Evolving workplace benefits and savings decisions to year-round moments that matter

Smiling mother in sunglasses with her young daughter embracing her on a sunny day at the beach.

Employers can help connect seemingly unconnected employee workplace benefits decisions to drive engagement and greater financial wellness. How? By creating more moments that matter throughout the year encouraging employees to think about both their workplace savings and benefits more holistically.

This can also help employees see the bigger financial picture to achieve a healthy balance of living for today, preparing for tomorrow and feeling more confident about the future.

Many employees don’t look forward to open enrollment and the plethora of workplace benefits decisions entailed. In fact, 72% of employees eligible for benefits say they would rather visit the dentist, service their vehicle, or prepare for tax season over reviewing workplace benefit options.1 This may begin to explain why the average employee takes 18 minutes2 to make 17 enrollment benefits decisions.3

To put it into perspective, the average American consumer spends around 45 hours a year choosing what to stream on TV.4 While there is clearly a disconnect, health and wealth benefits are becoming increasingly intertwined.

A more connected experience can help drive engagement and outcomes

Health care costs are rising two times faster than incomes5 and the number one reason for retirement plan hardship withdrawals is unreimbursed medical expenses6 – both leading to financial unwellness. Expanding the interconnections between workplace savings and benefits could lead to better retirement outcomes.

Offering employees an easier, more intuitive benefits experience is also paramount. A Voya survey found that 7 in 10 employees (73%) are interested in support and guidance tools that would help them understand how much money to put aside for emergency savings, retirement and health care expenses.7

Simply put, employees want to see the connection between health and wealth benefits decisions – a connection that has traditionally been disconnected.

Ways employers create more year-round moments that matter

Today, the average employee views workplace benefits decisions independently without connecting how decisions about their health benefits can impact their long-term financial health. That’s why it’s important for employers to evolve the narrative around workplace benefits decision-making to a year-round conversation.

There are opportunities throughout the year when it makes sense for employers to nudge employees to holistically consider their financial situation – including health and retirement savings – and proactively optimize workplace offerings all year long.

Here are a few key choice points when you can help employees better engage with their workplace savings and benefits all year – whether they’re just starting out, in mid-career or approaching retirement:

Employee choice points throughout the year

KEY: EC (early career employees); MC (mid-career employees); PR (pre-retiree employees)

January / February / March:

  • Take a financial wellness assessment – EC MC
  • Create a budget – EC
  • Make catch-up contributions (age 50+) – PR
  • Review budget – MC PR
  • Update beneficiaries – EC MC PR
  • Maximize HSA contributions – EC MC PR
  • Life event check-in – EC MC PR

April / May / June:

  • Review budget – EC MC PR
  • Adjust savings rate – EC MC PR
  • Increase retirement contribution – EC MC PR
  • Create an emergency savings – EC MC
  • Consult a financial professional/pre-retiree checklist – PR
  • Life event check-in – EC MC PR

July / August / September:

  • Consolidate loans and other debt – EC MC
  • Review budget – EC MC PR
  • Consider education savings options – MC
  • Re-enroll in retirement plan or increase savings rate – EC MC PR
  • Allocate assets appropriately for time horizon – PR
  • Life event check-in – EC MC PR

October / November / December:

  • Enroll in an HSA or FSA – EC MC PR
  • Set up auto-saving contributions – EC MC
  • Take advantage of matching contributions – EC MC PR
  • Review budget – EC MC PR
  • Start budgeting for retirement (10-15 years ahead) – PR
  • Life event check-in – EC MC PR

Unlocking the power of an integrated experience

In addition, mobile and digital tools can help engage and educate employees – and fix the workplace savings and benefits disconnect. For example, myVoyage® offers a participant experience that consists of science-based tools, guidance and resources to help employees stay on track for retirement. And Voya’s myHealth&Wealth™ provides personalized guidance during enrollment to help employees optimize their household spending across health insurance benefits, emergency savings and retirement.

Connecting it all to create more moments that matter

Voya offers holistic workplace solutions that include a wide selection of employee and retirement benefits. This uniquely positions us to provide a more seamless, more connected experience to help employers save time, while prompting employees to make smarter, more intuitive decisions to optimize their whole financial picture.

Find out how you can get your workplace benefits and savings in sync or contact your Voya representative.

This is the first article in a three-part series where we explore how employers can create more value for employees by connecting the unconnected when it comes to benefits and savings needs in the workplace.

Related Items

  1. Based on the results of a Voya Financial survey conducted August 27-30, 2021, on the Ipsos eNation omnibus online platform among 1,003 adults, featuring 475 working Americans and 291 eligible for benefits, aged 18+ in the U.S.
  2. HR Dive, On average, employees spend 18 minutes enrolling in benefits, May 2019. Report by PlanSource based on anonymous data on its own platform representing 92 million benefits elections made in the system. 
  3. Number of benefits decisions will depend on employer offering. For illustration purposes only.
  4. vox Newsletter Nov. 2019.
  5. Based on 2018 data from the U.S. Agency for Healthcare Research and Quality’s Medical Expenditure Survey.
  6. Voya Internal Data for 12-month period ending 6/30/2019.
  7. Voya study conducted with McKinsey, 2021.
  8. Voya study conducted with McKinsey, 2021.

Voya Financial and its affiliated companies (collectively, “Voya”) is making available to you the myHealth&Wealth tool offered by SAVVI Financial LLC. (“SAVVI”). Voya has a financial ownership interest in and business relationships with SAVVI that create an incentive for Voya to promote SAVVI's products and services and for SAVVI to promote Voya's products and services. Please access and read SAVVI's Firm Brochure which is available at this link: https://www.savvifi.com/legal/form-adv. It contains general information about SAVVI's business, including conflicts of interest.

This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk. Please consult an independent legal or financial advisor for specific advice about your individual situation.

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