As the recession forces companies to cut back on spending and get more out of their investments, here’s yet another study from UNUM offering evidence that investing in better benefits communications is sound advice.
Taken in December 2010 following last year’s annual enrollment period, the UNUM study finds that effective benefits education enables employees to make better choices, can increase employee loyalty and improves how employees rate their benefits packages.
They’ve wrapped up their findings in a catchy 3+3 slogan: three weeks plus three types of education methods = a better benefits education. This reflects the findings that apparently half of the employees surveyed had less than three weeks to review their benefits.
Better education leads to higher FSA enrollment, which saves employers money on taxes.
Good benefits communication can raise employee Flexible Spending Account enrollment by 20% or more, a recent study found. The benefits of an FSA may be obvious to the seasoned HR Director, but not all employees – or employers – know how valuable these accounts can be.
Both employee and employer enjoy significant tax savings when FSAs are used. Employees save on federal and FICA taxes, plus any additional state and local taxes on medical items paid for through their FSA.
Employee financial health issues are negatively impacting key organizational objectives and should be a key priority among employers, advises GuideSpark.
Forward-thinking companies that implement financial wellness initiatives can expect a return on investment of over 3:1, according to recent studies.
In its new white paper, “The Need for Financial Wellness,” experts from GuideSpark (formerly ThriveOn) discuss the advantages available to companies that take ownership of the financial health and wellness of their employees.
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With studies showing nearly four out of five employers feel their employees do not understand their benefits, a different approach to benefits communication is needed, according to a new white paper by GuideSpark.
In a short time period, Web 2.0 technologies have transformed the way people learn and get information, yet have barely touched benefits communication. Lengthy text documents and static Web pages typify the ways companies attempt to educate their employees on increasingly complex benefit offerings.
Yet should companies care? In a new white paper, “Five Ways to Leverage Web 2.0 to Transform Benefits Communications,” GuideSpark experts Keith Kitani and Joseph Larocque discuss how many companies have failed to realize their investments in benefits, and ways they can use Web 2.0 technologies to transform benefits communications.