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PBMs are progressively exploring ways to incorporate those types of offerings into their own apps and services that they offer insurers and employers, which total rewards professionals can vet as they’re assessing vendor solutions — a timely task as health costs continue to increase .

On the utilization side, Nayya research found: ;70% of employees keep the same benefits from year to year — despite life changes that may make new benefits more relevant.; ;Only 14% actively seek new benefits options during annual enrollment.; ;26% of workers in a high-deductible health plan don’t use the associated HSA.; ;64% of those using an HSA don’t take advantage of its long-term investment potential .; Then, there’s the lack of understanding: ;70% of polled employees don’t understand hospital indemnity, accident and critical illness insurance.; ;50% can’t explain the intricacies of 401(k)s, HSAs or flexible spending accounts, or how these benefits work.; ;While employers annually spend an average of $16,501 per employee on health coverage, only 10% of employees understand that value; 25% believe their employer spends only $1,000 a year on their health benefits.; ;40% of employees don’t recognize health insurance as part of their total compensation, while 48% don’t consider

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In fact, one California study found that 70% of Latino workers do not have access to a workplace plan.

The two executive groups also differed on their knowledge or interpretation of what policies were in place: More than half of CDOs (51%) reported offering diversity fellowship programs, while 70% of CLOs reported their organizations were not implementing, or even considering, such programs;Nearly half (49%) of CDOs reported offering DEI-related incentives to executives versus only 8% of CLOs; The report points to lack of awareness between the divisions as a possible reason for the misalignment.

He recommends that employers use the program’s potential challenges to their advantage by partnering with a vendor that will walk employees through the process.

To address this, companies like Peloton, for example, work with vendors to help employees with student-loan debts through programs similar to a 401(k) match.

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;Subscribe to a pay benchmarking service through vendors in the space.; While the second group has a head start on this work, even these companies may need to ramp up their compensation capabilities, since they may need to increase both the volume and quality of their work.

“The guidance makes it clear that employers are responsible for their tools even if they’re designed or administrated by a software vendor,” he said.