Optimizing the impact of your workplace benefits offering is a huge area of opportunity: According Morgan Stanley at Work's 2025 State of the Workplace Study, 85% of employees and 93% of HR executives agree that their companies still need to do a better job helping employees understand and maximize the financial benefits available to them.
For a smooth user experience, it's important to
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Focus on communication and user experience
Employees need help understanding the full scope of the benefits choices available to them (and how these choices translate into real-world financial outcomes) in order to make appropriate choices. Effective communication and user experiences can have a significant impact.
Check that the information you provide on common workplace benefits such as health insurance, retirement plans and life insurance is clear and concise. Leverage various communication channels so that employees have an opportunity to engage with your benefits content in their preferred style, whether that's through webinars, virtual meetings, emails, social media, or personalized guidance.
By offering multiple channels for information dissemination, you cater to different learning preferences and ensure that all employees have access to the necessary resources. But, messaging should be consistent across all channels. It's also important to regularly update and refresh the content to keep it relevant and engaging.
Technology can also help make the benefits experience more convenient and user friendly. Thoughtful digital platforms can provide on-demand access to educational content, highlight key dates and introduce new offerings, while facilitating better data management and reporting on the back end — allowing your company to track participation rates and identify areas for improvement. Investing in technology and finding the right providers can help forward your organization's commitment to innovation and employee support, in turn enhancing your reputation as an employer of choice.
Additionally, personalized guidance — perhaps through your plan providers — can also help employees feel more confident in their decisions, contributing to higher participation rates and more personalized outcomes.
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Highlight financial planning and employee support
Financial planning plays a significant role in employee well-being, and workplace benefits can be an important access point. Providing tools and resources to help employees define, set, and achieve their financial goals is crucial.
The study revealed most employees (90%) believe workplace financial benefits are essential to reach their personal financial goals — listing retirement preparation (55%), financial planning (53%) and maximizing equity compensation (34%) as their top three choices. For example, comprehensive retirement benefits should go beyond simply offering a 401(k) and match; many companies now integrate ongoing financial advisory, investment planning and income solutions.
Financial stress is a common issue among employees, and our research shows financial stress affects both productivity and personal well-being: Two thirds (66%) of employees say financial stress is negatively affecting their work and personal life, and 83% of HR executives worry employees' personal financial issues are affecting productivity, according to the study. Financial stress is also driving strong demand for workplace support, particularly in financial planning and retirement preparation. Your financial benefits are a key line of defense in helping combat this stress to protect both personal financial outcomes for employees and productivity for your organization.
By weaving robust financial planning support into your benefits enrollment experience, you can help alleviate some of this stress and empower employees to take control of their financial futures. This support can also foster productivity and trust, as employees see that their employer is invested in their long-term success. What's more, the study shows that well-supported employees are more likely to stay with the company, reducing turnover and associated costs: 91% of employees say they would feel more invested in staying at their company if it offered financial benefits that met their specific needs.
Educate on equity compensation and NQDC
While likely not offered to your full employee base, equity compensation and Nonqualified Deferred Compensation (NQDC) plans are valuable tools for attracting and retaining top talent, particularly key executives and other highly compensated employees.
These complex offerings can provide significant financial benefits, but it's important to educate even the most sophisticated employees on plan specifics and possible advantages. In fact, 1 in 4 HR leaders have heard employees express worry or concern about not knowing how to fully utilize equity compensation or employee stock purchase plans. Similarly, it's important to provide resources and support to help explain and navigate NQDC plans, which allow employees to defer a portion of their income to a future date, with possible impacts on tax liability and retirement savings.
Helping employees map these offerings to real-life financial goals can be complex, and it's recommended to provide targeted support from experienced financial professionals. Equity compensation and NQDC plans can be powerful incentives for employees, not only enhancing the overall compensation package but also aligning employees' interests with your company's success. Effectively communicating these plans can help create a more motivated and invested workforce and differentiate your organization to top talent.
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Follow through beyond enrollment season
No doubt your open enrollment strategy is dynamic and adaptable to the diverse needs of your workforce — and it will be even more effective if you extend the momentum beyond open enrollment season. Track learnings, garner feedback from employees, and find opportunities to streamline your processes and communications. This can reduce confusion and errors and ultimately lead to more effective benefits administration overall.
Encourage proactive engagement and personalized support to help employees make informed decisions that align with their financial goals, ultimately contributing to their overall well-being and financial security. This way, your company can leverage your benefits suite to help boost both employee satisfaction and organizational performance year-round.
