HR technology leader offers data-driven solutions to help clients more effectively reach employees and maximize benefits engagement
Businessolver, a leader in SaaS-based benefits administration technology and services, continues its innovative efforts to drive year-round engagement with benefits and help their clients achieve a greater return on their benefits investments. To meet these goals, Businessolver has released multiple solutions that help employees interact with their benefits beyond the window of Annual Enrollment and utilize personalized communications to drive action and outcomes.
“Employee benefits are an increasingly vital component of talent acquisition and retention,” said Rae Shanahan, Chief Strategy Officer at Businessolver. “Through our latest innovations, online tools, and mobile app enhancements we’re ensuring our clients can support their employees’ engagement with their benefits, when and how it works best for users.”
Engagement Packages support a personalized benefits journey
With four generations actively in the workforce and a fifth utilizing benefits and pensions, organizations must tailor their benefits strategies to meet the needs of a diverse employee population. These needs are also evolving over time, which calls for personalized solutions that are responsive to employees’ changing life stages.
The introduction of Businessolver’s Engagement Packages encourages the use of data within the client’s existing Benefitsolver platform to deliver targeted communications that drive desired business outcomes based on clients’ strategic goals. These solutions encourage HR teams to think beyond enrollment reminders, and instead use data inherent to their benefit programs to deliver tailored engagement based on life events, plan enrollment and utilization, and more, for each employee, throughout all twelve months of the year.
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Businessolver offers various strategies within their engagement solutions and consults with clients to determine which strategy is right for each organization and their workforce. Featuring state-of-the-art design and content consultation from Businessolver’s in-house creative and communication experts, Studio B, all of the latest solutions are configurable, easy to use, and backed by personnel who not only know benefits, but also the platform.
Businessolver’s client, American Water, engaged Businessolver’s new engagement strategies when they were implementing new benefit options in response to needs of their workforce.
“Employees told us they wanted more choice, options, and flexibility, and we responded by adding new plans, unbundling coverages, and making voluntary benefits available to everyone,” said Sean King, Senior Manager of Benefits Administration at American Water. “That was a lot of positive change, and we knew we’d need to use a variety of communication tools, tailored to our different employee populations, to successfully get the message out, especially because of an active enrollment.
Businessolver’s Studio B supported us with many great communication tools in a year when we needed every employee to make informed benefits choices. Effective communication really helped drive the success of our Open Enrollment, making sure everyone understood the changes and what they had to do. As a result, we had a 100% enrollment rate.”
Total Rewards solution reveals the hidden paycheck
Businessolver’s recently enhanced Total Rewards solution shows employees not only what benefits they have, but also their employer’s contributions and ways they can maximize pre-tax savings, employer matches, and more. This fully integrated online service allows employees to gain a better understanding of their benefits package, and then optimize those benefits with the help of clear communications about all the programs and perks available to them. By raising awareness of employer investment in an employee’s benefits, this solution reveals the “hidden paycheck” many employees don’t realize employers are contributing.
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According to the Bureau of Labor Statistics, employers spend over $11 per hour on benefits for private-sector employees, totaling 31.7 percent of total compensation costs. Having real-time access to view the value of these benefits packages can help employees make an informed decision if they’re considering another job. “Benefits are called benefits for a reason,” said Shanahan. “They are added value and not something to be taken for granted.”
For example, Total Rewards solutions can show employees how much their employer contributes to their full 401(k) amount, and help the employee understand if they are missing out on matching funds based on their contribution level. This configurable solution is also personalized to each employee’s benefits package so employees are equipped with their specific benefits data.
These solutions complement Businessolver’s engagement offerings by raising benefits awareness beyond an annual statement and empowering users to maximize their benefits throughout the year or any time they have an important life event.
MyChoice Mobile App enhancements continue the conversation
Employees increasingly expect a consumer experience with their workplace technology, and benefits are no exception. With the latest enhancements to the MyChoice Mobile App, employees can access their plan details, interact with Sofia — Businessolver’s AI-powered virtual personal benefits assistant — and engage with their consumer accounts, while on the go. Understanding the need for enhanced consumer services, users can now review and submit consumer account claims, check balances, and more to stay engaged with their FSAs, HSAs, and commuter benefits accounts.
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Following an 86 percent increase in mobile app downloads, this version will facilitate improved benefits access and utilization for an increasingly mobile-driven workforce.
Delivering a holistic engagement experience
Businessolver’s engagement solutions go beyond a typical enrollment email blast to the employee’s work inbox and focus on specific benefit program initiatives, using employee’s communication’s preferences, to not only start but extend the conversation about benefits.
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These solutions improve employee engagement at all times of year and thereby support employee well-being in and out of the office. And since a healthier workforce is more likely to be engaged at work and less likely to suffer from absenteeism, these solutions help clients achieve positive business results in productivity, retention, and healthcare outcomes.
SOURCE Businessolver