It’s tough to get staff to participate in benefit programs that they don’t even know exist.
Seventy-one% of workers lack basic knowledge of standard benefit programs, as reported by a new study by the American Payroll Association (APA).
Low participation rates
The ASA published study focused on employees knowledge of their company’s pre-tax benefits. While almost three quarters of employees say they live paycheck to paycheck, and would like to stretch their current salaries -
o 52 percent don’t take part in available flex spending accounts (and 6 percent of had never even heard of an FSA)
o 17 percent didn’t know their company offered a health savings account or health reimbursement arrangement (46 percent of those cognizant of the benefit still don’t participate), and
o 18% are unaware of existing transportation benefits or subsidies their company offers.