Technology’s Rising Role in Benefits Continues
When surveyed about their use of technology, hundreds of HR decision makers said getting employees enrolled in company benefits is their primary use of tech, according to the 2016 Employee Benefit News Tech Survey.
The chief driver of HR spending on technology appears to be a growing recognition that employees are often overwhelmed by not only the increasing costs but also the volume of healthcare plan choices.
The top five areas being considered for technology investment by HR decision makers in 2017 are:
- Benefits enrollment (50%)
- Benefits administration (45%)
- Employee benefits portal (35%)
- Benefits communication (30%)
- Wellness enrollment (28%)
Most companies are more than willing to pay for the technology necessary to keep pace with the increasing cost and complexity of benefits offerings. In fact, more than 90% said they spent as much or more on technology in 2016 as they did in 2015. That’s likely because most HR and benefits professionals report being either satisfied or very satisfied with how their tech purchases are working for their employees.
The Application of Technology to Wellness
Over a quarter of HR professionals reported plans to invest in technology this year to drive engagement with wellness benefits. Similarly, 26% said wellness enrollment is already one of their leading applications of technology, and a further 15% offer wellness apps and wearable wellness devices.
Clearly employers are devoting resources to their employees’ wellness and relying on technology for much of the delivery of benefits. Most are highly satisfied with how technology is performing in the areas of core benefits enrollment and administration. And for wellness enrollment in particular, most respondents were satisfied (41%) or very satisfied (13%) with how technology is serving their employees.
A majority (56%) are also either satisfied or very satisfied using tech for wellness tracking or analytics. The same goes for wellness apps, where half of benefits decision makers were either satisfied or very satisfied.
Your Turnkey Solution for Wellness Needs
As tech claims an ever-larger share of the benefits space, your company will need to offer employees tech-friendly benefits packages. And that goes for wellness benefits as much as any other. Ideally, a wellness program should meet all the expectations of both tech-savvy companies and their employees. Such a program should include:
- Detailed reporting so you can see the program’s results as employees get engaged
- Tools that allow for flexible, scalable use across a range of schedules and work environments
- A digital format that allows for convenient online learning
- Portability for use on multiple devices
- Apps that track individual progress with the benefit
Now more than ever, technology is an indispensable part of any great company’s benefits delivery. Give your team the kind of wellness benefit that meets them right where they are with the latest technology and tools.
Want to learn more about how to improve financial wellness at your organization? The first step is learning how your organization is doing. Take a look at the health of your company’s retirement plan here.