Price is the main driver of employer benefit choices, brokers say
- Price is the main driver when employers are selecting employee benefits, a new report from IdentityForce says.
- In a survey of more than 100 benefits advisors and consultants, 80% of respondents said cost is the primary driver. Value to employees was next at 77%, with 36% citing ease of enrollment.
- Employers also are increasingly offering non-traditional benefits, the group said. Wellness programs, including those focusing on financial wellness, are the most requested.
Benefits are key to attracting talent and retaining employees, and more employers are reporting that voluntary benefits are becoming a "must have." Even retailers, once considered lightweights as benefits providers, are expanding their offerings to attract and retain workers.
Still, employers aren't finding success with all offerings. Workers are selecting practical, if non-traditional, benefits that fit their needs, lifestyles and interests. They're bypassing trendy benefits, such as beer rooms and onsite gyms, for benefits that bring peace of mind and convenience.
And regardless of the benefits offered, employers must work to ensure access is easy. A recent Willis Towers Watson study revealed that employees find accessing their benefits digitally through multiple vendors confusing. Fragmentation has decreased the number of employees who access their benefits, so a good ROI may depend on simplifying worker access.