Hi, HR/benefits pros! I’m SofiaSM, and I’m excited to meet you – and hopefully, your employees as well! I’m a personalized benefits assistant, the latest product innovation by my colleagues at Businessolver. They’re trusting me to add greater personalization and real-time benefits support for members that use their benefits administration technology platform. Today is my big debut, and I’m ready to take the benefits industry by storm!
“I’m taking my talents to South Beach."
Even the most casual basketball fan can recall the night in 2010 when superstar LeBron James said on national TV that he was leaving his hometown Cleveland Cavaliers to join the Miami Heat. While “The Decision” still holds a place in our pop culture history, that’s not the part of LeBron’s story I prefer to focus on.
Historically, access to mobile health meant that your doctor made house calls. Today, thanks to smartphone technology and more than 250,000 apps, mobile health access is unlimited – people can easily track their wellness goals and stay engaged throughout their health journeys, all without a healthcare provider.
Anyone else remember playing the board game Life? Spinning the wheel and moving around the board, not knowing if you’d land on a new job or a new baby or a new car. If you’d work and build up a fortune, or take a wrong turn and be penniless.
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.
A recent article in SHRM’s online magazine made the argument that in 2016, an increasing number of employers will introduce consumer-driven health plans (CDHPs), putting the burden for cost savings on employees, and will roll out more creative and customized voluntary benefits.
This trend shouldn't come as a surprise. And while most large companies in the United States have completed annual benefits enrollment for 2016, it’s crucial to look ahead to make sure employees make the best use of their benefits.
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.
Last week during our One Wallet webinar we asked our participants how long they thought most employees spend making their benefits elections. 38.5% of attendees estimated that employees spent less than 10 minutes enrolling. 10 minutes! Think about the impact—and price tag—attached to that decision, and the time spent on it. Seems a little surprising, right?
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.