A new survey suggests the benefits companies offer may not be pulling their weight in employee satisfaction. The solution: better communication.
Most workers underestimate how much companies fork over to maintain benefits, according to a recent survey by Fidelity Investments.
The majority (53%) of employees think their companies pay less than $5,000 annually per worker to provide health insurance — when in fact, companies typically pay between $5,000 and $15,000 per person each year.
The good news: 72% of workers still think they’re getting benefits as good or better than what other companies are offering. But the bad news is they feel the value is decreasing — 61% of employees say they’re paying more for benefits and getting less or the same as a year ago.
Since healthcare and other benefits play a big role in people’s employment decisions, making sure everyone understands the value of what you’re offering is key to hanging on to the best employees.
For effective benefits communication, experts recommend HR and plan administrators skip the jargon and relay information in simple terms that touch on employees’ emotions.
