We’ve all been stuck in a situation where we have had to make a difficult choice. But what was it specifically that made the choice so difficult? Was there too many choices vying for your attention? Did you struggle with coming up with the right criteria on which to base your decision? Maybe you were limited on time, or maybe you weren’t an expert on what you were evaluating, making it difficult to know where to start evaluating at all. Maybe you felt so overwhelmed by all the different options that you even considered just picking blindly.
For employees, it’s not news that what happens at home doesn’t necessarily stay at home. As long as people have had jobs, they’ve had to juggle work with the demands of sick children, upheavals in marriages and personal relationships, unbudgeted financial emergencies, and the stress of wondering if they’ll ever be able to retire comfortably.
For nearly a decade, the Millennial generation has been generally criticized for entering the workplace with a sense of entitlement, lack of focus, poor work ethic, and a need to be tethered to their various devices. However new research shows the truth to be quite different — and HR leaders, benefit specialists, and brokers should pay attention.
It’s no secret that the world of benefits is evolving. What once started as a simple medical, dental, vision package has evolved to a whole array of options. From HSA’s to FSA’s, HDHP’s, 401(k), voluntary products and wellness programs, benefits offerings are much more complex than what they once were. While this is an advantage to your workforce, it can also be overwhelming when trying to make the right benefit elections.
At Businessolver, we pride ourselves on being a learning organization and we are constantly looking at different perspectives and the opinions of a variety of experts. One item that caught our attention was a Ted talk where Barry Schwartz presented “The Paradox of Choice” from his amazing book with the same name. Mr. Schwartz makes several profound comments in this talk that have impacted our approach to benefits administration.
Businessolver develops benefits administration software and has been around for over 16 years. Over our tenure we have learned many things through research, data analysis, observing trends and behaviors. One of the things we have learned is that people do NOT want to shop for benefits. How can we be so sure? Let’s take a look at the data.
Conventional wisdoms are ideas or explanations generally accepted as true by the public or by experts in a field. Sometimes they’re backed up by research and facts, and other times they’re just so well known that the research is assumed. Often they become so widely accepted that they can start to become an obstacle to the acceptance of newly acquired information. But in reality, circumstances change, we learn new things and evolve.
We went with the challenge.
Most of us think of ourselves as rationale human beings, capable of making decisions based on facts and data. And in many areas of life, that may be true. But buying insurance is not one of them. Through our research at Businessolver, we have uncovered a wealth of evidence that the processs is very emotional.