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Private benefit exchanges responding to demand for customization

Private benefits exchangescommercially marketed platforms on which employees can shop for a wide range of employer-sponsored health and voluntary benefitsare slowly growing and changing in response to market demands.

By Marlene Y. Satter | Updated on November 20, 2017
The drive to provide a wider range of more personalized benefits is accelerating, particularly as a recruiting/retention tool. (Photo: Shuttesrtock)

They may not have changed as much to model what customers want as online shopping platforms for retail products, but private benefits exchanges are gradually evolving in response to employer and employee needs in choosing customized benefits.

That’s according to a report from the Society for Human Resource Management, which finds that private benefits exchanges—commercially marketed platforms on which employees can shop for a wide range of employer-sponsored health and voluntary benefits—are slowly growing and changing in response to market demands.

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