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 .