Offering personalized employee benefits on a digital platform enhances employee engagement, demonstrates company culture, and boosts recruitment efforts.
Today’s diverse and multi-generational workforce has diverse benefits needs. “Traditionally, group benefits plans have been designed as one-size-fits-all,” says David Katz, Head of Honeybee Benefits and Executive VP at Benecaid Health Benefit Solutions Inc. However, in today’s workforce, this approach often ends up not fitting anyone very well. A benefits plan offering $200 annually for vision expenses, for example, is unlikely to be used by an employee who doesn’t wear glasses. “Employees don’t see the value of something they’re not using. Companies can achieve better employee engagement with a benefits plan that offers value to all employees, not just some,” says Katz.
Providing the personalized benefits employees want
That’s why Benecaid developed Honeybee, a digital-first benefits platform that lets employers offer benefits that fit employees’ unique needs. With Honeybee, employees can personalize their traditional health and dental plans to match their life stage and circumstances. Honeybee also offers health spending accounts for common expenses like paramedical claims, and allowance accounts that support an unlimited variety of lifestyle benefits, such as fitness, education, childcare and transportation. “With this flexible account approach, plan holders can use benefits dollars in the way that best supports their health and lifestyles,” says Katz.
This level of personalization is new in the insurance and benefits industry and something that Honeybee believes is critical for employers seeking a competitive advantage. Aside from offering a better user experience for employees, Honeybee helps employers promote company culture and attract and retain top talent in a tight labour market. “Offering employee benefits plans with a high degree of choice and personalization enables employers to stand out,” says Katz.
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Among Honeybee’s many features are self-serve online enrolment and simple smartphone-based claims submission. “Honeybee’s app clearly communicates the benefits employees have available,” says Katz. Having this information easily accessible on a user-friendly digital platform makes the process of using one’s benefits much easier. With Honeybee, submitting a claim is as simple as snapping a picture. “It’s a modern experience at every interaction,” says Katz.
Recognizing each employee as an individual
KOHO is one company that sees the value of providing lifestyle benefits. “We think lifestyle spending accounts are really useful because they’re broadly applicable to every different life,” says Daniel Eberhard, CEO, KOHO. “We have people who use it for transportation, people who use it to get into a running club, and people who use it because they want to learn something.” Honeybee is designed to give employers and employees the flexibility they need and want. “We’ve taken modern technology, combined with a fresh approach to the benefits experience, to offer the best plans on the market for small and medium businesses,” says Katz. Employers can book a demo to evaluate the platform themselves.
