Time Well Spent: Benefits Education Helps Your Employees and Business
Could one hour today really save you hours—and thousands of dollars—tomorrow?
Imagine taking an hour out of your employees' day and dedicating it to benefits education. That hour could be one of the most impactful meetings you have with your team.
This may seem like a pipe-dream when there are so many other things that are considered a higher priority. But, when benefits education isn't a point of focus in the workplace, it's very likely that it's not being focused on at all.
After surveying more than 1,500 full-time employees in the United States, Colonial Life found 69% of employees spend under an hour considering their benefits (core or voluntary).
That's hardly enough time to read all of their benefits materials, let alone understand them—especially when you consider how many Americans are stressed about their finances. It takes time to carefully consider how their available benefits can fit their current and future needs. Some employees may not realize exactly how voluntary benefits can help can be an integral part of their personal financial planning. Solutions to their financial stress are available, and since many voluntary benefits are available at no cost to employers, you're able to help your employees and protect your bottom line.
That's why benefits education can be crucial for your employees' success. Equipping employees with the right information can help them make informed decisions— and help increase their job satisfaction.
Taken from the same survey, Colonial Life was able to identify a few important correlations between factors like employee retention and morale with how well employees understand their available benefits:
• Half of employees who felt highly or moderately cared about by their employer understood their benefits moderately to very well.
• Nearly one-third of employees who understand their benefits very well intend to stay with their employer for more than 10 years.
• Almost half of employees who understand their benefits very well feel highly satisfied with their current job.
When employees feel care about where they work, it can help alleviate stress, as well as increase morale and their desire to remain with their current employer.
Equipping your employees with the right benefits education tools will help them become smarter decision-makers about their own benefits. They'll feel valued, less stressed and more committed to the work they're doing to provide for their families— and grow your business. It's time well spent.
Is one hour worth it? When you invest in your employees, it's repaid in improved productivity and retention. That's a return you'll appreciate.
Colonial Life, “Consumer Survey,” 2019. 1,505 U.S. consumers working full-time responded to the survey from January 29-February 1.
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