Education Drives the Employee Experience
As benefits grow increasingly complex – and expensive – for both employees and employers, nurturing a comprehensive understanding of benefits across your workforce is crucial. SmartBen Educator helps develop benefit-smart employees who make better buying decisions and truly understand the total value of their benefits package.
Did you know most employees believe benefits are equal to 10% of total compensation? National averages show that benefits actually represent more than 30% of total compensation – a big difference.
How Does SmartBen Educator Help Employers?
Optimize Buying Behavior to Lower Costs
Informed buyers are more likely to purchase financially prudent options, lowering costs for themselves and your organization.
Utilize Custom Data for Real-Life Scenarios
Educator leverages individual employees’ own census data and benefit information, so they can make the best financial choice for their situation. Letting employees see real-life scenarios gives them peace of mind and financial confidence.
Increase Benefits Awareness and Appreciation
Employees who understand the full value of their benefits are more likely to feel a greater appreciation for their benefits package and see value in them and their employer.
Decision-Support and Communication Tools
Educator uses a variety of cutting-edge tools to guide employees toward improved outcomes, including:
Real-Time Total Compensation Statements
Most employees do not know the total value of their benefits package, and they generally perceive it to be lower than the actual worth. A total compensation statement provides a bigger picture and boosts employees’ valuation of their benefits and employer.
Educator provides year-round paycheck modeling, including built-in tax tables and updated estimates during enrollment, to help your employees accurately assess their net pay. This tool helps employees – especially new hires and those going through life changes – navigate the different benefit package scenarios outside of enrollment, so they can answer the underlying question of “how will this affect my paycheck?”
Educator’s advanced algorithms and built-in social security formulas make it easy for employees to understand each funding decision’s impact on their retirement goals, so they can recognize any risk of being underfunded at retirement and strategize accordingly.
Healthcare Cost Modeling
By using employees’ self-reported healthcare utilization data, Educator’s cost calculator helps employees compare true out-of-pocket costs and provides a simplified method for ranking plans.