Want your employees to be happier with their benefits? Tell them more about them.
A Univers/EBN survey finds that employees who are knowledgeable about their benefits are almost 30% more likely to be satisfied with the plans offered. Further, the survey reveals:
* Companies that have high employee satisfaction are 86% more likely to say their benefits affect recruitment and retention positively.
* Firms with benefit-knowledgeable employees are 67% more likely to report turnover rates of less than 20%, compared to firms where benefit knowledge is low.
* Providing more benefit options has a positive impact on workers, but that impact is small when compared to the impact of increased benefit knowledge.
* There is a direct correlation between employee satisfaction with the enrollment process and the employee understanding of the benefits offered.
* At companies where employees are satisfied with the enrollment process, there is greater use of personal interaction methods in combination with self-service systems for open enrollment.
So what's the best way to get the word out about the full value of your benefits? Well we can't give away the entire farm.
