The number of U.S. employees using auto-enrollment features for their benefits plans has more than doubled since 2005, reports the Guardian Life Insurance Company of America.
According to Guardian’s study, 62% of workers now enrol online for their employee benefits, compared with only 29% in 2005. In the past year alone, the use of online benefits enrollment increased by eight percentage points, representing a significant shift in how employees learn about, evaluate and interact with their benefits programs.
While millennials are generally perceived as the generation that would prefer online platforms, in reality, 54% of all workers indicated that a consolidated Web portal would help them appreciate the value of their available benefits more effectively.
“Our research indicates a substantial shift in attitudes, needs and technology behaviours among all generations of workers. As such, employers are beginning to adapt to these changing dynamics by offering benefits packages through online interfaces,” says Elena Wu, vice-president of group insurance for Guardian.
Employees have also expressed a strong need for simplification, with 56% of respondents saying that a Web-based platform that integrates all of their benefits allows them to better comprehend and consider their options.
“Understanding the most appropriate benefits mix is critically important for workers when making such significant decisions,” says Wu. “Consequently, providers and employers must offer employees the most seamless and convenient way to engage with their benefits options to fully and accurately comprehend their offerings and evaluate their needs.”
The top reasons cited for preferring online benefits enrollment were convenience (89%), time saving (85%) and environmental friendliness (78%).
The full research study is available at aboutemployeebenefits.com/enrollmentreport/.