#United States #Avon #voluntary benefits #Eastbridge Consulting #Mid-Size Companies

Eastbridge Reveals Trend Towards Online Benefits Enrollment

Recent research from Eastbridge Consulting Group underscores a substantial movement towards online benefits enrollment among employees in mid-size companies. The insights shared in the "Voluntary and the Mid-Size Case Market" Spotlight™ Report reveal that a notable percentage of employees prefer enrolling in their benefits digitally via various platforms, including computers, tablets, and smartphones.

Growing Preference for Online Enrollment

The findings indicate that between 36% and 41% of staff in companies with 100 to 999 employees have completed their benefits enrollment online. This marks a significant increase from just two years ago, where the numbers were between 28% and 29%. This trend highlights a shift in employee preferences, as many express a desire for the convenience of virtual self-enrollment options. Ginger Bates, Director of Research at Eastbridge, noted that the shift towards online self-enrollment is noteworthy: "The transition from 28% to 30% just two years prior to a current 43% to 46% indicates a solid preference for this method moving forward."

Interestingly, while online platforms are increasingly favored, a substantial proportion of employees continue to prefer more personal enrollment methods, indicating a diversity in mode preferences. These methods include face-to-face meetings, phone calls, and traditional paper submissions.

Understanding Mid-Size Employers’ Strategies

The Spotlight™ Report aggregates data from multiple surveys that dissect the actions and attitudes concerning voluntary benefits within mid-size firms. It covers a range of topics, from which products are being offered to employer sentiments that influence service choices by carriers. The data also sheds light on employee attitudes towards owning voluntary benefits and insights from brokers targeting the mid-size market segment.

The report further reveals that a large portion of mid-size employers are contemplating the introduction of new employer-funded benefits in the upcoming year. Approximately half are exploring this option, and four out of ten plan to add a new voluntary coverage within the next 12 months. This shows an active engagement by employers to enhance their benefits programs.

Employee Interests in Voluntary Coverage

Employees within the mid-size sector also show a keen interest in various types of voluntary insurance products, such as critical illness, long-term care, cancer coverage, identity theft protection, and hospital indemnity insurance. These findings emphasize the rising demand among employees for more tailored and optional benefits that can suit their specific needs.

Furthermore, payment methods for these voluntary benefits are also evolving. Employees are increasingly choosing to handle payment for their additional coverage through payroll deductions, with a noticeable decline in the popularity of credit card payments for this segment.

Conclusion

This transformative trend in benefits enrollment signifies a pivotal moment for mid-sized companies as they adapt to the evolving preferences of their workforce. The comprehensive insights provided by Eastbridge Consulting Group enable stakeholders to better position themselves in this competitive market. As the demand for online enrollment methodologies rises and the interest in various voluntary benefits broadens, companies that can effectively leverage these insights will be equipped to meet the changing needs of their employees effectively.

For more detailed information or to purchase the "Voluntary and the Mid-Size Case Market" Spotlight™ Report, please visit Eastbridge's website or reach out to their contact service for assistance.