Despite your employees’ best intentions—and your carefully crafted benefit offerings—are your plan participants continuing to make irrational decisions? Well, cue the Twilight Zone music, because a relatively new area of research called behavioral decision making has found that we, as humans, share a knack for making irrational decisions.
This National Employee Benefits Day, plan sponsors can learn more about the theories of behavioral decision making and how to use them to positively influence employee benefits communications and the health and retirement decisions of participants.
What’s National Employee Benefits Day, you ask?? Well, it’s a holiday all about you! Celebrated each year on April 2, the day recognizes trustees, administrators, benefits practitioners and professional advisors for their dedication to providing quality benefits and the important role they play in their colleagues’ well-being.
This year the International Foundation is using the day to help plan sponsors learn more about the theories of behavioral decision making. Visit www.ifebp.org/benefitsday and you’ll find lots of resources including tips that you can put into place at your organization and an A-Z guide to help get you up to speed on the theories of behavioral decision making.
The Foundation is also hosting a FREE webcast on National Employee Benefits Day! Tune in on April 2 for the webcast: Small Tweaks, Big Impact: The Power of Behavioral Decision Making for the Plan Sponsor. Presenter Steve Vernon, FSA, Consulting Research Scholar with the Stanford Center on Longevity, will provide a quick overview of what behavioral decision making is and then dive into tools you can use to help your plan participants make the most of their benefit options. [Register now: here]
I hope you’ll make plans to do something special for yourself and your team on Benefits Day! Your dedication to your plan participants truly inspires all of us here at the International Foundation, and we encourage you to take a minute to celebrate your continued hard work and dedication.
Brenda Hofmann
Senior Communications Associate at the International Foundation
