73% of employees want more education on company benefits

Payroll Integrations' 2024 State of Employee Financial Wellness Report reveals that HR teams are overwhelmed with administrative tasks, spending up to 20 hours a week on payroll and benefits, which reduces their ability to educate employees on benefits—a key factor in employee participation and engagement. Click here for article.

• HR managers spend an average of 12 hours a week on payroll and benefits, with 27% spending 20 or more hours.

• Employees who feel educated about their benefits are significantly more likely to participate in them, particularly in HSAs, FSAs, and retirement plans.

• Gen Z participates the least in retirement benefits but contributes the most among those who do invest.

• Payroll and benefits errors take over a week to correct for 50% of employees, though technology is helping reduce mistakes.