Lively’s 2024 Employee Benefits Market Check report shows that employee feedback and ease of use are the most important criteria for benefits selection according to HR leaders.
Lively, Inc., a top-rated health and lifestyle benefits platform* known for launching the modern Health Savings Account (HSA), today announces the release of its Employee Benefits Market Check report. The report presents data and insights around employee benefits decision making gathered from 250 US-based HR and benefits decision makers, collected in collaboration with CITE research. Overall, the report found that employee experience, feedback, and ease-of-use matters above all else when benefits leaders are deciding when to select or renew with benefits providers.
“Employee benefits are a critical decision for companies and impact their goals and bottom line. They go far beyond health insurance, as the right package of flexible benefits enables employees to afford everyday expenses, plan for the future, and counter financial stress,” said Alex Cyriac, co-founder and CEO of Lively.
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“A company’s choice of benefits providers matters when it comes to impacting employee happiness, recruitment, and retention. Providing employees with flexible benefits that are easy-to-use and meet their needs, such as Health Savings Accounts and Lifestyle Spending Accounts, can go a long way to helping organizations meet their goals”
The report found that:
- 81% of organizations are adding or improving benefits in the next year to support employee recruitment and retention.
- One-in-four-organizations plan to add wellness benefits, bonuses, and emergency savings accounts in the next year, and one-in-five plan to add Lifestyle Spending Accounts, pet insurance, and professional development.
- Employee feedback, over cost, is the chief driver of choosing and switching benefits providers, with four-in-ten benefits leaders saying employee complaints are the main catalyst to look for a new provider.
- Ease of use for employees is the most important factor in choosing a benefits provider according to one-in-three HR leaders, but also the top area where providers fall short.
“A company’s choice of benefits providers matters when it comes to impacting employee happiness, recruitment, and retention. Providing employees with flexible benefits that are easy-to-use and meet their needs, such as Health Savings Accounts and Lifestyle Spending Accounts, can go a long way to helping organizations meet their goals,” said Shobin Uralil, co-founder and COO of Lively.
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