and programs comes the need for improved education about all the benefits available to them. Because if your employees don’t understand their new and improved options, then it’s really pointless to even offer them.

With so many new things to understand and explain, it’s important to make sure you’re hitting all the right points when communicating with your employees about their benefits. To help you out, here are 5 key findings from a recent survey conducted by Four Seasons Financial Education.

  1. Employees say retirement plans are the hardest to understand. Next up is health insurance, HSAs, and FSAs. The good news is that over 1/3 of workers say they have a good understanding of all their benefits.
  2. Wellness programs improve employee satisfaction. Employees of companies that offered a wellness program reported almost 40 percent higher job satisfaction than those employed by companies that did not.
  3. Employees understand their 401(k) better than ever. Not everything is getting harder to understand. This is one that workers have finally gotten the hang of. They also feel even more confident about retirement if you offer a financial wellness and education program.
  4. Retirement is their #1 financial goal. When citing their financial concerns, 35 percent placed retirement at the top of the list. Another 33 percent stressed budgeting and debt reduction. Twenty-two percent were interested in financial planning.
  5. One-on-one guidance is still preferred. When it comes to reaching their financial goals, almost half of employees say the most helpful resource is face-to-face counseling with a professional. Another 38 percent favored general financial education. Thirty-seven percent also say they want a financial plan customized just for them.

So, as you’re educating your employees about their benefits, keep these key points in mind. When workers better understand their benefits, they’re better able to take advantage of them and, consequently, more confident and engaged. To learn more about how benefit education can improve your productivity and, ultimately, your bottom line, contact us today!