With rising healthcare costs and increased competition for top employees, staying ahead of the curve is more important than ever in today’s business climate. Benefits play a key role in determining your organization’s bottom line and competitiveness, but the innovative technologies used to improve other business functions are often woefully underutilized in this area. Are you certain that your employees fully understand, appreciate, and utilize their benefits? If not, an employee benefits app could be the cutting-edge tool you need to improve your ROI for benefits while keeping your workforce engaged and informed. Here are a few ways that an app can revamp your organization’s approach to benefits:
Makes Benefits Accessible for Employees
Did you know that only 4 percent of employees can define copay, coinsurance, deductible, and out-of-pocket maximum1? When employees can’t comprehend their benefits, or struggle to navigate a mountain of benefits paperwork, emails, and ID cards, they tend to throw up their hands and just not use their benefits. A mobile benefits app increases your benefits’ accessibility and ease-of-use by consolidating educational and administrative resources directly in your employees’ phones.
Increase Employee Engagement
When 70 percent of employees believe their employer has little concern for their financial wellbeing2, it’s safe to say the engagement gap is very real – and very large. Poor engagement levels are often driven by a lack of understanding and an undervaluation of benefits. With an employee benefits app, employees and their families not only learn about, but truly feel, the impact and value of their benefits in day-to-day life.
Boost Employee Retention
This year, 47 percent of employees in the U.S. will look for a new job due to confusion or dissatisfaction with benefits. The cost of replacing an average worker is 1.5 to 2 times their current salary3, so retention must remain a key area of focus for any organization. A mobile benefits apps allows employees to navigate their benefits in a way that leaves them feeling empowered and appreciative, boosting loyalty and helping organizations save on replacement costs.
Consolidate Data to Contain Costs
The average office worker receives 132 emails a day4! Fortunately, an employee benefits app can combat digital overload by consolidating benefits information in one mobile platform. Employers can also benefit from the analytical capabilities of an app. For employees with diabetes, hypertension, or other managed conditions – or even employees who are simply going to the ER for avoidable reasons – targeted messaging and health tips can improve their decision-making and guide them toward more cost-effective measures, such as telemedicine.
How Hodges-Mace Can Help Your Business
With SmartBen NOW, Hodges-Mace is positioned at the forefront of the shift toward mobile benefits, and we’ve seen firsthand how clients are successfully increasing enrollment completions, boosting employee satisfaction with benefits, and reducing healthcare costs. By leveraging SmartBen NOW, our clients gain increased:
If you would like to learn more about how SmartBen NOW can help your company get more from benefits, click here to learn more and request a demo!
- SunTrust Q4 2016 Consumer Voice of Market survey