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In April, SOI referenced a MetLife study that showed the importance of employee benefits communication. In the study, employees revealed the top ten communication tactics employees found to be the most helpful. SOI stressed the importance of benefits communication and asserts that it is impossible to achieve the highest return on benefits investment if an employer does not effectively communicate the benefits it offers to its employees.
Colonial Life has released a White Paper, “Employee Benefits: Are You Getting Your Money’s Worth?” that also analyzes employee benefits communication. The results of the survey show an employee’s need to understand benefits is very important, but the percentage of employees who actually understand their benefits is very low.
According to the study, 73% of employees feel it is very important that they understand their benefits and nearly all feel it is at least somewhat important. Employers are aware of this, which is why 77% of employers at least somewhat believe their benefits communication is effective. However, only 60% of employees agree and 9% feel their benefits communication is not at all effective. The disconnect could be result of employers failing to verify their employees’ are knowledgeable; very few employers use surveys, focus groups or metrics to test employee benefits knowledge according to the study.
Even more concerning is the percentage of employees who feel comfortable making benefits decisions. Only 32% of employees who receive employer-sponsored benefits feel comfortable making decisions about their plan. This figure drops to 25% for employees making less than $35,000.
Like the MetLife study, employees in this study reveal what they feel is important in benefits communication. 90% felt “having convenient access to a benefits expert I can talk face-to-face” is at least somewhat important. This is one of the key strengths of a PEO and an area SOI specializes in. Clients of SOI benefit from access to our human resources experts, but their clients’ employees access as well. During the enrollment process, SOI will help employers understand the benefits package they are offering their employees, then SOI will walk the employees through the enrollment process. Following enrollment, SOI service representatives remain available to both employers and employees for any questions they have or assistance they need.
If you would like to learn more about SOI’s employee benefits management program, please contact SOI today.
About Colonial Life
Colonial Life & Accident Insurance Company is a market leader in providing benefits solutions in one neat package: excellence in communications, enrollments, service, and personal insurance products and services that make benefits count for employers and their employees alike. For more information, visit ColonialLife.com
About SOI
SOI is a leading professional employer organization (PEO) for small and medium-sized businesses (SMBs) serving as a trusted partner in integrated human resource (HR) compliance, risk management, employee benefits, employment practices liability insurance (EPLI), and payroll processing. SOI is based in Charlotte, NC and supports tens of thousands of worksite employees throughout the U.S. For more information, visit SOI.com
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