When searching for a partner, we look for someone to complement our lifestyle and financial goals. Why wouldn’t employees take the same approach towards their benefits? Here are three ways to get employees to “swipe right” on your benefits.
1. Set up profiles and filters
The first step to getting employees to “swipe right” on your benefits is for them understand what they are looking for in a benefits package. Some people might want benefits that can be used to support children, like a General or Limited Flexible Spending Account (FSA) or a Dependent Care FSA. But others may be interested in long-term saving goals or retirement planning. In this case, a Health Reimbursement Account (HRA) or Health Savings Account (HSA) could be a better option.
On many online dating sites, users can apply filtering options to narrow down results based on what they do or don’t want. Similarly, BRI Insights is a decision support tool that walks employees through available health plans and helps them estimate their total costs. The tool asks questions about employees’ households, expenses, and benefits goals. And it only takes about 15 minutes to complete.
Based on the tool’s recommendations, employees will find the benefits that best meet their needs (and wants).
2. Discuss money and communicate clearly
Finances are an important facet of relationships. When it comes to pre-tax benefits, employees can put their hard-earned money where it will work best for them.
To get your employees to swipe right on your benefits, show them lots of options and highlight the different advantages of each.
For example, an HSA could appeal to people who have an interest in long-term savings, but an FSA might appeal to people who have high expenses in the coming months and need money sooner rather than later.
It’s a cliché, but communication is key in any relationship. As an employer, here are three key ways to properly communicate the benefits of each account:
- Introduce the benefits. Provide 3-5 data points explaining each account.
- Raise awareness. Break down what (and who) each account is designed to pay for, and outline the differences between accounts.
- Visualize the impact. Use illustrations or charts to show annualized savings or examples of the variety of expenses employees can pay for with their funds.
Listening to your employees and hearing their concerns (or deal-breakers) is important. That’s why we recommend including a Q&A portion during your Open Enrollment session or hosting HR office hours. This gives your employees a chance to understand their benefits better prior to enrollment.
Tips for success:
- Use the right medium
- Make sure the message is clear (including your email subject line)
- Leave room for conversation and questions
3. Remember First Date Etiquette
There are certain details that shouldn’t be revealed on a first date. In short, keep things simple.
Your employees don’t need the nitty-gritty details of the benefits. Skip giving them the “life story” of each account (like every legislative change that happened in 2020). Instead, stick to the basics of how to use accounts.
Which tips have worked best for you to get employees to swipe right on your benefits? Tell us in the comments!