How to help your employees navigate their benefits and savings options

Personalized, seamless support can optimize their enrollment decisions

Sep 25, 2023
Young people gathered with computers in coffee shop

These days, there are more workplace benefits and retirement savings options than employees know what to do with — literally. Discovering which savings plans and health coverages to choose each year has practically become a job itself, so employees are looking for hyper-personalized help through that decision-making process.

In fact, in a recent consumer sentiment study,1 Voya found that 75% of Americans agree that receiving guidance on how to optimize their retirement savings and workplace benefits is extremely/very important to them. The survey also found:

  • 74% say receiving messages from their investment providers (e.g., 401(k) provider) that provide important information during volatile market environments is extremely/very important.
  • 65% of Americans are open to receiving information from their employer outside of open enrollment to help them better understand their benefits.

By harnessing the power of technology, organizations can now offer the personalized support their employees crave. And doing so can boost employee engagement, save time, improve outcomes and — perhaps most importantly — help each employee find the right options for their distinct needs.

We’re paving the way to better benefits and savings decisions

To help employees make informed decisions about their workplace benefits, including health benefits, Health Savings Accounts (HSAs), student loan debt, emergency savings, retirement savings, and non-qualified deferred compensation (NQDC) accounts — Voya developed the myVoyage® personalized enrollment guidance experience.

This innovative digital experience gives employees personalized support all year long. It uses a consolidated view of the employee’s health and wealth accounts to offer data-driven insights that help them make progress toward their financial goals. In other words, it simplifies employees’ complex financial lives in a way that helps them see the bigger picture.

6 ways myVoyage® helps employees feel more financially confident

mobile phone with myVoyage homescreen
  1. Consolidated view of all accounts and coverages with one login — Aside from their workplace retirement savings and NQDC accounts, employees can include their benefits coverages and other balances too (like personal banking, brokerage, credit cards and loans).
  2. Holistic financial wellness — Employees can set and track financial goals, such as saving for college or paying off debt. Along the way, they’ll have help staying the course with data-driven insights.
  3. Decision support at open enrollment and beyond — An interactive, quiz-like experience asks about health and financial needs. Once completed, employees receive personalized benefits and savings action plans during enrollment and throughout the year.
  4. Seamless access to medical claims — Employees can easily track out-of-pocket spending within myVoyage® and receive reminders for preventative care, motivating them to prioritize their health.
  5. Nudges in the right direction — Interactive journeys are specific to each employee and provide specific steps to navigate life events, like having a baby or saving for retirement.
  6. Get health care help — myVoyage® offers one view of all health care coverage details like co-pays, and ability to save insurance ID cards for easy access when employees need them.

More education assists employees and employers

It’s up to employers to increase awareness about their health benefits and retirement savings options, and doing so can create better financial outcomes for everyone involved.

For employees, the mind-money connection is real. Having access to guidance tools, advice and engaging experiences like myVoyage® may help them feel more financially confident and less stressed. Once they see the bigger picture surrounding their health and wealth, they can make informed benefits and savings decisions — potentially saving and earning them more money long-term.

Employers who adopt better strategies to support their employees may have an advantage in recruiting and retaining the best cross-generational talent according to another recent survey.2  With 24% of the workforce worried about money,3 providing more proactive financial education may save organizations on lost productivity and turnover costs.4 Plus, employers may stand to gain further cost savings on health insurance expenses and plan fees when employees optimize their benefits and savings.

Related Items

1. Based on the results of a Voya Financial Consumer Insights & Research survey conducted June 12-13, 2023, among 1,004 adults aged 18+ in the U.S., featuring 483 Americans working full-time or part-time.

2. Based on the results of a Voya Financial survey conducted March 9-10, 2023 among 1,005 adults aged 18+ in the U.S., featuring 464 Americans working full-time or part-time.

3. Soutar, Liam. “Financial wellbeing: Why do employers underestimate how much employees worry about money.” HRGrapevine.com, June 17, 2022

4. Schmidt, Adria. “Is Financial Stress Affecting Your Workplace? Find Out in Minutes.” NeighborhoodTrust.org, Neighborhood Trust Financial Partners, 2022.

For educational purposes only. Each plan must consider the appropriateness of the investments and plan services offered to its participants.

Voya Financial and its affiliated companies (collectively, “Voya”) is making available to you the Personalized Enrollment Guidance and myHealthMoney tools offered by SAVVI Financial LLC. (“SAVVI”). Voya has a financial ownership interest in and business relationships with SAVVI that create an incentive for Voya to promote SAVVI's products and services and for SAVVI to promote Voya's products and services. Please access and read SAVVI's Firm Brochure which is available at this link: https://www.savvifi.com/legal/form-adv. It contains general information about SAVVI's business, including conflicts of interest.

Health Account Solutions, including Health Savings Accounts, Flexible Spending Accounts, Commuter Benefits, Health Reimbursement Arrangements, and COBRA Administration offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). HSA custodial services provided by Voya Institutional Trust Company. For all other products, administration services provided in part by WEX Health, Inc.

This information is provided by Voya for your education only. Neither Voya nor its representatives offer tax or legal advice. Please consult your tax or legal advisor before making a tax-related investment/insurance decision.

Products and services offered through the Voya® family of companies.

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