How an employee benefits app can help your organization

Are you certain that your employees fully understand, appreciate and utilize their benefits? If not, an employee benefits app may be the cutting-edge tool you need to improve your ROI for benefits while keeping your workforce engaged and informed. We’ve identified a few key ways that an app can revamp your organization’s approach to benefits.
Using an app can:
 

Make Benefits More Accessible for Employees

Did you know that only 4% of employees can define copay, coinsurance, deductible and out-of-pocket maximum¹? When employees can’t comprehend their benefits or struggle to navigate a mountain of benefits paperwork, emails and ID cards, they tend to give up or avoid using their benefits in general. A mobile benefits app increases accessibility and ease-of-use by consolidating educational and administrative resources directly in your employees’ phones.

Increase Employee Engagement

When employees believe their employer has little concern for their financial wellbeing, the engagement gap is very real – and very large. Poor engagement levels are often driven by a lack of understanding and an undervaluation of benefits. With an employee benefits app, employees and their families are able to fully realize the impact and value of their benefits in day-to-day life.

Boost Employee Retention

This year, 47% of employees in the U.S. will look for a new job due to confusion or dissatisfaction with benefits. The cost of replacing an average worker is 1.5 to 2X their current salary², so retention must remain a key area of focus for any organization. A mobile benefits app allows employees to navigate their benefits in a way that leaves them feeling empowered and appreciative, boosting loyalty and helping organizations save on replacement costs.

Consolidate Data to Contain Costs

The average office worker receives 132 emails a day³. Fortunately, an employee benefits app can combat digital overload by consolidating benefits information in one mobile platform. Employers can also benefit from the analytical capabilities of an app. Employees with specific conditions like diabetes, hypertension, or other managed conditions – or even employees who are simply going to the ER for avoidable reasons – receive targeted messaging and health tips that can improve their decision-making and guide them toward more cost-effective measures, such as telemedicine.

How SmartBen NOW can help your business

With SmartBen NOW, we’ve seen firsthand how clients successfully increase enrollment completions, boost employee satisfaction with benefits, and reduce healthcare costs. By leveraging the SmartBen platform, our clients gain increased:

• Accessibility: SmartBen NOW’s simple, on-the-go access helps employees understand and appreciate their benefits, and they are more likely to use them effectively.
• Engagement: SmartBen NOW facilitates a variety of engagement initiatives, including geo-location features for finding on-the-go care and employee assistance programs, where employees can further explore topics like psychiatric care, wellness and other benefits, such as their PTO or 401(k) balance.
• Retention: Employees who leverage SmartBen NOW know their benefits are clear, easy to use and readily available, and they feel better about their relationship with an employer. This increased loyalty helps employers mitigate high turnover costs and employee replacement.
• Consolidation: Employees appreciate SmartBen NOW as it provides a single resource for benefits information and employer communication, increasing overall efficiency and decreasing digital clutter.

1. https://www.cnbc.com/2016/11/04/many-americans-dont-know-much-about-health-insurance–and-it-will-cost-them.html
2. http://irle.berkeley.edu/files/2010/Employee-Replacement-Costs.pdf
3. http://www.radicati.com/wp/wp-content/uploads/2014/01/Email-Statistics-Report-2014-2018-Executive-Summary.pdf