Engaging Employees in Benefits Education

Ferne Emery, Vice President Health & Benefits Compliance Officer, Pinnacle Financial Partners

I learned everything I know about employee benefits on TikTok. And that may be true for your employees, too! In truth, I’ve gained much of my knowledge working in employee benefits for 16 years. Some might call me a subject matter expert when it comes to benefits like Health Savings Accounts (HSAs) and other employee pre-tax savings plans. I teach employers and employees how to use their benefits.

I don’t really have a TikTok account. As an ‘elder Millennial,’ I prefer Instagram as my social media app because it’s mostly pictures, and I turn off audio for reels.

No matter which social media platform you or your multi-generational employees use, the information available at our fingertips is mind-blowing! People share how-to reels on flipping houses, performing car maintenance and investing in the stock market, just to name a few. ‘Influencers’ capture our attention and break down incredibly complex topics into bite-sized, digestible bits of information. People are learning in a new way!

How does this new learning trend impact the employee benefits industry? Many self-proclaimed ‘financial gurus’ are sharing their tips and tricks on how to gain financial wellness and success. People are paying attention to them.

For example, a well-known financial influencer recently shared that every year they elect a high deductible health plan so they can reduce their taxable income and save for retirement by contributing to a Health Savings Account (HSA). Notice I said ‘retirement.’ This money manager invests a good portion of their HSA contributions in mutual funds and allows them to mature instead of reimbursing themselves for their current health expenses.

In their opinion (and mine), HSAs are the best retirement accounts out there. That’s because you can use it on current healthcare expenses anytime (even turning in receipts for eligible expenses months or years after dates of service), but whatever you leave there in cash or investments will be available for your use in retirement, taxable at your effective rate at that time.

"Teaching by talking at employees versus talking with them risks losing their attention."

The engagement in the comment section on this post was incredible! So many commenters had questions about how HSAs work. I volunteered my expertise to help commenters find ways to contribute more to their HSA accounts through little-known but legal rules. It was exhilarating but also a little concerning.

What I realized is that people don’t understand their benefits, and they trust a TikTok influencer to teach them. Benefits are complicated, and employees usually only think about it once a year at open enrollment. There are so many options and often too little time for individual questions at large group meetings. Once they’ve picked their benefits, employees don’t spend time learning how to get maximum advantage from the benefits they chose.

Employers can do their associates a huge favor by educating them about 'social media style' in bite-sized portions throughout the year. Use interactive, workshop-like sessions with ample time for reflection and questions. The rush to pick benefits during the open enrollment window isn’t conducive to learning and absorbing new concepts and figuring out how they apply to real-life situations. Teaching by talking to employees versus talking with them risks losing their attention. Consider setting up corporate live sessions for smaller groups. Maybe invite an HSA expert or any expert to the Q&A. I’m not saying that the large open enrollment meeting doesn’t have its place, but we should explore other workplace options. Otherwise, employees may trust a TikTok expert to teach them the ropes.  

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