Industry-first solution allows employers to offer integrated and comprehensive portable benefits options to improve employee recruitment and retention
West Des Moines, IA /PRNewswire/ - Businessolver®, a leader in SaaS-based benefits administration technology and services, announced the expansion of the MyChoiceSM Market to offer a comprehensive suite of affordable benefits options to traditionally non-benefits eligible employee populations. Fully integrated in the Benefitsolver® platform, this is the first solution of its kind for benefits selection and management.
With MyChoice Market plans, freelancers, independent contractors, gig workers, and part-time and seasonal employees have access to a suite of affordable benefits that can be taken with them should they change jobs or reach the end of a contract.
"In today's tight labor market, employers must differentiate themselves to attract and retain the talent they need," says Rae Shanahan, Chief Strategy Officer at Businessolver. "As contract and part-time employees become increasingly integral parts of our workforce, employers can stand out in the employment market by providing access to benefits in a user-friendly, fully integrated experience—a true industry first."
The changing nature of today's workforce
The days of retiring with a gold watch after working 30-plus years with one company are gone, and not only has job mobility become the norm, but the rise of the gig economy is redefining the employer-employee relationship. Today, 36% of employees take part in gig work in some capacity, and that number is expected to grow in the years to come. Additionally, today's workforce consists of four generations actively employed, and people at all life stages have varying needs that lead to alternative work arrangements that don't meet benefits eligibility requirements.
Because of these shifts, employers must be attuned to employees' changing expectations and needs so they can offer benefits options that attract, engage, and retain top talent. Organizations can set themselves apart by recognizing that employees are looking for more than a paycheck and then offering an integrated benefits solution to employees who previously didn't have access to benefits or had to attempt to navigate the retail market for necessary coverages. Options such as core health insurance, supplemental benefits and savings vehicles can make the difference to a highly mobile employee population seeking part-time employment or gig work. They can allow Human Resource Professionals to differently and strategically approach recruitment, retention, and engagement with these employee populations, giving them an advantage in the employment market.
A seamless solution for employers and employees
Originally designed for alumni populations, MyChoice Market is an innovative benefits administration solution for continuous benefits engagement, and it remains available as a stand-alone product. With this MyChoice Market expansion, employers can now offer part-time employees access to benefits through their existing Benefitsolver platform, at no cost or hassle to the employer. Employees who elect MyChoice Market plans cover the costs of the benefits they choose, with no required employer contributions. The platform, including employee communications about their benefits, is fully integrated into their Benefitsolver software, so employers have no additional technology to manage.
Not only is this solution seamless and convenient for employers, MyChoice Market also allows employees to continue their benefits even if they leave the organization. MyChoice Market makes benefits portable for employees so they can continue their coverage, regardless of what life stage they are in. And because Businessolver manages pools of employees and premium payment in the system, these employees can get lower rates than they may have access to on the retail market. Benefits access at better rates supports employees' physical, mental, and financial well-being, and this drives improved outcomes for individuals and organizations alike. Cost savings and portability are particularly important for these more mobile employee populations.
"Gig economy and part-time workers value flexibility, but they also want protections to address the uncertainty that comes with these types of employment," says Sherri Bockhorst, Businessolver's Strategy Practice Leader. "MyChoice Market gives them access to benefits and savings vehicles that help with income fluctuations, and these benefits make a valuable impact on employees' overall well-being and willingness to stay with or return to a company providing these solutions."
Improving business outcomes with benefits
With unemployment low and employees willing to pursue independent, flexible working arrangements, employers can utilize benefits offerings to attract and retain employees. Across age groups, all generations are working in the gig economy and part-time roles, so organizations must differentiate themselves from competitors to attract a diverse workforce—and now they can with an industry-first benefits administration solution.
Improving recruitment and lowering turnover rates are better for businesses' bottom lines, and having access to benefits for physical health, mental health, and financial well-being leads to a more engaged, productive workforce. MyChoice Market provides companies with a powerful solution to encourage these outcomes, and it will help organizations keep pace with the needs of an evolving workforce and the realities of a tight labor market.
To learn more about how this solution can be fully integrated into the Benefitsolver platform, visit Businessolver.com.
Since 1998, Businessolver has delivered market-changing benefits administration technology supported by an intrinsic responsiveness to client needs. The company creates client programs that maximize benefits program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefits selections. Founded by HR professionals, Businessolver's unwavering service-oriented culture and secure SaaS platform provide measurable success in its mission to provide complete client delight.