Posted by: Altura Benefits in Insurance
Last year’s open enrollment came during the middle of the pandemic, when many companies were still adjusting to remote work arrangements. This year’s open enrollment might be just as challenging.
The pandemic is still ongoing, and many people are still working from home. The emergence of a hybrid workforce means that HR professionals need to pay attention to workers who are in the office, workers who work from home, and workers who split their time between the office and home.
At the same time, many workers are quitting, making talent acquisition and retention efforts especially important as some employers struggle to attract workers. According to CNBC, 4 million U.S. workers quit in April, confident that they could find better pay and working conditions elsewhere.
Many workers are unhappy with their compensation, and the pandemic has made people acutely aware of just how much benefits matter. The stakes are high this open enrollment. You need to help employees enroll in benefits that will meet their needs and boost their satisfaction with their job.
Take steps now to make sure you’re ready for a successful open enrollment period.
If you haven’t assessed your last open enrollment, now is the time to do it. Even if you conducted an initial analysis soon after open enrollment, it’s worth going over the results again.
You can draw some conclusions based on the enrollment data you have. However, you will also need to get feedback from employees. Here are some questions to consider.
Once you’ve done a review of the last open enrollment, you can determine how to improve your next open enrollment period.
A smooth open enrollment period doesn’t just happen. It has to be planned carefully, and that takes time. Don’t wait until the last minute. Fall will be here before you realize it, and if you’re not prepared, you may end up scrambling at the last minute.
Decide now what communication and benefits education tools you’ll be using during this year’s open enrollment – and if your plan is to send employees a manilla envelope stuffed with a benefits booklet the size of a novel, you might want to rethink things. According to the International Foundation of Employee Benefit Plans, 80% of organizations say that employees don’t read benefits materials. This might be frustrating for HR professionals, but when you really think about it, it’s not surprising. Your workers are busy doing their jobs, and benefits packages tend to be dense and hard to understand.
HR professionals need a better way of providing benefits information.
In addition to the tools and communication methods you’ll use, you also need to think about the timeline.
A well-run open enrollment won’t impress employees if the benefits themselves are subpar.
Although many companies offer extra perks that range from free gym membership to student loan repayment assistance, core benefits remain the most important to employees. According to Harvard Business Review, one survey found 88% of employees would give better health, dental and vision insurance either some consideration or heavy consideration when deciding between a high-paying job and a job that pays less but has better benefits. The only other benefit that got as much consideration was flexibility in hours.
Employees want robust health insurance, but different plans will appeal to different workers, depending on their circumstances. Some people will want plans with the lowest premiums possible, even if it means paying a high deductible or even skimping on coverage. Other employees will want the most robust coverage available. Employers should strive to know the needs of their employees and provide benefits that match. Offering more than one option is a good way to make sure that everyone’s needs are met.
A well-rounded benefits package will go beyond health, dental and visions insurance. Employers should also consider offering disability insurance and life insurance. Accidental death and dismemberment insurance is another product that can give employees and their families peace of mind.
For more ideas, read this article on the most desired benefits of 2021 and contact us for guidance. We’re here to help you optimize your open enrollment and employee benefit experience.
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