Educating Staff on the Worth of HSAs With Lisa Goldkamp, SVP Well being & Advantages With WEX

December 22, 2023

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23% of survey contributors advised us that they don’t really feel their advantages that they’re provided handle all of their wants. In order that clearly issues on a scale of 1 to 10. On how vital advantages are there when contemplating a job, ten being extraordinarily vital and one being clearly much less vital. We had noticed a imply rating of 9.11 or 9 and 11/10. So you realize, clearly it’s critically vital. However you then even have that distinction with the survey contributors saying that they don’t really feel like the advantages that they’re providing are literally addressing their wants.

Episode 413: Educating Staff on the Worth of HSAs With Lisa Goldkamp, SVP Well being & Advantages With WEX

Welcome to the Workology Podcast, a podcast for the disruptive office chief. Be part of host Jessica Miller-Merrell, founding father of Workology.com as she sits down and will get to the underside of developments, instruments, and case research for the enterprise chief, HR, and recruiting skilled who’s uninterested in the established order. Now right here’s Jessica with this episode of Workology.

Jessica Miller-Merrell: [00:01:07.49] It’s profit choice season. I do know you’re excited, and also you’re additionally most likely overwhelmed with worker and dependent questions on well being and profit plans. And perhaps you’re actually occupied with the right way to drive engagement, training, and finally adoption and number of your current profit packages. I’ve discovered that workers simply don’t find out about issues like HSAs, 401Ks, and all these different profit plan packages. My visitor at this time goes to shed some gentle on all these items with a deep dive into HSAs in honor of their twentieth anniversary. So welcome to the Workology Podcast. It’s sponsored by Ace The HR Examination and Upskill HR.. These are two programs that we provide right here at Workology for certification prep and recertification for human assets leaders. Earlier than I introduce our visitor, I do wish to hear from you. Head on over to my Instagram. It’s @jmillermerrell. Choose the photograph of me with the podcast like headset and microphone and put the phrase “PODCAST” within the feedback. You’ll be able to depart me a remark, join with me there, and make ideas for future company. That is going to get you entry to info to attach with me. We’re utilizing Instagram in a brand new and thrilling method. At present I’m joined by Lisa Goldkamp, Senior Vice President of Well being and advantages for WEX, the worldwide commerce platform that simplifies the enterprise of working a enterprise. An internship at an organization that supplied IT coaching to company workers was step one in Lisa Goldkamp’s profession path. Her potential was rapidly realized, resulting in a everlasting function managing a group of 15 workers in operations. From there, a mixture of exhausting work and a willingness to embrace change and new experiences has opened up some actually cool doorways for Goldkamp, main her to an virtually 20-year profession in expertise and worker advantages, together with her present function because the SVP and Normal Supervisor of Well being and Advantages at WEX. Lisa, welcome to the Workology Podcast.

Lisa Goldkamp: [00:03:16.25] Oh, thanks. Thanks a lot for having me at this time for this vital dialog. I respect it.

Jessica Miller-Merrell: [00:03:22.07] Completely. Inform me somewhat bit about your background after which your present function at WEX.

Lisa Goldkamp: [00:03:27.32] Completely. So let me discuss WEX first. WEX is a worldwide fintech firm, and we’re targeted on B2B funds with the aim of simplifying the enterprise of working a enterprise. Um, we developed software program and options that enterprise leaders can use to run their back-end processes. However the work that I do is particularly targeted on the advantages house. So within the space that I work in, we’re serving to employers, workers, and companions throughout the nation. They’re leveraging our options, our expertise, to handle the administration of a few of their well being advantages. So to credential us somewhat to grasp what that truly means and the importance that we play available in the market, that features roughly 19.9 million profit accounts, um, together with offering advantages to an estimated 60% of Fortune 1000 corporations nationwide. We’re we’re powering roughly 7.5 million HSAs inside that 19.9 million accounts. And what we’re doing shouldn’t be solely are we creating the expertise for these advantages, we problem profit playing cards in order that workers and different plan contributors can simply spend funds for the a number of advantages on a single debit card. WEX, we are literally the fifth largest HSA custodian available in the market can in accordance with the Devenir mid-year report. In order that’s about WEX. Um, about me. You already know, you talked about in your introduction that my skilled path to WEX was a bit unconventional. I began as an intern at an IT coaching firm, which actually sparked my love for expertise and the way expertise may help individuals be extra environment friendly and simpler. And I’m actually proud to have landed at a tech firm with such deep experience in worker advantages. You already know, on the finish of the day, advantages are actually complicated. They’re actually intimidating, and we’re constructing instruments to assist simplify the advantages administration course of in addition to the advantages consumption course of. So the individuals which are listening, I’m certain they know their workers typically discover that these advantages are actually, actually powerful to, to course of and devour and perceive. And we’re making an attempt to assist make that simpler.

Jessica Miller-Merrell: [00:05:55.32] Initially, that’s a whole lot of HSAs to be a custodian of and workers. Uh, chances are high they’ve labored with WEX in some capability. Nevertheless, they won’t essentially have recognized that they had been interfacing with you, which is actually thrilling. You’re like the key superhero of like, well being care and profit or well being and advantages, which is, uh, good and dangerous, proper? Uh, individuals don’t know that you simply’re the expertise that’s powering all of the issues. Um, however they only know that it’s working the best way it needs to be. And workers are hopefully getting this, the assets they want.

Lisa Goldkamp: [00:06:33.54] That’s completely proper. That’s a great way to explain it. As a result of even when, uh, somebody that’s listening hasn’t actually labored with WEX earlier than, they won’t assume they labored with WEX earlier than. There’s a extremely robust chance that a few of their profit accounts, or perhaps enrollment capabilities that they’ve utilized for his or her workers prior to now, had been powered by WEX expertise, as a result of we do work with an enormous variety of companions which are on the market utilizing their tech, our expertise, underneath their very own model, so we will typically be type of secretly powering a few of these, uh, these accounts behind the scenes. So we’re actually obsessed with educating the market and, uh, you realize, workers on, on the advantages that they will personally present them.

Jessica Miller-Merrell: [00:07:18.30] For the report, I additionally assume that HR professionals are the key superheroes of the enterprise as a result of we’re usually those who’re type of directing or making an attempt to help behind the scenes. And we don’t at all times get the credit score for the work that we’ve completed.

Lisa Goldkamp: [00:07:31.38] I believe that’s completely true. We all know that to be true. I’d say in my lengthy profession working on this house, it’s, it’s a troublesome job, and making an attempt to innovate and convey worth and issues which are significant, um, and simply seeing the evolution over that time period, uh, agree that there’s these superheroes on the market.

Jessica Miller-Merrell: [00:07:51.84] Monetary merchandise could be actually difficult to grasp. Lisa, how do you make sure that the open enrollment interval cupports prospects and companies to profit from their advantages?

Lisa Goldkamp: [00:08:04.53] Nicely, that is one thing we spend a whole lot of time occupied with. So I discussed earlier, I’m actually proud to be working for a expertise firm within the worker advantages house, and that’s one of many issues that we’re actually targeted on as a tech chief is how can we take the the people that we’re serving, that 19.9 million profit account holders, they’re leveraging our software program as a service expertise, the place they go in and log in and handle their advantages. And what we’re making an attempt to do is assist design options that assist the staff and different plan contributors make the following finest choice associated to their advantages. So, you realize, along with embracing the tech, we predict that there are different concepts that HR professionals can use to coach workers on the worth of HSAs or simply advantages typically. However I’ll inform you, the expertise tie in and what we spend a lot time occupied with is that subsequent finest choice and the way we will energy that by means of among the expertise. However exterior of tech, you realize, among the suggestions that we’ve is simplifying messaging. So we’ve talked about how issues could be complicated associated to advantages. We expect that HR professionals, you realize, which are making a concerted effort to simplify language utilizing communications which are going to workers will assist them to extra simply perceive the choices after which additionally make knowledgeable selections.

Lisa Goldkamp: [00:09:34.50] So, as an alternative of utilizing acronyms, after all, we’re speaking about HSAs, well being financial savings accounts. So I’m violating this. How do you simplify and use much less acronyms? Much less technical phrases? Use tales and easy and easy language to assist individuals visualize the way it will assist that particular person to grasp their advantages higher. So I believe that’s the place a narrative actually makes an enormous distinction. The opposite factor is growing communication. So a whole lot of instances individuals are solely occupied with their advantages actually considerably within the selections that they’re making throughout that open enrollment interval. And I believe a whole lot of employers and HR professionals are clearly targeted on that time period as a key time that they need to be speaking. However we really feel that growing communication from a 12 months spherical perspective actually helps individuals, not solely to maintain updated and knowledgeable. It helps to, you realize, decrease the overwhelm related to the advantages which are there. You additionally don’t know when a narrative goes to resonate. And so perhaps it’s not in that two week open enrollment interval that you simply’re going to make an influence on a person associated to the advantages, though a person may not be capable of change their profit choice throughout that non open enrollment interval, it’s a superb time to hit them about matters that may very well be significant to them, to allow them to begin occupied with it early.

Lisa Goldkamp: [00:11:04.32] We additionally assume {that a} multi-channel method is actually vital. So e mail handouts, weblog posts, movies, individuals devour info in several methods, and also you wish to just remember to, once more, don’t overwhelm them by utilizing one modality an excessive amount of, however type of trickling that over time as effectively. And we talked about simplifying messaging, however talking the language of the staff is actually vital. So it’s important once we’re successfully speaking that we meet the viewers the place they’re and that we’re utilizing language that they perceive. So a whole lot of the phrases within the worker profit house usually are not generally recognized. These are HR professionals listening. These are issues that they know out and in day-after-day of the week. However for a person worker, it may not be as straightforward to grasp. You already know, once I’m speaking about HSAs to somebody, I don’t wish to begin with the tax code guidelines as an entry level with a purpose to attempt to promote why these are going to be useful. So it’s attention-grabbing, we’ve really been examined messaging, and we all know that a few of these issues, though it’s compelling, while you begin telling tales in regards to the cash that somebody can save, it simply actually is difficult for individuals to to understand on and personalize that to the on a regular basis conditions that they’re experiencing.

Lisa Goldkamp: [00:12:32.22] So we predict not solely, you realize, talking the language and utilizing frequent phrases, be sure that if there are issues that may require utilizing terminology that may not be as acquainted, that you simply acknowledge that these are phrases that may not be recognized, just remember to clarify what they imply up entrance or hyperlink to assets as wanted. After which we additionally you wish to present incentives. So personalised advantages um, and on-line instruments to assist people perceive their choices. You wish to supply rewards for finishing sure actions and even for attending advantages training periods. So how do you incentivize individuals to take the time and be taught somewhat bit extra in regards to the choices which are out there? After which tying again to the place we began, which was with expertise, growing comfort is actually vital. And that’s one thing, once more, that as a expertise supplier and a expertise innovator, we’re at all times seeking to our instruments like our on-line portals and our cell apps and digital assets which are out there. What can we do to assist make workers entry info, um, and the entry to the advantages that they’ve and training simpler? Um, in order that not solely that they take part in these advantages and decide in to utilizing them, however they higher perceive how they will make an influence on their everyday well-being.

Jessica Miller-Merrell: [00:14:04.20] I believe it’s so vital for the communication to be constant over time, such as you’re saying, at these totally different intervals, as a result of, you realize, you’ve gotten new hires coming by means of who’re going to have numerous profit questions. We have now totally different qualifying occasions which are coming alongside, and also you even have spouses or companions who’re concerned in these advantages conversations, they usually have entry to the data and the assets that they want to have the ability to collectively decide otherwise. So placing these in several methods, elsewhere over time helps to permit individuals, uh, it’s like marinating. Like they want time to let it sit and for them to have the ability to ask questions and perhaps analysis extra earlier than they dive into annual profit enrollment or new rent advantages, no matter it’s, or that, that qualifying occasion. So I respect all these items. HR individuals are actually entrepreneurs. They don’t know what they’re.

Lisa Goldkamp: [00:15:00.21] They’re. And it’s it’s attention-grabbing how, um, the advertising element is so vital. Selecting your phrases. The best way that you simply current one thing makes such a distinction in, by way of how individuals are, how that may resonate with people. After which I additionally assume type of that energy of that private story is vital. Now, you realize, my purpose is that we don’t have to coach customers and workers one particular person at a time. However I’m not above that. I’d say this morning, my brother-in-law known as me and was asking me questions on HSAs as a part of his open enrollment, uh, you realize, interval. And though I’m glad to supply private steerage and training alongside the best way, it’s how do you create that snowball impact? And even throughout the worker base is that our HR professionals serve. How do you assist to make these connections? After which how do you employ these tales? So type of that water cooler dialog that somebody has with one another that talks about, oh gosh, you realize, my son broke his arm and nevertheless it was nice as a result of though it was an enormous medical expense, my I had my HSA {dollars}. And so I didn’t have to fret about having this surprising expense. I already had cash that was, um, put aside for, you realize, the unlucky prevalence of them, you realize, falling off the jungle gymnasium or one thing like that. How do you seize these tales that you simply’re listening to from the staff after which make that one thing that the plenty, that different workers that may have comparable tales and be like, oh, that connects for me. I’ve a baby getting braces or I’ve glasses that I want to purchase yearly, and people are bills that proper now I’m paying out of pocket for. I believe that’s actually, actually vital.

Break: [00:16:51.48] Let’s take a reset. That is Jessica Miller-Merrell, and also you’re listening to the Workology Podcast sponsored by Ace The HR Examination and Upskill HR.. At present I’m chatting with Lisa Goldkamp, Senior Vice President of Well being and Advantages at WEX. Earlier than we get again to the interview, head on over to my Instagram. It’s @jmillermerrell. I would like you to seek out the photograph. It’ll be proper on the high of me with my podcast mic and earphones right here. And depart a remark. Go away a remark with the phrase “PODCAST” on it. And that is going to set off some actually cool automation so as to let me find out about the kind of company, the kind of content material, and simply info referring to the podcast. I wish to hear your ideas and actually simply insights on how we will make this podcast higher. So head on over to Instagram.

Break: [00:17:43.86] Private {and professional} improvement is crucial for profitable HR leaders. Be part of Upskill HR to entry stay coaching group and over 100 on-demand programs for the dynamic chief. HR recert credit out there. Go to UpskillHR.com for extra.

AI and Worker Advantages

Jessica Miller-Merrell: [00:17:59.61] I wish to discuss synthetic intelligence as a result of I really feel that’s like that’s what everyone’s speaking about AI and expertise and the way you’re utilizing them at WEX. As a result of I really feel like we discuss how they’re being utilized in a whole lot of different locations of HR expertise, however what about worker advantages and the work that you simply do at WEX?

Lisa Goldkamp: [00:18:18.81] I adore it. We take into consideration AI rather a lot on a regular basis, significantly as a software for innovation, and it’s an space that we’ve, we’re investing rather a lot and actually artistic ways in which we may help, you realize, the people that we serve available in the market, whether or not it’s an worker and employer or a accomplice of ours, we’re on the lookout for ways in which we will innovate by means of AI. Um, like every part, there’s nice alternative, there’s dangers. AI has actual dangers. However we really feel like product innovation with AI, when coupled with accountable governance, permits us to steadiness the danger and the chance to innovate and supply new or higher instruments, significantly for employers and workers. You already know, one of many thrilling improvements that we’ve seen right here at WEX is one thing we name Client Pathways, which is powered partially by AI. And what this does is it takes a glance. We’ve talked about HSAs at this time and the way there’s totally different ways in which individuals can use their HSA. You already know, not solely are we making an attempt to coach individuals about HSAs particularly, however while you have a look at an HSA account holder and why an HSA is vital to them, there are a number of totally different profiles. For these which are extra aware of HSAs, they could have heard of one thing known as a saver or a spender prior to now, nevertheless it’s a lot, far more nuanced than that.

Lisa Goldkamp: [00:19:47.91] We see, um, a number of totally different profiles and we even have various things that we consult with them as. However we’ve heard about buyers. We’ve heard about somebody that will be extra of a spender. However the nuances round how somebody is utilizing their account, why they’re utilizing their account, and the way their wants evolve over time is actually vital. So once we take into consideration the worker life cycle of somebody from the time that they’re employed to the time that they’re retired, their wants of how they work together with these accounts actually shift throughout time. And we’re utilizing client pathways to assist them make these subsequent finest selections. And basically, we’re hitting them with particular messaging and instruments and prompting them to assist remind them of the way. There are specific factors in life the place you may wish to contribute extra to your HSA, since you’re beginning to consider that retirement element. There’s instances that you simply may wish to spend extra since you’ve acquired these bills. And so we’ve seen AI as a extremely, actually vital method, um, to assist individuals from that perspective. The opposite factor that we have a look at by means of our options which are associated to enrollment capabilities, as a result of we’ve instruments associated to that, is simply choice help. So how can we use AI to assist individuals make higher selections? Once more, on the advantages that they’re deciding on.

Lisa Goldkamp: [00:21:15.21] So that’s actually vital for workers. We even have roughly 50 AI experiments which are at the moment occurring at WEX. Um, so the decision-making utilizing the data-driven analytics and suggestions are a extremely, actually large one. We like to make use of that information to supply insights on habits and preferences. After which general, um, I’d say finally an enormous driver of that work is enhancing buyer and client engagement. Um, we additionally assume that AI can be utilized to enhance the client expertise with these personalised suggestions and in addition help. So chatbots. I do know chatbots doesn’t sound like oh wow, that’s a extremely participating factor, however it’s superb how having that immediate buyer help that’s utilizing language that a person can relate to on the time limit that they want it, um, can present these personalised suggestions. So the bottom line is ensuring that you simply’re balancing, once more, that AI utilization with a extremely good, um, client engagement technique. And we’ll proceed to innovate with AI. We’ll be considerate about points associated to bias and transparency and privateness and compliance. However we predict that leveraging, um, the actually nice components about AI, whereas defending from the downsides, is critically vital to creating certain that we get related options that truly assist, uh, the people that we serve.

Jessica Miller-Merrell: [00:22:48.76] How thrilling. All of the alternative ways. Uh, 50 totally different, like testing packages. Uh, I believe it’s it’s superb. Most HR individuals, I believe, are in settlement that synthetic intelligence used inside the work that we do can positively profit the worker expertise, the client expertise, and definitely like our jobs by way of how we help, uh, our organizations and our workers. So it’s actually cool to listen to some ways in which y’all are utilizing it in type of, uh, your type of nook of the world, uh, and, uh, perhaps some ways in which we didn’t even contemplate or take into consideration. Final query for you, what’s a very powerful factor for workers to contemplate when planning academic packages for worker advantages?

Lisa Goldkamp: [00:23:37.96] Yeah. Nice query. In speaking with HR professionals, we actually take into consideration this in two phases. So we take into consideration the advantages plan design as one part after which the advantages plan deployment as one other part. So once we take into consideration advantages plan design, 23% of survey contributors advised us that they don’t really feel their advantages that they’re provided handle all of their wants. In order that clearly issues on a scale of 1 to 10. On how vital advantages are there when contemplating a job, ten being extraordinarily vital and one being clearly much less vital. We had noticed a imply rating of 9.11 or 9 and 11/10. So you realize, clearly it’s critically vital. However you then even have that distinction with the survey contributors saying that they don’t really feel like the advantages that they’re providing are literally addressing their wants. So, you realize, one of many frequent threads within the responses as to what was lacking is that they need advantages which have extra deductible choices. They need extra HSA or FSA, that are versatile spending account choices. They need dental and imaginative and prescient protection choices, elevated wellness advantages, and different concepts that come up by means of, by means of these conversations are versatile work preparations, skilled improvement, monetary wellness packages, and so on. you realize, as soon as a plan is designed and once more, you wish to take these insights and attempt to proceed to enhance your plans, um, is there able to be deployed? And HR professionals, you realize, we wish to return to a few of these issues that we talked about earlier, speaking clearly and repeatedly in a customized method.

Lisa Goldkamp: [00:25:27.46] Search worker suggestions and involvement. Utilizing expertise, clearly, I really feel very passionately about this, to streamline the advantages enrollment course of. Um, and the profit choice course of. Supply incentives for enrolling in wellness packages. The pliability and advantages choices is actually vital. After which once more, we’re at all times reviewing periodically and adjusting the plans to suit the wants of your workers. So it’s a steady evolution of, of what you’re presenting. You already know, it’s humorous since you had been simply asking about AI. And once we had been discussing this query the opposite day, um, with AI-powered profit assistants out there to assist workers and others take advantage of knowledgeable open enrollment selections based mostly on life-style and demographic info info, may we begin to see workers with foolproof profit packages. That’s most likely an actual stretch within the minds of the place we’re at this time to among the HR professionals on the market. However think about a world the place that’s the case, the place we’re, we’re utilizing all of this information and all of those instruments and the expertise that we’ve out there to assist join the dots for individuals.

Lisa Goldkamp: [00:26:43.39] So, you realize, I believe a whole lot of HR professionals that we discuss to are annoyed as a result of that disparity that you simply see, if 23% of the individuals are saying they’re not getting the advantages or being provided the advantages that they want. And, um, nevertheless it’s extremely vital to them. I do know HR professionals get annoyed as a result of they are saying we’re providing advantages that truly assist these individuals. They simply don’t perceive them. So there’s some actually attention-grabbing, um, alternatives there. And, you realize, will workers be capable of fully optimize the worth of their advantages and shield their well-being and their monetary safety? It’s simply actually attention-grabbing to consider what AI can do within the realm of worker advantages. Um, however till that point comes, when we’ve a foolproof advantages, you realize, the onus will proceed to be on corporations like WEX to accomplice with HR professionals to assist them design and deploy plans which are attentive to the wants of their various workforce. We wish to assist have options that may entice the appropriate expertise and in addition assist to make sure that the staff are simply, effectively general throughout all of those areas that we’ve been speaking about.

Jessica Miller-Merrell: [00:27:55.57] Nicely, Lisa, thanks a lot in your time and sharing your experience, answering all our advantages questions. The place can individuals go join to attach with you and be taught extra about what you’re doing at WEX?

Lisa Goldkamp: [00:28:09.37] Completely. So to be taught extra about WEX, our our web site is www.wexinc.com. It’s wexinc.com. Um after which my identify is Lisa Goldkamp and it’s Goldkamp with a ok. And yow will discover me on LinkedIn. You already know, once more I hope I don’t have to coach one client at a time on HSAs 20 years later. However I’m not above that. I’m actually enthusiastic about educating individuals, and so I encourage individuals to succeed in out and begin a dialogue and we’re actually excited to assist.

Jessica Miller-Merrell: [00:28:45.61] Superior. Nicely, thanks a lot once more. We’ll hyperlink to the WEX web site, your LinkedIn profile, some extra assets that folks want extra help, which we do, um, simply to assist proceed our type of I suppose it’s a campaign in a method, a pleasant campaign of training and assets for HR and our the staff that that we help. So thanks once more a lot.

Lisa Goldkamp: [00:29:11.62] Yeah. Thanks. We all know there’s such a heavy load on HR professionals. So we actually wish to attempt to lighten that load. Thanks a lot for having me.

Closing: [00:29:19.42] Complete rewards is such an vital think about actually every part we do our employment, branding, the worker worth proposition and our capacity to draw and retain our expertise. We will supply our workers extra, together with issues round monetary well being, I believe is actually essential to being aggressive in our present expertise market and future expertise market because the financial system modifications. I respect Lisa taking her time to share her expertise with us at this time. Earlier than we shut, I wish to thanks for listening and tuning in to the Workology Podcast. I’d like to get your insights head on over to Instagram. It’s @jmillermerrell. It’s my account. Search for the photograph of me with the headphones and the microphone for the podcast. Go away a remark with the phrase “PODCAST” and you may let me know there by means of direct message any concepts or ideas about future episodes? I’d love to listen to from you! Thanks a lot for tuning in to the Workology podcast. It’s sponsored by Ace The HR Examination and Upskill HR. two programs that we provide for HR certification and recertification. This podcast is for the disruptive office chief who’s uninterested in the established order. My identify is Jessica Miller-Merrell. Thanks for listening or watching. You’ll be able to go to Workology.com to hearken to all our greater than 400 episodes of earlier Workology Podcast episodes. Have a fantastic day!

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