Dynamic Work/Life Solutions Blog

Life Event Technology

Posted by Blog Tipster on Thu, Nov 03, 2016 @ 11:07 AM

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With the myriad of software and mobile apps designed to simplify benefit administration, the focus shifts from meeting employee needs to consolidating employee benefits.  Employees become lost in a maze of benefits, resulting in underutilization of their benefits and a lack of knowledge about how their benefits can meet their everyday needs.  Life event technology changes all that by bringing the focus back to the individual – by addressing each individual employee’s unique life needs through harnessing the power of modern technology.

What is a life event and how do life events relate to benefits?  A life event is defined as “any significant step, event, or milestone a person may experience in their life”.  Consider all of the life events that employees may experience over the course of their career – from getting married, to pregnancy, to grief, to finding the right college for their child, all the way up to retirement.  With traditional benefit administration technology, benefits are consolidated but still siloed with no connection to the life events occurring in employees’ lives.  An employee purchasing a home has no guidance on how any of his or her existing benefits can help during the home buying process.  Similarly, an employee providing care for an ill family member is provided no information as to how his or her benefits can alleviate the stress of caregiving.  Using life event technology, an employee’s life event is the hub around which the employee’s benefits revolve, with each benefit applied to assist with each unique life event.

Let’s take a more in depth look at the two life events mentioned above that many employees experience to see how life event technology works to assist employees:

Purchasing a Home

Buying a home is a significant and often overwhelming time in a person’s life.  Fortunately, many employees have a variety of benefits available to support them throughout this process.  For example, an employee may choose to access their Retirement Benefit in order to borrow money against their 401K for a down payment.  The employee could utilize their Work/Life Benefit for assistance researching home prices, neighborhoods, school districts, moving companies, etc.  The employee could also use their Financial Benefit to learn about mortgage structures, interest rates, rolling property taxes into the mortgage or paying separately, etc.  Finally, the employee could access their pre-paid Legal Benefit to help review closing documents.

Caring for a Loved One With a Serious Illness

Helping a loved one through a serious illness is a stressful and emotional time that often impacts an employee’s overall productivity.  There are many benefits that can help with this distressing life event.  Of course, if the loved one is a dependent, the employee will be utilizing their Health Insurance frequently.  When dealing with a serious illness of a dependent, an employee’s Health Advocacy service would be very helpful with specialist referrals/pre-authorizations/bill mediation/medication information/etc.  If the loved one has a terminal illness, the employee should be reminded to review their Life Insurance benefit.  The employee could also utilize their free Legal Consultation to assist in developing an estate plan if the diagnosis is terminal.  Dealing with the illness of a loved one can be extremely stressful and an employee’s EAP is available to help them handle the situation.  Caring for a loved one can also be draining and even start to impact the employee’s own health.  By utilizing their Wellness Benefit the employee can learn relaxation techniques/healthy eating techniques/quick exercises/etc. to help keep themselves healthy.

As we can see, even the most unlikely benefits can complement one another.  With life event technology, employees receive individual guidance about how their benefits can work together to assist with their life events.  As a result, employers receive a higher return on investment of their benefit dollars while employees receive a much more effective benefit experience and customized guidance about their individual life needs.

Learn more about our life event technology and join the HR revolution by reviewing BalanceBenefits on our website.   You can order “Beyond Benefits” by Gene Raymondi, CEO and thought leader, watch our quick video, request a demo, or simply send us an email requesting more information.   

We look forward to helping you with your benefit needs!

Tags: Benefit Communication, Integrated Technology, Benefits, Life Events, Benefit Enrollment, benefit engagement, benefit mobile apps, benefit administration, life event technology

Engaging Millennials

Posted by Blog Tipster on Thu, Aug 11, 2016 @ 11:54 AM

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The Millennials are coming, the Millennials are coming … the Millennials are here!  Armed with shiny smart phones, mobile devices, and cloud based technology, this knowledgeable group of technological revolutionaries are ready to collaborate and contribute to your workforce.   More than 1 out of every 3 workers today belong to the Millennial generation and, by 2025, Millennials are expected to comprise nearly 75% of the global workforce (The Brookings Institution, 2014).  The Millennials are here to stay and they are raising the technological bar for companies across the globe.  While their presence in the workforce is well known, their longevity with any one employer is not.  In fact, a 2016 study showed that “66% of Millennials express a desire to leave their organizations by 2020” (Deloitte, 2016).  With the cost of recruiting and training new employees ever soaring, retaining Millennials is of paramount importance to most employers. 

Perhaps the first step to retaining Millennials is to communicate with them using the technological platform that they desire, which is through mobile devices.  With nearly two-thirds of Americans owning a smart phone, mobile devices have become a “key entry point to the online world” not only for Millennials but for other generations in the workforce as well (Pew Research Center, 2015).   For Millennials, in particular, mobile devices have become an extension of who they are.  Recent research showed usage increasing for mobile devices with nearly 78% of consumer interactions occurring on them (Fluent, 2016).  

The question becomes what does this mean for the HR industry.  Well, in order to attract and retain Millennial employees, you must provide them with customized benefits, via a mobile app, that meets their individual needs and life events!  Research supports that our modern workforce, including Millennials, feels that “benefits that can be customized to meet their needs, would increase their loyalty to their employers” (MetLife, 2016).   Marry mobile technology to a tailored benefits package - and a highly engaging benefits mobile app is born!    

How pressing is the need for a benefits mobile app to engage your Millennial workforce?  A recent study found that a “desire for mobile communication among employees” for benefit information is on the rise (MetLife 2015). Employees are increasingly eager to use a mobile app to manage benefits, access benefit enrollment information, and for learning and benefit education. (MetLife 2015).  Nearly 53% of these employees in this same study reported a need, however, for “more help understanding how their benefits work or how benefits meet their needs”.  Millennials, in particular, evidenced “greater gaps in understanding” their benefits due, perhaps, to “a lack of awareness and exposure over the course of their relatively new career spans” (Metlife 2016).  

It’s time to bridge the generational gap in benefit understanding and communicate benefit information using the technological tools preferred by Millennials with a benefits mobile app!  The result will be an engaged, productive, and loyal workforce.

Contact eni for a complimentary demo of the revolutionary new mobile app that places all your employees’ benefits in the palm of their hand!

Tags: employee engagement, Mobile Applications, Millennials, benefit engagement, benefit mobile apps, Millennials in the Workforce, engaging Millennials,