As many workers in the U.S. get ready to make their benefits selections for the next year, what trends should HR and business leaders be thinking about?
ADP’s Ashley Avanzato and Lisa Lent spotlight how employee expectations are shifting.
For more, visit ADP.com/Benefits
Transcript:
Ashley Avanzato:
In addition to the rising costs, what additional trends are you seeing through this season of open enrollment?
Lisa Lent
For medium to large sized businesses we're seeing trends for the teams and the employees they support. Personalized decision support through open enrollment. We're seeing a huge uptick in the use of mobile for enrollment, as well as really intuitive HR workflows to remind people to take action throughout open enrollment. We're also seeing trends in health savings accounts rising more than 11%, even though high deductible health plans and major medical plans are up modest. We're seeing a huge rise in health savings accounts and wellness, employee wellness and well-being plans. 90% of employees expect that the benefits that they select are going to impact their own good well-being. Right. Plus, they have an eye on overall cost.
Ashley
New ADP data suggests that two thirds of larger businesses are expanding their benefit offerings within the next six months. What are some additional trends that you are seeing within this space?
Lisa
You're absolutely right. We're seeing a huge increase in the number and variety of benefits offered. Three really fast rising benefit types. Products like accident, critical illness and hospital indemnity really help people protect themselves, whether it's from additional costs they weren't expected, expecting or life events. But when I say rising fast, an example hospital indemnity is up 36% in enrollments. And for ADP WorkForce Now we have seen an increase just for people who are benefit eligible for that plan type of hospital indemnity up to 594,000 people.
