Nayya has published a report titled “Time to Build: How Employee Benefits Infrastructure Can Rise to Meet New Challenges,” challenging conventional wisdom in the employee benefits ecosystem. As concerns about healthcare costs, inadequate retirement savings, and underutilized benefits grow, Nayya offers insights into transforming benefits engagement.
1) The Problem with Traditional Benefits Approaches
- Rising Costs and Confusion:
- Rising cost of living, healthcare costs, and inadequate retirement savings.
- Increasing confusion and dissatisfaction with benefits.
- Ineffective Benefits Education:
- Traditional education practices falling short with low engagement rates.
- 60% selecting more expensive health plans than necessary.
2) Nayya’s Approach to Employee Benefits
- Holistic Benefits Guidance:
- Tailored benefits pathways based on health data, wealth insights, and personal preferences.
- Addressing Core Challenges:
- Rising costs and low benefits engagement.
- Transforming benefits delivery to proactively deliver value.
3) Key Highlights from Nayya’s Report
- Understanding Economic Challenges:
- Overview of the current state of the economy and challenges facing employees.
- The role of employers in helping employees navigate financial challenges.
- Importance of Benefits Strategy:
- Cohesive benefits strategy to maximize value and bolster confidence.
- Digital-First Experiences:
- Strategies for intuitive and effective benefits guidance.
- Harnessing Technology for Guidance:
- Leveraging data-driven solutions for optimized benefits delivery.
Comment from Nayya’s VP of Marketing & Member Impact
Catherine Spence emphasizes the need to move away from ineffective systems and embrace a new standard of excellence in benefits guidance.
- Catherine Spence’s Vision:
- Holistic, data-driven benefits guidance as the new industry standard.
- Commitment to providing research-based insights to support employees effectively.
Nayya’s report challenges the status quo in the employee benefits industry, advocating for a shift towards holistic, data-driven, and personalized benefits guidance. With rising costs and low benefits engagement impacting employees, Nayya offers insights and strategies to help employers and consultants deliver real value and support to their employees.
