Friday, January 30, 2009

News You Can Use: Knowledge is power (and satisfaction)

Want your employees to be happier with their benefits? Tell them more about them.

A Univers/EBN survey finds that employees who are knowledgeable about their benefits are almost 30% more likely to be satisfied with the plans offered. Further, the survey reveals:

* Companies that have high employee satisfaction are 86% more likely to say their benefits affect recruitment and retention positively.
* Firms with benefit-knowledgeable employees are 67% more likely to report turnover rates of less than 20%, compared to firms where benefit knowledge is low.
* Providing more benefit options has a positive impact on workers, but that impact is small when compared to the impact of increased benefit knowledge.
* There is a direct correlation between employee satisfaction with the enrollment process and the employee understanding of the benefits offered.
* At companies where employees are satisfied with the enrollment process, there is greater use of personal interaction methods in combination with self-service systems for open enrollment.

So what's the best way to get the word out about the full value of your benefits? Well we can't give away the entire farm. Click here to read EBN's report on the survey, then comment on which ways you communicate benefits to your workers and what has been most/least effective.

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