Offer a Personalized Benefits Experience With BASIC Consumer Driven Accounts (CDA)

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Personalized employee benefits to satisfy any individual AND family need, from flexibility and professional development to financial and mental wellbeing*, are required to grow your business. Attracting great talent today is increasingly about giving them what they want in benefits! That means you need a consumer-grade benefits experience that delivers on these six criteria.

*These are the top 4 requested benefits from Boomers to Gen Z

Personalized Employee Benefits Experience Key to Attract and Retain Skilled Workforce

What

Personalized employee benefits to satisfy any individual AND family need, from flexibility and professional development to financial and mental wellbeing* is required to grow your business.

Why

Widespread mental and financial anxiety across workforce form pandemic caused employees to rethink the value of work-life balance and are changing jobs to satisfy.

How

A centralized consumer-grade benefits administration platform that delivers on these six criteria.

Flexible / Configurable

    1. The inability to flex and adapt platform to add new benefits during pandemic was a big reason for the Great Resignation.
      1. In 2021-2022, 19% of employees who were able to use a set pot of money for whatever benefits suited their needs.1
      2. Only 4 out of 10 employees can access all their benefits through technology.2

Integrated / One Platform

  1. When 10+ health, risk protection and wellbeing benefits are offered, that work together, employers realize a competitive edge. For employees, 92% are confident they can afford the healthcare they need3, 75% feel energized & enthusiastic4, and 6 out of 10 are less likely to switch jobs5.

Personalized / Customized

    1. 54% of employees who want the ability to customize benefits to meet any need for self and their family.6

Self-Serve / Decision-Support Tools

    1. 72% of employees would prefer visiting the dentist or doing taxes over reviewing their benefit options.8
    2. Only 2 in 10 employees are confident in their benefits selections.9
    3. 50% of workers wished they had access to online decision-support tools to help guide their selection of benefits.10

Scalable

    1. Add benefits as needed to adapt quickly with no reduction in performance.
      1. 80% of employers agree meeting employee needs across all life stages and diversity spectrum is critical benefits objective.11
      2. 70% of employers are expanding range of emerging benefits.12

Secure

    1. In anytime, anywhere, anyplace working world, more investment in delivery of benefits securely across all devices will be essential.
      1. 2/3 of employers are considering outsourcing FMLA Administration for the first time.14
      2. The Top 5 Reasons to Outsource13
        1. Up to 40% cost savings
        2. More options for employee benefits, even with fewer employees
        3. Professional expertise from regulation and planning to leading tech and security/cloud
        4. Free up HR team to focus on engagement and DEI
        5. Reduced liability. The number of employee benefit laws doubled during pandemic with increased complexity.

BASIC Consumer Driven Accounts (CDA)

Request a No-cost Proposal

BASIC Consumer Driven Accounts (CDA) solves the modern employer’s benefit challenges, with over 50 in-demand traditional and fringe benefit accounts that can be customized, seamlessly integrated, and set up faster than other platforms. Our state-of-the-art benefits platform lets your create personalized employee benefits that specifically addresses the needs of your employees, all on one easy-to-use system. Participants can enjoy the same account access to their funds on their card, online, or in our mobile app! Find out how BASIC can make your benefits package more attractive than ever before. Request a no-cost proposal today!

Sources:
  1. “The age of adaptability – A digital-first approach to benefits in a postpandemic world” – MercerMarsh Benefits, Q2 2021; https://www.mercer.com/content/dam/mercer/attachments/global/gl-2022-mmb-tech%20report_v1.pdf
  2. Ibid.
  3. “Health on Demand – delivering the benefits employees want now” – MercerMarsh Benefits, 2021; https://www.mercer.com/our-thinking/health/mmb-2021-health-on-demand.html
  4. Ibid.
  5. Ibid.
  6. Ibid.
  7. “Redesigning the Employee Experience: Preparing the Workforce For a Transformed World” – MetLife’s 19th Annual U.S. Employee Benefit Trends Study 2021; https://sustainabilityreport.metlife.com/content/dam/metlifecom/us/ebts/pdf/ebts-2021/MetLife_EBTS_2021.pdf
  8. Voya, Oct. 2021 – https://www.voya.com/voya-insights/can-better-employee-benefits-help-employers-battle-great-resignation
  9. “The top five benefits trends of 2022 – The future of well-being, technology, and flexibility in the workplace” – The Guardian Life Insurance Company of America, 2022; https://www.guardianlife.com/top-five-benefits-trends-2022
  10. Ibid.
  11. The Rise of the Whole Employee, MetLife’s 20th Annual U.S. Employee Benefits Trends Survey 2022 – https://www.metlife.com/employee-benefit-trends/2022-employee-benefit-trends/ | PDF of study: https://www.metlife.com/content/dam/metlifecom/us/noindex/pdf/ebts-2021/MetLife_EBTS_2021.pdf
  12. “Redesigning the Employee Experience: Preparing the Workforce For a Transformed World” – MetLife’s 19th Annual U.S. Employee Benefit Trends Study 2021; https://sustainabilityreport.metlife.com/content/dam/metlifecom/us/ebts/pdf/ebts-2021/MetLife_EBTS_2021.pdf
  13. ADP, 2018 https://www.adp.com/spark/articles/2018/09/5-advantages-of-benefits-administration-outsourcing.aspx
  14. “The top five benefits trends of 2022 – The future of well-being, technology, and flexibility in the workplace” – The Guardian Life Insurance Company of America, 2022; https://www.guardianlife.com/top-five-benefits-trends-2022