Guardian’s workplace benefits study reveals that the revolution of human resources technology is giving employers broader access to digital solutions to help manage their benefits plans more effectively.
Our study reveals that while more than 3 in 5 employers expressed difficulty in managing their benefits because of its growing complexity, employers that were more highly-digital reported greater efficiencies and overall satisfaction among their benefits delivery.
Because of the dramatic rise of benefits digitalization, a majority of employers have increased their spending on benefits-related technology in the past five years, with about 50% of businesses also anticipating further increases in the next three years to address their top challenges, such as controlling benefits cost, increasing efficiency, ensuring compliance, and improving workforce engagement.
Highlights from Guardian’s study show:
- 2 in 3 Employers are now more digital than paper-based in managing their benefits
- 3 in 5 Millennials wish it were easier to learn about and access their workplace benefits
- 4 in 10 Businesses cited outsourcing as a top benefits strategy, up 41% since 2014
- 2 in 5 Employers have not spoken to their benefits broker about their benefits technology needs
Demographic shifts, coupled with society’s growing reliance on digital technology is reshaping consumer expectations of the employee benefits experience – with primarily Millennials, but all generations, seeking a more personalized and engaging benefits experience.
Finding the right benefits technology solutions remain a top priority for companies of all sizes, with a greater focus on how to attract new talent, retain highly-skilled employees and be prepared for the workforce of tomorrow.
Read the full study to learn more.