AUTHOR

Valerie Bolden-Barrett

PUBLISHED

Sept. 18, 2018

Dive Brief:

• The majority of employees and employers in a new Willis Towers Watson (WTW) study said they were satisfied with their benefits experience. WTW measured the responses of 150 employers and about 17,200 workers, and the company found employee satisfaction with benefits rose to 95% in 2018 from 92% in 2016, while employer satisfaction with benefit offerings rose to 99% — a 22% increase from 77% in 2016.
• A majority (78%) of workers in the study said they would likely remain with their employer because of the benefits it offers, up from 72% in 2016. A whopping 90% of employers said the move to a benefits marketplace helped simplify their benefits administration process. Most employees (97%) preferred choosing their own benefits, rather than have their employer choose for them, and 96% said they were content with the enrollment and shopping experience.
• "Employer satisfaction is a result of reduced costs, simplified administration and the ability to provide more choice in benefit offerings, while employees like the support to make educated decisions and choose benefits tailored to their unique needs," Alan Silver, senior director of benefits delivery and administration at WTW, said in a statement emailed to HR Dive.

Dive Insight:

Benefits satisfaction being at 95% might be especially welcomed by employers on the eve of open enrollment. It's also a good sign given the increased importance that fringe benefits now have in workers' decisions to stay with or leave their employers in a tight labor market.

But employers are still tasked with determining how to best deliver popular offerings. Cost is the main driver of how employers choose offerings, and few sectors of benefits are driving cost more than healthcare. That may be why employers are increasingly turning to point solutions to help employees move more efficiently through healthcare systems. Such solutions allow employers to administer even personalized benefits cost-effectively to workers, who have expressed demand for self-service accessto benefits data in previous research.

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Source: HR Dive

https://www.hrdive.com/news/most-workers-are-satisfied-with-their-benefits-but-want-choice/532432/