bswift LLC, a leader in benefits administration services, today announced the findings of a bswift commissioned study conducted by Forrester Consulting. The study, Beyond Benefits: Why Employee Benefits Engagement Is Vital to Your Business, evaluated the barriers human resource (HR) and employee experience (EX) leaders have encountered in employee wellness and benefits engagement. The findings reinforce bswift’s recently unveiled investment strategy in both technology innovation and service to simplify benefits administration and drive results.
At its annual client conference, bswift recently announced a host of new investments in people, processes, and platforms to lead the benefits administration market. Investments span across key leadership and functional business hires, enhanced AI-Powered toolsets to ensure service delivery and operational excellence, refreshed digital solutions to build a frictionless benefits experience, and a new network of strategic partnerships that drives tangible results for clients.
bswift’s investment strategy is bolstered by its Forrester study which uncovered that while benefits engagement is critical to business success, benefit utilization remains low due to barriers such as lack of education and difficult-to-use technology platforms.
The survey found that:
- Employee well-being and benefits engagement are top priorities. They drive key business outcomes like productivity, retention, and hiring. Over 80% of the respondents said improving benefit offerings, awareness, and accessibility have become more important in the past year.
- However, 71% agree their employees underutilize benefits due to challenges of poor messaging, and lack of education and awareness of what’s offered. Two-thirds said their employees seem uninterested in some of the benefits provided.
- To address these issues, 73% plan to invest in new or improved benefits platforms. Ease of use, integration, and customization are top priorities for new platforms.
- Failing to improve benefits engagement risks decreased retention, increased costs, and reduced productivity. But getting it right can drive a competitive advantage.
“This study reinforces what we hear from our clients every day,” said John Hansen, Chief Technology Officer at bswift. “We believe employee benefits engagement is essential for the health of any business, and benefit platforms play a critical role in that. We’re committed to delivering solutions that simplify that experience for employers and employees and helps them finally realize the business and personal outcomes they are looking for. By investing in the latest technology innovations, we’re paving the way forward in benefits administration.”