Human Resource Professionals: Are Your Employees Thinking or Just Signing up for the Benefits They Had Last Year?
One of the most important decisions your employees make each year is choosing which of the benefit options you offer they are going to enroll in. These decisions can have a direct impact on their family’s finances. With the advent of Private Exchanges, High Deductible Health Plans with an HSA or HRA, choice of dental programs, supplemental life insurance and so on, employees have a lot of important decisions to make. The scary part is that employees spend a remarkably small amount of time researching their options.
A recent study showed that more than 40 percent of employees spent less than 15 minutes researching available benefits during the 2013 open enrollment period. About 25 percent of the people surveyed spent less than five minutes researching benefits. In comparison, look at the survey results below to see how much time people spent on other purchases:
– 10 hours researching a new vehicle purchase.
– 4 hours shopping for a new computer.
– 5 hours planning vacations.
– 2 hours deciding which television to buy. […]