STUDY OF EMPLOYEE BENEFITS: 2006 & BEYOND - Prudential
STUDY OF EMPLOYEE BENEFITS: 2006 & BEYOND - Prudential
STUDY OF EMPLOYEE BENEFITS: 2006 & BEYOND - Prudential
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Web Technology is Empowering Employees<br />
Online tools to serve employees help to provide easy access to information, legal protection,<br />
and consistent information while freeing up limited HR resources for higher value activities.<br />
Benefits web technology designed for employee self service has been well received<br />
by plan sponsors. The most common functionality available in the marketplace is for<br />
managing retirement plans, accessing claims information and forms, and for financial<br />
planning. The market is quickly evolving toward more transactional and decision<br />
support tools to help employees effectively manage their own benefits and make<br />
benefits selections that best meet their individual needs.<br />
Interestingly, about twice as many employers expect to be deploying employee web tools<br />
for accessing PTO information, as well as enrollment and claims submission by 2010.<br />
ONLINE TOOLS AVAILABLE FOR <strong>EMPLOYEE</strong>S<br />
Doing in <strong>2006</strong> Plan to do by 2010<br />
<strong>2006</strong>–2010<br />
Change<br />
Access PTO info<br />
22%<br />
52%<br />
+30<br />
Handle enrollment<br />
34%<br />
62%<br />
+28<br />
Submit claims<br />
Update beneficiary<br />
Update personal info<br />
Verify eligibility<br />
Access financial info/tools<br />
Check claim status<br />
Access ins. & ret. plan info<br />
Obtain forms<br />
35%<br />
60%<br />
41%<br />
65%<br />
43%<br />
64%<br />
39%<br />
59%<br />
50%<br />
65%<br />
50%<br />
65%<br />
54%<br />
66%<br />
63%<br />
68%<br />
+25<br />
+24<br />
+21<br />
+20<br />
+15<br />
+15<br />
+12<br />
+5<br />
Future Growth High Current Usage<br />
Manage D.C. plan<br />
70%<br />
70%<br />
–<br />
25