Do they know what they’re missing?
April 5, 2009 by Bill MeltzerPosted in: Employee education, In this week's e-newsletter, Latest News & Views
It’s tough to get employees to participate in benefit programs that they don’t even know exist.
Seventy-one percent of employees lack basic knowledge of standard benefit programs, according to a new study by the American Payroll Association (APA).
Low participation rates
The ASA study focused on employees knowledge of their company’s pre-tax benefits. While nearly three quarters of employees say they live paycheck to paycheck, and would like to stretch their current salaries:
- 52% don’t participate in available flex spending accounts (and 6% of had never even heard of an FSA)
- 17% didn’t know their company offered a health savings account or health reimbursement arrangement (46% of those aware of the benefit still don’t participate), and
- 18% are unaware of existing transportation benefits or subsidies their company offers.
April 10th, 2009 at 12:22 pm
It’s because any information is seen as an annoyance and you only reminded them about it three times.
April 14th, 2009 at 7:44 am
In response to TC:
April 17th, 2009 at 8:05 pm
I have tried tying them down and forcing them to listen, but I was accused of torture by the American Civil Liberties Union. But seriously, employees take more time picking out a new toaster than they do learning about the benefits that are going to determine what happens to their finances and body.