[ad_1]
Sponsored by Voya Financial
Have you ever thought, “Getting my employees to adequately save for retirement and thoughtfully choose and use employee benefits is like pulling teeth?” If so, it’s for good reason. A recent Voya survey shows that 72% of employees eligible for benefits report they would prefer visiting the dentist, servicing their car or preparing for tax season over reviewing their benefit options.2
It’s clear employees view managing their retirement plan and selecting and enrolling in employee benefits as a chore. But they’re not alone. This sentiment often rings true for employers as well, concerning the complexity associated with managing multiple health and retirement benefits.
What if there was an easier, more intuitive and streamlined approach that helped employees choose and employers efficiently manage workplace benefits? Well, there is; and Voya is investing in experiences and solutions that help your employees make smarter decisions with their complete financial picture in mind while lessening your administrative burden. In particular, we’re bringing together retirement plans, nonqualified deferred compensation (NQDC) and health savings accounts (HSA) – paired with a digital benefits guidance experience – to provide an easier and more holistic experience for you and your employees.
We’ve conducted extensive research with employers and financial professionals to understand sentiments around the convergence of health and wealth. On the employer side, 77% said they are interested in integrated solutions.1 Employers see a big upside in having better connectedness as it would likely reduce their administrative burden. They believe having benefits in one place would also make it easier and create a better overall experience.
Most employers understand the natural connections between health and wealth — with healthcare costs directly impacting retirement savings. For example, if an employee has to file a disability claim or is hospitalized, where would they get the money to cover their mortgage, bills and other expenses? It’s most likely to come from their retirement plan. In fact, unplanned medical expenses are the #1 reason we’ve seen for hardship withdrawals from a retirement plan.3 In addition to the tax penalty, your employees could have years added to their working life, which means retirement may be postponed because of the lost savings.
No matter the size of the organization or company, employees are faced with monumental benefit decisions each year during open enrollment. While they may prefer root canals over selecting employee benefits, most understand the importance and significance of the decisions. Specifically, 68% of employees agree benefits will play a more critical role in their future job selection, and 61% agree benefits are going to play a large role their household financial decisions.4 The pandemic has only heightened the significance of open enrollment. According to Voya research, 60% of employees report the pandemic has made them think more carefully about their workplace benefits.5
Even so, many employees speed through the average 17 benefits selections in about 18 minutes.6 To put this into perspective, most people spend an average of 45 hours a year choosing what to stream on TV.7 Something is clearly wrong with this picture.
To make benefits selections less taxing, we are investing in experiences that prompt employees to look across their entire health and savings landscape to make more informed decisions. We are rolling out new digital guidance experiences to help employees make smarter decisions across health benefits and savings.
We get it — selecting employee benefits can be stressful for employees, while managing them can be just as demanding for employers. And the administration process can be even more onerous when you’re managing multiple employee benefits across different providers. To simplify the process for all, Voya is putting it all together.
As a leading holistic workplace solutions provider, we offer a wide selection of retirement and employee benefits within our lineup. Because of this, we are uniquely positioned to offer a more seamless, more integrated experience to help employers save time while encouraging employees to make smarter, more intuitive benefit selections.
Voya’s Wealth Solutions is a top-five provider8 of retirement products and services in the U.S. serving more than 51,000 institutional clients and 6.1 million individual retirement plan participants.
Voya’s Health Solutions is a top-five group provider9 of supplemental health insurance in the U.S. Voya provides a comprehensive and highly flexible portfolio of stop loss, life, disability, voluntary insurance products, and health savings and spending accounts to businesses covering 6.6 million individuals through the workplace.
Learn more about Voya’s integrated workplace solutions here.
Products and services offered by the Voya Financial® family of companies.
1 Voya study conducted with McKinsey, 2021
2 Based on the results of a Voya Financial survey conducted August 27-30, 2021, on the Ipsos eNation omnibus online platform among 1,003 adults, featuring 475 working Americans and 291 eligible for benefits, aged 18+ in the U.S
3 Based on Voya internal data, 1/1/2021-7/31/2021
4 Based on the results of a Voya Financial survey conducted August 27-30, 2021, on the Ipsos eNation omnibus online platform among 1,003 adults, featuring 475 working Americans and 291 eligible for benefits, aged 18+ in the U.S.
5 Based on the results of a Voya Financial survey conducted August 27-30, 2021, on the Ipsos eNation omnibus online platform among 1,003 adults, featuring 475 working Americans and 291 eligible for benefits, aged 18+ in the U.S.
6 HR Dive, On average, employees spend 18 minutes enrolling in benefits, May 2019
7 Vox Newsletter Nov. 2019
8 Pensions & Investments Magazine, Defined Contribution Record Keepers Directory, April 20, 2021
9 LIMRA 2Q 2021 Workplace Supplemental Health In Force Final Report; Marketshare-Total Group Based Supp. Health.
CN1919200_1123
[ad_2]
Source link
