$750 a Year Wasted In Benefit Errors [Infographic]


THE COST OF EMPLOYEE HEALTH BENEFITS & EMPLOYEE HEALTH BENEFITS SELECTION

Are Your Benefits Administration Processes Efficient?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.

The highlights:

  • 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…

Are Your Benefits Administration Processes Efficient?

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