Articles — July 17, 2023
The Power of Effective Employee Benefits Utilization: Tips to Boost Benefits Engagement and Retention
Imagine a world where your company’s employees arrive at work feeling motivated and fulfilled and leave at the end of the day with a sense of accomplishment and satisfaction—a world where they perform at their peak and never think about jumping ship. An employee benefits strategy focused on benefits utilization can get you there.
While this may seem like a pie-in-the-sky, idealistic vision, the reality is companies can improve the employee experience (EX) and increase job satisfaction and employee retention by implementing the right employee benefits strategy.
Benefits play an instrumental role in retention, productivity, well-being, and business success. However, employee well-being benefits don’t always receive the attention they deserve due to competing demands. HR and EX teams must make benefits a higher priority.
Improving employee experience and retention through effective benefits utilization
HR professionals like you know that keeping top talent is critical to the success of your organization. But how do you keep your employees engaged and motivated? One way to sweeten the deal is to improve the EX by offering well-rounded benefits packages that employees will actually use.
According to a recent Forrester Consulting study commissioned by bswift, Beyond Benefits: Why Employee Benefit Engagement Is Vital to Your Business, 83% of HR decision-makers agree that employee benefits impact EX and retention. Yet, according to that same study, 71% also agree that their employees underutilize employee benefits.
Poor benefits engagement can lead to loss of talent, reduced productivity, and lower profitability. And if you’re at all like the HR professionals surveyed here, you’re probably wondering how to improve benefits utilization, employee engagement, and retention.
Here’s what we know: Mature companies that prioritize EX report greater benefits utilization, satisfaction, and retention. These companies focus on education, listening to employees, and leveraging benefit platforms to drive benefits engagement.
Tips to improve employee engagement with benefits
While companies offer a range of benefits—from health insurance and paid time off to tuition reimbursement and on-site fitness—decision-makers have primarily focused on productivity and retention instead of well-being. Without better benefits engagement that improves employee well-being, companies are unlikely to see the results they want in productivity and retention.
Here are some ways to boost benefits engagement:
Communicate clearly and concisely
Let your employees know about the benefits they have, and make sure the process is easy. With 66% of HR professionals reporting a lack of employee interest in some benefits, ensuring understanding is key.
Offer a robust and diverse range of benefits
Empower multigenerational workforces with a diverse set of options beyond basic health insurance. According to the Forrester Consulting study, 78% of HR professionals report requests for more well-being benefits.
Make benefits easy to access and use
Address tech integration and deliver personalized action-oriented messaging. bswift’s Strategic Partnership Program breaks down these engagement barriers, streamlining the process for employers.
Provide educational resources to guide employees
Invest in resources such as workshops, webinars, and written materials to help employees get the most from their benefits.
Conduct surveys and interviews to gather feedback
Evaluate your benefits package at least twice a year using input from employees to align your offerings with their needs and wants. Continual listening is key.
Consider your competitive landscape
Know what your industry is doing with regards to well-being benefits when choosing new benefits. Offerings that meet market standards and support whole employee health will drive the greatest engagement.
Building a thriving work environment
By focusing on employee well-being and engagement with benefits, HR and EX teams can create an environment where people thrive. Implement these strategies to boost retention, morale, productivity, and business success through a supercharged benefits experience your employees will love.
With bswift, employers streamline their entire HR, benefits process, empowering employees to achieve their health ambitions while your organization achieves its benefits strategy with administrative ease.
Employers can also take advantage of bswift’s Strategic Partnership Program, which offers a consumer-grade digital hub for all employee benefits programs, including a curated, grab-and-go Alliance Partner network, and an open architecture format that allows clients to easily bring existing partners in real-time.
With bswift’s intuitive platform, engaging decision support, educational resources, and caring customer service, employees can make smarter choices about their benefits. Plus, bswift’s constant investment in security and innovation helps protect you, your benefits strategies, and member data.