isolved Launches Survey Results and Employee Marketplace for Customers to Exceed Today’s Benefits Expectations
NEW ORLEANS, June 14, 2022 /PRNewswire/ — With recruiting and retention challenges escalating for every size and type of business, it may come as a surprise that 54% of employers haven’t expanded their benefits offerings in the last year, according to the isolved study second annual benefits survey of more than 1,100 full-time employees in the United States To help its more than 145,000 customers remain competitive, resolute, recently recognized as a major player in IDC MarketScape: Worldwide Modern Talent Acquisition Suites 2022 Vendor Assessment (doc #US48357022, June 2022), launched an employee marketplace within the isolved People Cloud to offer discounts to over 10,000 brands and 1 million products through the isolved partner community. In fact, of all the benefits that employees don’t have access to, lifestyle discounts are the most coveted according to the survey results.
isolved Employee Marketplace will be enabled for customers on June 17 using Adaptive employee experience, an always-on consumer interface designed to allow employees to self-serve from any device. Survey results show that employees want access to their benefits on their terms. The most unique benefits/employment perk that would motivate employees to apply for a position is a four-day work week, followed by 401(k) matching and unlimited paid time off. (PTO). However, many employers need to focus on how employees initially enroll in these benefits. In fact, 64% of full-time employees say a bad benefits enrollment experience could lead them to look for a new job, and 61% say open enrollment is stressful.
“Employees are recognizing the value of frictionless experiences,” said Amy Mosher, Chief People Officer at isolved. “As business leaders, we may never know when an experience is going perfectly, but we will certainly feel the ripple effects of benefits enrollment experiences that fall short of industry standards. ‘today or worse, when an employer doesn’t provide the benefits employees want. Surveys like this and features like Employee Marketplaces from an analyst-recognized provider like isolved, s are aimed at today’s workforce who want an optimal work-life balance, whatever that means to them.
While most employees choose their benefits electronically, more than a third (36%) need to log into separate platforms to do so – compared to the same platform they use to request benefits. time off, view pay stubs, and perform other human resources (HR) tasks. While this can cause friction in the employee experience, the good news is that only 12% of respondents indicated that benefits enrollment is a paper-based process. It’s clear that employees want a modern benefits experience, as the most important feature for employees is that benefits chosen from the previous year are passively rolled over for confirmation, followed by the ability to make choices entirely at remotely and digitally. Other enviable expectations and benefits include:
- Complete Wellness Programs: A large majority (70%) of employees think their employer should offer a wellness program that supports their physical, mental, and financial wellbeing because all three impact their work. This has increased by 5% since last year.
- Disclosure on total compensation: Eighty-two percent of employees view benefits as part of their total compensation when deciding whether to accept a job offer or stay with their current employer, making communication about it essential for employees. human resource departments. The top three benefits that contribute to employee satisfaction with total compensation are (in order): healthcare benefits, flexible working hours, and flexible workplace.
- Benefits for caregivers: Forty-two percent of respondents said carer benefits are the same or greater this year than last, which may include both childcare and elder care.
- Charitable donations: Forty-eight percent of respondents are likely or extremely likely to benefit from charitable donations taken directly from their paychecks.
- Customizable perk set: According to respondents, the single best step employers can take to improve the benefits enrollment experience is to provide more customizable benefits.
For full survey results and analysis, download “The Big Impact of Benefits on the Employee Experience: Meeting Expectations and Gaining a Competitive Advantage” here. Customers can access their new employee marketplace in the isolved People Cloud.
About I’ve resolved
I’ve resolved is a leader in employee experience, providing intuitive, people-centric HCM technology. Our solutions are delivered directly or through our network of HRO partners to more than five million employees and 145,000 employers in all 50 states, who use them every day to improve performance, increase productivity and accelerate results while reducing risks. Our HCM platform, isolved People Cloud, intelligently connects and manages the employee journey across talent acquisition, HR and payroll, benefits, workforce management, and talent management functions. Regardless of industry, we help high-growth organizations employ, empower and empower their workforce by transforming the employee experience for a better today and a better tomorrow.
Amberly DresslerSenior Director of Brand and Content Strategy