3 key strategies to gauge employee voluntary benefits usage

How to help ensure your voluntary benefits deliver

Voluntary benefits offer employees a customizable benefits package to meet their specific needs. While these benefits can improve employee satisfaction and retention, it's crucial to understand how well they're being utilized.

Tracking employee benefit usage

Here are three effective strategies to gauge employee voluntary benefit usage:

1. Conduct regular surveys and polls:

• Pulse surveys: Short, frequent surveys can quickly assess employee satisfaction with their benefits package.
• Annual benefits surveys: More in-depth surveys can delve into specific voluntary benefit usage, reasons for non-usage, and potential improvements.
• Focus groups: Smaller group discussions can provide qualitative insights into employee perceptions and experiences with voluntary benefits.

2. Analyze enrollment and claims data:

• Participation rates: Track the percentage of employees who enroll in each voluntary benefit. Low participation rates may indicate issues with communication, understanding, or the benefits themselves.
• Claim volume: Analyze the number of claims filed for each voluntary benefit. Low claim volume might indicate underutilization or barriers to accessing benefits.

3. Leverage HRIS and benefits administration systems:

• Dashboard analytics: Utilize your Human Resources Information System (HRIS) to generate reports on voluntary benefit usage, including enrollment rates, claim frequency, and cost per employee.
• Integration with benefit providers: Collaborate with your benefits providers to access detailed usage data, such as participation rates, claim trends, and customer satisfaction metrics.

Building a stronger workforce through informed benefit decisions

By combining these strategies, employers can gain valuable insights into employee voluntary benefits usage. This knowledge can inform decisions about benefit plan design, communication strategies, and employee education initiatives. Ultimately, a well-informed approach to voluntary benefit management can lead to a more engaged, satisfied, and productive workforce.

New York Life Group Benefit Solutions products and services are provided by Life Insurance Company of North America, New York Life Group Insurance Company of NY, and New York Life Insurance and Annuity Corporation, subsidiaries of New York Life Insurance Company. Life Insurance Company of North America is not authorized in NY and does not conduct business in NY. 

SMRU 7274745 exp 11/11/27