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ORLANDO, Fla., May 09, 2019 (GLOBE NEWSWIRE) -- PlanSource, a leading provider of cloud-based benefits software and services, today published its first annual Benefits Benchmark Report, which analyzes top trends in employee benefits among employers using the PlanSource system, including benefit types offered, enrollment statistics, contribution amounts and costs.
Among the key findings of the report is that, despite the rising cost of providing insurance to employees and a growing number of benefits offered, employees spend relatively little time selecting their benefits. The data shows that mid-to-large companies offer more benefits than small companies. On average, companies with more than 1,000 employees offer 23 different benefits. At the same time, employees spend a mere 18 minutes completing the enrollment process. In contrast, consumers spend four hours on average researching a mobile phone purchase.
“The trends we see in the Benchmark Report make it clear that employees need an engaging retail shopping experience for their benefits,” said Nancy Sansom, Chief Commercial Officer at PlanSource. “Employers are offering an increasing number of benefits as they vie to attract and retain top talent, yet employees are only spending a few minutes on the enrollment process. And considering the rising cost of insurance, companies need to make the most of this short window of time and create new and innovative ways to communicate with and educate employees about their benefits.”
Key findings of the report include:
The PlanSource Benefits Benchmark Report is based on anonymous user data from the PlanSource benefits administration platform. The enrollment data represents trends established from more than 92 million benefit elections made within the PlanSource system.
Download the full report at www.plansource.com/benefits-benchmark.
PlanSource is a technology company driven to create a better benefits experience for employees and the HR teams that support them. Nearly 4.5 million consumers receive their benefits through the PlanSource platform, which provides flexible and intuitive software and services for benefits administration. By combining industry-leading software and a full suite of technology-enabled services, PlanSource provides companies of all sizes with a complete solution for benefits shopping, enrollment, billing, compliance and administration. Learn more at www.plansource.com.
PlanSource is a registered trademark of PlanSource, Inc., and PlanSource owns other registered and unregistered trademarks. Other names used herein may be trademarks of their respective owners.
Press Contact Jeanne Achille The Devon Group for PlanSource +1-732-706-0123 ext. 700 email@example.com Bill Fryman Director of Communications, PlanSource 843.697.8792 firstname.lastname@example.org