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WTW: Employee and Employer Satisfaction

Category: employee focus

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About our study

Over the past 18 months, Willis Towers Watson conducted a survey of employers and employees who use our Group Marketplace for their benefits to learn about their experience. This survey targeted employees with open enrollment dates between January and December 2017, and employers with benefits effective dates between April 2017 and March 2018.

What we learned

The data show that overwhelmingly, employers and employees are satisfied with their marketplace experience.

Employers are glad they made the switch from a traditional benefit delivery model, and report strong satisfaction with cost control, streamlined administration, and the implementation and renewal process.

Employees reported satisfaction with having choice in benefit offerings, the ability to choose their own benefits, and the benefits they chose. Employees also are more likely to stay with their employer because of the marketplace.

What did employees tell us about their marketplace experience?

  • 94% of employees were satisfied with the variety of choices available.
  • 96% of employees are satisfied with the shopping and enrollment experience.
  • 90% of employees said they are more aware of their company’s contribution toward their benefits.
  • 78% of employees said they are more likely to stay with their employer because of their benefit program.

What did employers tell us about their marketplace experience?

  • 87% of employers said the marketplace helped them control benefit costs.
  • 90% of employers said their benefits administration was simplified.
  • 92% of employers said their implementation was well-managed, and 94% said they spent the right amount of time on it.
  • 99% of employers thought the Employee Service Center effectively answered their employees’ questions.
  • 97% of employers were glad they made the switch.
  • 89% of employers said moving to the marketplace has positively impacted company culture.
  • 100% of first-time marketplace employers agreed the group marketplace helped them move their benefits strategy forward.

Better with time

Our survey found that over time, renewing employers feel even more strongly about their experience in terms of overall satisfaction, ease of administration and the amount of control they had over the benefits selection process.

And most renewing employees saw little need to make substantial changes to their previous year’s portfolio, underscoring the impact of choice and decision support to help employees find the right benefits for them.

The data is in — employees appreciate employers that give them choice over their benefits, and employers can reap the rewards in terms of increased attraction and retention.

 

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VERCIDA works with over one hundred clients who are committed to creating an inclusive work environment. If you are an employer and interested in working with VERCIDA to promote your diversity and inclusion initiatives and attract the best candidates, please email info@vercida.com for more information.

Learn more about this employer

Willis Towers Watson

Inclusive features

  • LGBT Initiatives
  • Early Careers Initiatives

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