Imagining the future of employee benefits for Voya Financial
As part of a new business building initiative for Voya Financial, my team at Vidlet was selected as the research vendor by consultants at McKinsey & Co. We were tasked with recruiting an expert panel of HR professionals and employees, conducting in-depth 1:1 interviews with participants, analyzing and synthesizing our findings, and finally, facilitating a live workshop with Voya Financial’s key stakeholders and our expert panel to test early concepts.
OVERVIEW
Objectives
Research Methods & Process
In order to gain a clearer picture of the current employee benefits space, I recruited an expert panel with whom we could engage throughout our research. This expert panel was made up of the following:
Human Resources Generalist (2)
VP of Human Resources / VP of People (1)
SVP of Human Resources / SVP of People (1)
Chief People Officer / Chief Human Resources Officer (3)
Employee Benefits Broker (2)
Employees (10)
We first scheduled a series of in-depth interviews with our “Employers” (senior HR professionals). In these sessions, I spoke with these HR professionals about the current landscape (e.g., what constitutes a good benefits package currently), their current pain points, or, what prevents them from effectively performing the tasks of their job (from creating a benefits package to communicating and managing those benefits), and lastly, what they believe the future of the space will be (e.g., what direction are companies moving in when it comes to employee benefits? Are there any players currently disrupting the space, and if so, what can we learn from them?).
In tandem, we conducted a mobile diary study with our ten employees. This sample was comprised of 5 men and 5 women, diverse in age, HHI and geographic location, and according to other factors such as current employment and benefits providers).
Preliminary Insights
The following would improve the benefits experience for both employers and employees:
Suggestions for employees on how to maximize benefits
Advice, specifically for younger employees, for retirement savings
Retirement products that integrate with widely-used HR systems
Detailed and digestible information on current coverage
Overall flexibility and simplification of tools
