Despite the growing use of the Internet for personal transactions and the widespread availability of customized information on health care and retirement benefits, relatively few companies offer workers online access to information about their total compensation, according to a survey by Watson Wyatt Worldwide.
In its survey, Watson Wyatt found that more than half of surveyed employers (55 percent) offer workers Web access to personalized health benefits information, while 52 percent provide access to retirement benefits information. Just under half (46 percent) offer paycheck information online. However, fewer than two out of 10 employers (16 percent) provide online information about total compensation. The survey results are based on responses from 135 employers.
ìEmployers have a great opportunity to leverage the Internet and increase the efficiency of their HR processes,î said Amy Litten, personalized communication practice leader at Watson Wyatt. ìHowever, many employers havenít stepped up to the plate to take full advantage of what the Internet has to offer.î
The Watson Wyatt survey also found a sharp increase in the number of Web-based HR transactions. According to the survey, 39 percent of 401(k)/savings plan transactions now take place on the Web, up from 30 percent in 2002. In addition, almost one-quarter (24 percent) of health and welfare benefit transactions and 16 percent of ìlife eventsî transactions ó such as marriages, births and retirement ó are managed online. These figures are up from 20 percent and 5 percent, respectively, in 2002.
ìThe best-practice companies understand that web-based automation can significantly streamline the cost of HR operations,î said Gary Kilzer, East Division leader of Watson Wyattís technology solutions practice. ìIn 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.î
Distributed by HR Marketer.com
Few companies offer workers online access to total compensation information
Watson Wyatt found that more than half of surveyed employers offer workers Web access to personalized health benefits information
