Pension & Benefits News Despite employer investment in benefits packages, majority of employees are unaware of available benefits
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Thursday, September 5, 2019

Despite employer investment in benefits packages, majority of employees are unaware of available benefits

By Pension and Benefits Editorial Staff

There is a disconnect between companies’ investment in health benefits and the value that employees get from them, according to recent research from the Harvard Business Review Analytic Services, sponsored by League, Inc. The survey of 238 executives found that 90 percent of organizations view employee health benefits as an important way to demonstrate their organization’s understanding and concern for the needs of their workers. However, 58 percent of companies also reported that their employees are unaware of the company-provided health benefits to which they are entitled; and 63 percent believe that employees do not know how to leverage their benefits.

The survey found the following:

  • Just 28 percent of employers say employees actively engage with all of the health benefit programs they are offered.
  • Only 27 percent believe employees use the full range of their health benefits.
  • Less than half (41 percent) of organizations report that their employees are knowledgeable about which health benefits plan is right for them.
  • Just over one-third (35 percent) of organizations report that employees are knowledgeable about the quality and cost of health care.

Despite all this, more than half (51 percent) of organizations expect benefits will become an even higher strategic priority over the next three years, especially when it comes to better managing health benefits costs (68 percent).

SOURCE: https://get.league.com/league-hbr-summary/

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