2022 Benefits Insights Report
Since 2019, Businessolver has released its annual MyChoice®️ Recommendation Engine Benefits Insights Report, which—using proprietary data from approximately 500,000 users—details employees’ state of mind, health status, and financial preparedness as they enroll in their benefits. Click below to read data and analysis from each year to inform your organization’s strategies around benefits delivery, engagement, and decision support.
Leveraging benefits to overcome the Great Resignation
Between a pandemic that turned careers and lives upside down and Great Resignation that shifted the balance of power in employment contracts, America’s workforce has taken notice. 2021 was historic in that a record number of working Americans, 47.4 million to be exact, quit their jobs. Better benefits are among the many reasons employees sought greener employment pastures. Our 2022 report breaks down the data and offers a peek into how well employees understood their benefits, assessed their life plans and risk tolerance, and viewed their finances as they chose their 2022 benefits. Get full data and analysis in the report, or view the top-line data by gender, generation, and income in our interactive dashboard.
A Spotlight on Benefits Insights
We want employees to be educated consumers who make rational, informed benefits choices. But we also know that people don’t always behave as expected or in their own best interest. Our inaugural report uncovers employees' state-of-mind as they make benefits elections, offering new perspectives on what’s driving those decisions and employer strategies to overcome common obstacles in communication, education, and engagement.
Based on data gathered through the end of 2019, our 2020 report analyzes the benefits literacy, risk tolerance, and financial preparedness of a U.S. workforce characterized by historically low unemployment, strong economic growth, and high consumer confidence. Released in early March just weeks before national social and economic shutdowns due to COVID-19, it's a preserved data snapshot of the "before times."
As COVID-19 cut the economy off at its knees, sending millions of people into un- or under-employment and associated significant financial hardship, employee benefits came into sharper view. After living with COVID-19 for the better part of a year, most employees saw their benefits as more important than ever—and it showed in our 2021 data analysis, particularly around risk tolerance and financial preparedness.
2022 Key Stats
Learn more about the MyChoice Recommendation Engine.
The MyChoice Recommendation Engine is a decision guidance tool that connects employees to better benefits choices by taking into account their holistic state of mind. Users on the Benefitsolver platform answer a set of specially designed questions that help align a benefits recommendation to their specific circumstances around benefits literacy, emotional state and financial health. In short, users tell the MyChoice Recommendation Engine what they’re thinking and/or feeling, and it uses that information to suggest the best benefits choices. Each year, hundreds of thousands of employees use the MyChoice Recommendation Engine to get personalized benefits suggestions. As a result, we have insights into what a representative sample of the workforce is thinking as they consider their benefits choices. Those insights are put forward each year in our annual Benefits Insight Report.
Ready to really dig in?
Forces other than rationality come into play when employees choose their benefits, and that’s what the MyChoice Recommendation Engine Benefits Insights Report looks to uncover, learn from and share with the HR and benefits community.