Article Source: https://www.hrdive.com/news/4-ways-employee-benefits-apps-enhance-the-employee-experience-and-boost-roi/527883/
Author Credit: The following is a contributed piece by Jennifer Riley, vice president of product management for Hodges-Mace, an employee benefits tech and services vendor.
4 ways employee benefits apps enhance the employee experience and boost ROI
Benefits are an enormous piece of total compensation, yet most employees are clueless about the true value of their benefits. A recent report released by the U.S. Bureau of Labor Statistics (BLS) showed that employee benefits comprise 30% of the average worker’s paycheck. The BLS also reports employers spend $825 per month on benefits per employee. And according to a report by the Society for Human Resource Management, more than 60% of employees value their benefits over pay.
Here’s another alarming stat: 47% of employees are actively looking to change jobs, and if they leave their current position, it costs the employer two times their salary to replace them. One significant source of employee dissatisfaction is failure to understand what a benefits package contains. Clearly the onus is on the employer to rectify this situation quickly.
With rising healthcare costs and increased competition for top employees, staying ahead of the curve is more important than ever. Delivering innovative employee benefits plays a key role in determining an organization’s bottom line and competitiveness. Sadly, the technologies used to improve other business functions are often underutilized in this area. How can HR be certain employees fully understand, appreciate and utilize their benefits? One way is to introduce an employee benefits app to provide fingertip access 24/7. Mobile access to benefits improves ROI for benefits while keeping the workforce engaged and informed. Here are four ways a mobile app revamps an organization’s ability to effectively deliver benefits:
#1: Makes benefits accessible for employees
Did you know that only 4% of employees can define copay, coinsurance, deductible, and out-of-pocket maximum? When employees can’t comprehend their benefits, or struggle to navigate a mountain of benefits paperwork, emails and ID cards, they tend to throw up their hands and not use their benefits. On the flip side, when employees understand their benefits, they are more likely to use them effectively. A mobile-benefits app increases benefit accessibility and ease-of-use by consolidating educational and administrative resources via employees’ phones.
#2: Increases employee engagement
When 70% of employees believe their employer has little concern for their financial wellbeing, it’s safe to say the engagement gap is real — and large. Poor engagement levels are often driven by a lack of understanding and an undervaluation of benefits. With an employee benefits app, employees and their families not only learn about, but also truly feel the impact and value of their benefits in day-to-day life. Mobile apps facilitate a variety of engagement initiatives, including geo-location features for finding on-the-go care and employee assistance programs, where employees can further explore topics like psychiatric care, wellness, good questions to ask their doctors and other benefits, such as their paid time off or 401(k) plan.
Continue reading article at original source: https://www.hrdive.com/news/4-ways-employee-benefits-apps-enhance-the-employee-experience-and-boost-roi/527883/
