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American workers say understanding their benefits is very important - and there's a lot their employers could do to improve benefits communication, according to new research commissioned by Colonial Life & Accident Insurance Company and conducted online by Harris Interactive in late February. Individuals whose employers offer benefits are nearly unanimous (98%) in saying it's at least somewhat important to understand the benefits provided to them by their employer, and a strong majority (73%) say it's very important. The survey queried 2,111 U.S. adults age 18 and older employed full or part-time about the benefits education available to them at work.
Colonial Life states that employees also feel strongly about making sure they have enough financial protection for themselves and their families: 97% of respondents said that it's at least somewhat important, and 67% said that it's very important. Other factors employees ranked highly in the survey included:
- Having choices to customize the benefits package - 95% reported that it's at least somewhat important; 59% said that it's very important.
- Receiving regular information updates from their employer about the benefits program - 95% characterized it as at least somewhat important; 53% said it's very important.
- Having convenient access to a benefits expert to talk with face-to-face - 90% said it's at least somewhat important; 46% said it's very important.
"Clearly, employees want access to information and understand the importance of their employer-provided benefits in protecting their families' financial well-being," said Steve Bygott, assistant vice president of marketing analysis and programs at Colonial Life. "These survey results don't surprise us, but they send an important message employers need to hear if they want to get the most out of their costly benefits investment."
Employer benefits communication is often ineffective. In fact, employees don't give their companies very high marks for the effectiveness of their benefits communication. Only 60% of those surveyed said it's fairly or very effective, and 9% said it's not at all effective.
Not surprisingly, then, only about a third (32%) of individuals whose employers offer benefits say they're very comfortable making decisions about the benefits available to them at work. Employees with total household income of less than $35,000 report struggling a bit more, with only 25% saying they're very comfortable with benefits decision-making. They're also much more likely than workers with household income of $50,000 or more to say they're not at all comfortable: 12% compared to 3%, respectively.
What can you do to improve at your company? The answer is improved benefits communication options. Employers can take several steps to help workers better understand their benefits, according to the survey. The top choice among options offered in the survey is providing benefits information employees can access at home or at work, with 38% of employees saying this change would be helpful to them. Equally desired at 37% is providing benefits information that's easier to understand. And more than a third (34%) would like their employers to provide an opportunity for them to talk with a benefits expert on company time.
"Individual, face-to-face benefits counseling has been shown in other surveys to improve employees' understanding of their benefits," Bygott said. "And among those who participate in such a session, they're nearly unanimous in believing it was valuable to them," he added, citing a Colonial Life benefits post-enrollment survey from July 2012.
Other benefits communication changes employees say would help is receiving benefits information more frequently (31%) and receiving benefits information that's more personalized to their needs (30%).
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