70% of employees want more voluntary benefits but 98% of HR pros say their time is already“fully utilized” and technology help is needed
TAMPA, FL., May 04, 2020 - Corestream, the leading platform for connecting employees with voluntary benefits, today released its Technology, HR and Voluntary Benefits report, capturing the importance of voluntary benefits in attracting and retaining the best and brightest talent, as well as technology’s role in allowing HR to keep pace with increasing benefits demand without suffering massive administrative burden. The report’s findings were based on separate surveys of 137 HR professionals and 147 employees at companies of over 5,000 workers.
Voluntary benefits are elective add-ons—such as supplemental health benefits, pet insurance, student loan refinancing, employee discounts and group auto insurance—that businesses offer their employees to complement existing traditional benefits offerings. Corestream currently manages voluntary benefit deductions for 1.5 million employees. Over the course of 2019, Corestream reconciled over $135 million in premiums for its partners.
More Voluntary Benefits Educations and Communication is Needed
“Forward-thinking HR departments are capitalizing on technology to address employees’ desire for more voluntary benefits and a greater understanding of the benefits offered to them,” said Neil Vaswani, Co-founder and CEO, Corestream. “Corestream makes it possible for HR professionals to offer an ever-expanding number of voluntary benefits and engage in more frequent employee communications without the administrative overhead that would otherwise be required. This fundamentally changes the relationship between HR and employees, benefiting both.”
Employees and HR representatives alike agree that more communications about voluntary benefits is needed. Forty-seven percent of employees surveyed said they did not understand what “voluntary employee benefits” are. At the same time, 68% of employees said their employers are only “somewhat” or “not at all” effective communicating about benefits. Clearly, there is a communications gap to be closed.
Rather than transactional, sporadic interactions, with Voluntary Benefits Administration technology HR representatives easily interact with their employee base and more fully support their needs, both inside and outside the office. In short, HR becomes more strategic to the business than ever before.
With Each Employee Generation, Voluntary Benefits are Growing in Importance
The survey of 147 employees at companies of at least 5,000 workers showed that every generation views voluntary employee benefits as “very valuable.” What’s more, with each generation that enters the workforce, that opinion grows stronger. For example, where 48% of Baby Boomers called these benefits “very valuable,” 55% of Gen Xers and 64% of Millenials responded that way. Across all generations, 58% said voluntary employee benefits affect their choice of employer and their employment longevity.
Employees are hungry for more too. A full 70% said they wished their employer offered a larger number and greater variety of voluntary employee benefits, putting on their benefits wish list Supplemental Health, Employee Discounts, Financing Programs, Lifestyle Benefits and Legal Plans and/or Identity Theft Protection.
HR Professionals are Bullish on Technology
HR professionals want to give employees the variety of voluntary benefits they are calling for, but often feel hampered. Of the 137 HR professionals at companies of at least 5,000 workers who were surveyed, 40% said it’s too costly to implement voluntary benefits and 21% said the ongoing administrative burden is too great. That’s where technology comes in. Software platforms exist that are designed to eliminate friction and alleviate both the excessive cost and amount of time required to offer and administer voluntary employee benefits.
Download the Full Report
The complete “Technology, HR and Voluntary Benefits” Report is now available. Please complete the form below to receive a pdf copy.
At Corestream, we believe that the success of any organization relies on the overall wellness of its workforce, from physical and mental health to financial wellbeing. Corestream’s revolutionary platform is designed to remove barriers and streamline voluntary benefits administration. We aim to be a powerful tool in the arsenal of HR teams, brokers, vendors, and employees. For more information, visit Corestream.com.
Corestream is a leading voluntary benefits technology provider that believes the success of any organization relies on the overall wellness of its workforce, from physical and mental health to financial wellbeing. Corestream’s revolutionary SaaS platform scales the distribution and adoption of voluntary benefits to become an integral part of protecting and enhancing the employees’ livelihood. By removing barriers and streamling administration, Corestream has become a powerful tool in the arsenal of HR teams, brokers, vendors, and employees. For more information, visit Corestream.com.