THE COST OF EMPLOYEE HEALTH BENEFITS & EMPLOYEE HEALTH BENEFITS SELECTION
Employee benefits and annual enrollment may not be the glamorous part of human resources, but they are essential to retaining employees. Paycom has put together a great infographic representation below (or you can view here). Some of the statistics are surprising.
- For those that implement annual enrollment, HR professionals admit that planning and executing a successful campaign takes up 50% of their time at work.
- And while HR professionals are deeply immersed in annual enrollment, our employees are not. Sixty-five percent of employees admit that they are not prepared for making their employment benefit selections.
- Bad decisions are costly for employees which is why employees must be communicated about employer benefit coverage changes and offerings over and over and over again. Employees on average waste $750 a year of their salary on benefit selection errors.
Infographic after the jump…