Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Benefits November 15, 2005
HR Technology Lacking Total Comp Information
November 15, 2005 (PLANSPONSOR.com) - A Watson Wyatt
Worldwide survey found growing use of the Internet for HR
transactions and widespread availability of customized
information on health care and retirement benefits, but
limited online access to information about total compensation
for employees.
Reported by Rebecca Moore
In its press release Watson Wyatt said the survey showed 55% of employers offer workers access to personalized health benefit information, and 52% provide access to retirement benefit information. Forty-six percent offer paycheck information online, but only 16% provide information on total compensation.
The survey also found an increase in the number of Web-based HR transactions. According to the release, 39% of 401(k) savings plan transactions now take place on the Web, up from 30% in 2002. Also 24% of health and welfare benefit transactions and 16% of “life events” transactions (i.e. marriages, births and retirement) are managed online now, compared to 20% and 5%, respectively, in 2002.
Pension plan transactions showed the only decrease from 16% in 2002 to 12% in 2005.
Gary Kilzer, East Division leader of Watson Wyatt’s technology solutions practice, said in the news release, “In addition, our 2005 Human Capital Index confirms that organizations that process a higher percentage of their personal detail changes, benefits,retirement and stock option/stock plan transactions online outperform other firms financially by a significant margin.”
Copies of Watson Wyatt’s 2005 HR Technology Trends Survey can be found here .