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Linking Health and Wealth in the Workplace

Sponsored by Voya Financial

Have you ever thought, “Saving my employees enough for retirement and choosing and using employee benefits wisely is like pulling teeth?” If so it is for good reason. A recent Voya survey shows that 72% of eligible employees for benefits report would prefer going to the dentist, servicing their car, or preparing for tax season rather than reviewing their benefit options.2

It is clear that employees view managing their retirement plans and selecting and enrolling in employee benefits as a chore. But they are not alone. This sentiment is often also true for employers with regard to the complexity associated with managing multiple health and retirement benefits.

What if there was an easier, more intuitive and streamlined approach that helped employees choose and employers efficiently manage workplace benefits? Well, there is; And Voya is investing in experiences and solutions that help your employees make smarter decisions taking into account their overall financial picture, while reducing your administrative burden. Specifically, we’re combining retirement plans, non-qualified deferred compensation (NQDC) and health savings accounts (HSA) – with a digital benefits guidance experience – to provide an easier and more holistic experience for you and your employees. Huh.

We have conducted extensive research with employers and financial professionals to understand the sentiments surrounding the convergence of health and wealth. On the employer side, 77% said they are interested in integrated solutions.1 Employers see a big jump in better engagement as it is likely to reduce their administrative burden. They believe that having benefits in one place will make it easier and the overall experience better.

Most employers understand the natural relationship between health and wealth — health care costs directly affect retirement savings. For example, if an employee has to file a disability claim or is hospitalized, where will they get money to cover their mortgage, bills and other expenses? This is most likely to come from their retirement plan. In fact, unplanned medical expenses are the #1 reason we’ve seen for hardship withdrawals from retirement planning.3 In addition to the tax penalty, many years can be added to the working life of your employees, which means that retirement can be postponed due to lost savings.

No matter the size of the organization or company, employees are faced with monumental benefit decisions each year during open enrollment. While they may prioritize route channels over the selection of employee benefits, most understand the importance and importance of the decisions. Specifically, 68% of employees agree that benefits will play a more important role in their future job selection, and 61% agree benefits are going to play a bigger role in their household financial decisions.4 The pandemic has only increased the importance of open enrollment. According to Voya’s research, 60% of employees report that the pandemic has made them think more carefully about the benefits of their workplace.5

Still, many employees speed up the selection of 17 benefits on average in about 18 minutes.6 To put this in perspective, most people choose to stream on TV an average of 45 hours a year.7 Something is clearly wrong in this picture.

To make the selection of benefits less taxing, we are investing in experiences that inspire employees to look at their overall health and savings landscape to make more informed decisions. We are launching a new digital guidance experience to help employees make better decisions about health benefits and savings.

We get it – selecting employee benefits can be stressful for employees, while managing them can be just as demanding for employers. And the administration process can be even more difficult when you’re managing multiple employee benefits across different providers. To make the process simpler for everyone, Voya is putting it all together.

As a leading holistic workplace solutions provider, we offer a wide selection of retirement and employee benefits within our lineup. Because of this, we are uniquely positioned to provide a more seamless, more integrated experience to help employers save time while encouraging employees to make smarter, more intuitive benefit selections.

Voya’s Wealth Solutions is a top five provider8 of retirement products and services serving more than 51,000 institutional clients and 6.1 million individual retirement plan participants in the US.

Voya’s Health Solutions top five group provider9 Voya of Supplemental Health Insurance in the US provides a comprehensive and highly flexible portfolio of stop loss, life, disability, voluntary insurance products, and health savings and expense accounts to businesses covering 6.6 million individuals through the workplace.

Learn more about Voya’s integrated workplace solutions Here,

Products and Services Offered by Voya Financial family of companies.

1 VOIA Study Held with McKinsey, 2021
Based on the results of the Voya Financial survey conducted August 27-30, 2021, among 1,003 adults on the Ipsos eNation omnibus online platform, 475 working Americans and 291 are eligible for benefits, aged 18+.
Based on 3 voya internal data, 1/1/2021-7/31/2021
4, based on the results of the Voya Financial Survey conducted on August 27-30, 2021, among 1,003 adults on the Ipsos Enation omnibus online platform, including 475 working Americans and 291 eligible for benefits, aged 18+ in the US.
Based on the results of the 5 Voya Financial Survey conducted on August 27-30, 2021 on the Ipsos Enation omnibus online platform among 1,003 adults, 475 working Americans and 291 eligible for benefits are aged 18+ in the US.
6 HR Dives Take, On Average, 18 Minutes To Enroll In Employee Benefits, May 2019
7 Vox Newsletter November 2019
8 Pension and Investment Journal, Defined Contribution Record Keeper Directory, April 20, 2021
9 LIMRA 2Q 2021 Workplace Supplemental Health in Strength Final Report; Marketshare-total group based support. Health.

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