Be Business Confident
mod· ern· ize:
v. assessing the future readiness of your platform(s) and the relevancy of your current systems and delivery methods.
TriBridge Sees Things Differently
Many people do not readily connect the word ‘Modernize’ with the traditional world of employee benefits.
Through TriBridge you will have access to professionals who focus on the rapidly changing world of progressive benefits, risk, and financial management solutions, and benefits technology to address the needs of your multi-generational and diverse employee base and to promote positive workforce engagement.
What Are We Talking About?
We are talking about things like reduced healthcare costs to employees through consortium purchasing, lifestyle benefit platform solutions, employee benefit portals, mobile technologies, Robotic Process Automation (RPA), population and community health, personalized retirement readiness, financial wellness scoring, employee net promoters, Medicare solutions, executive leadership benefits and more.
TriBridge Take
We have documented what our best clients are doing to modernize their benefits tools and technologies in order to be more relevant, more engaging, more future-ready.
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Statistics
of today’s employees want benefits and perks that enhance their quality of life. (2020, Randstad Predictions)
Tedious administrative tasks take up 73.2% of HR's time. (Center for Effective Organizations)
HR managers who do not fully automate say they lose an average of 14 hours a week manually completing tasks that could be automated; more than a quarter (28%) waste 20 hours or more, and 1 in 10 (11%) spend 30 hours or more. (CareerBuilder)
The McKinsey Global Institute estimates that 56% of all tasks human resources departments perform can be automated with existing technologies. (McKinsey)
According to the Bureau of Labor Statistics, benefits accounted for about
of employer costs compared to
that went towards salary in June 2018.
A KFF analysis that looked at premiums and other out-of-pocket costs shows that families paid 67 percent more for their health benefits and care in 2018 than a decade earlier. (2019, KFF)
One-Third of Employees
Recent surveys show that only one in three U.S. workers will have saved enough to retire comfortably by age 67. U.S. workers should begin saving 16 percent of their annual pay – including employer contributions – by age 25 to accumulate enough savings to retire comfortably by 67. Instead, workers are more likely to save between 4 and 7 percent and receive an average of 5 percent of pay from their employer. That savings gap means the average worker retiring at 67 would have to cut their standard of living 20 percent from pre-retirement levels to overcome the savings shortfall. (2021, AON Study)
Nearly one-third of employees who understand their benefits very well intend to stay with their employer for more than 10 years, according to a recent Colonial Life survey. (2020, Dynata on behalf of Colonial Life among 1,200 U.S. adults)
What Does This Mean?
It means that there are high-performing companies [just like you] who are beating these averages. Some small refinements to the design, financing and communication of your health and employee benefits plans can have an enormous impact on the price you and your employees are paying, the financial security of your employees and executives, and the overall wellbeing of your organization.
