SoftwareReviews Benefits Administration Champion, isolved, Releases New Benefit Admin Data Highlighting Its Critical Role in Employee Recruiting and Retention
isolved, whose latest survey of over 1,100 full-time employees in the United States reveals employees have expectations for how the software they use to enroll in benefit plans should work, has been named a Champion in Benefits Administration by SoftwareReviews, a division of Info~Tech, in its July 2022 Emotional Footprint Report. The evaluation measures high-level sentiment toward product offerings, based on customers’ response ratings for various dimensions of the vendor-client relationship. isolved earned top-five customer ratings across myriad categories including continuous improvements, customer centricity, customer care, fairness, friendly negotiation, generosity, integrity, product productivity, respectfulness, reliability, security, selflessness, trustworthiness and value – all based on real customer reviews.
Respondents to the isolved survey indicated “the ability to see a real-time cost analysis of elections” is the most important feature to their overall experience, when using technology for benefit election. The ability to showcase a cost analysis is critical for employees as 44 percent of full-time employees believe the costs they pay toward benefits are too high and 74 percent say a poor benefits enrollment experience could make them consider looking for another job. Additionally, 45 percent of respondents indicate they aren’t sure their employer’s benefits package is competitive.
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“Once deemed just back-office technology, benefits administration software is now core to employee experience,” said James Norwood, Chief Marketing and Strategy Officer at isolved. “When the majority of employees say they’d consider leaving if the benefits-enrollment experience is bad, employers must consider how they are doing with not just the benefits they offer but also the technology employees use to evaluate them – and ultimately elect them. isolved’s recognition by our customers as a top benefits administration vendor proves we not only cater to the vendor-customer relationship and the value they receive, but also the employer-employee relationship and the value both see from it.”
Within the independent, customer-based Emotional Footprint report, isolved often scored well above the category average (on a 100-point scale) such as:
- Caring: isolved scored 90 versus category average of 79
- Fairness: isolved scored 94 versus category average of 85
- Generosity: isolved scored 92 versus category average of 73
- Integrity: isolved scored 100 versus category average of 84
- Respectfulness: isolved scored 100 versus category average of 89
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While employees don’t necessarily experience the vendor-customer relationship, they are impacted by the end result.
The second-most requested feature by employees for benefit enrollment is having the previous year’s elected benefits passively roll over for employees to confirm. A full 95 percent of full-time employees say they’d likely roll over elections from the previous year to the current year. The more steps employers can take to reduce stress around benefit election, the better. Sixty-one percent of full-time employees say open enrollment is stressful and roughly a third (30 percent) are not confident in their benefits elections, at all.
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