Employee Benefit News reports that Hy-Vee is fighting against high turnover rates among part-time employees by introducing a “sophisticated enrollment platform” that allows it to offer 11 optional benefits from which workers can choose if they are seen as applicable and desirable.
According to the story, “ Hy-Vee created six demographic profiles to help part-timers start their customized online benefit shopping experience and zero in on the most appropriate options … As part-timers shop for benefits on the platform, the system gives them a running total of the per-paycheck deductions they will incur to pay for selected benefits … Part-timers at least 19 years old can purchase health (both ACA-compliant and a “mini-med” plan), dental, disability (short and long-term), vision, life (group and individual), accident, critical illness hospital indemnity, disability, vision, homeowners, renters, and pet insurance.”
Other services, like banking and investments via Midwest Heritage - a financial services company owned by Hy-Vee - are also marketed via the platform.
The story notes that “some 2,000 eligible part-timers browsed the platform during the open enrollment period, although not all of them ultimately purchased any of the coverage options.” While some 65,000 of Hy-Vee’s 85,000 employees are part-timers, the company says it expects the benefits program “to pick up steam”
According to the story, “ Hy-Vee created six demographic profiles to help part-timers start their customized online benefit shopping experience and zero in on the most appropriate options … As part-timers shop for benefits on the platform, the system gives them a running total of the per-paycheck deductions they will incur to pay for selected benefits … Part-timers at least 19 years old can purchase health (both ACA-compliant and a “mini-med” plan), dental, disability (short and long-term), vision, life (group and individual), accident, critical illness hospital indemnity, disability, vision, homeowners, renters, and pet insurance.”
Other services, like banking and investments via Midwest Heritage - a financial services company owned by Hy-Vee - are also marketed via the platform.
The story notes that “some 2,000 eligible part-timers browsed the platform during the open enrollment period, although not all of them ultimately purchased any of the coverage options.” While some 65,000 of Hy-Vee’s 85,000 employees are part-timers, the company says it expects the benefits program “to pick up steam”
- KC's View:
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At a time of low unemployment, it is critical for companies to do whatever they can to become employers of choice. At a time when bricks-and-mortar stores ought to be making their people a centerpiece of whatever differential advantage they seek to offer, they need to come up with ways to be employers of choice.
