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Benefits Enrollment Simplified: Making the Best Decisions for Your Business

28 Jun


National Insurance Awareness Day (June 28) is here, and it’s a holiday that business owners should be excited about! With open enrollment coming in the fall, there is often a lot of confusion surrounding insurance and other benefits your employees need to have. Research shows that little more than half of employees truly understand their benefits.

However, a strong benefits package with great insurance isn’t just a must for employees, it is critical for organizations, as well. According to a Pew Research survey, 23% of employees have actually quit a job due to inadequate benefits, and another 20% said it was a contributing factor.

Open enrollment shouldn’t be a confusing process. Employees should understand the value of what they’re getting! Let’s dive in and learn how to add life to your benefits renewal process and get your employees excited!

  1. Analyze Last Year’s Open Enrollment

It’s likely that you still remember last year’s open enrollment period. Alternatively, if your team gathered feedback at its conclusion, that’s even better. In any case, now is the perfect moment to utilize that valuable information to enhance this year’s planning process.

Were your employees satisfied with the available benefit options? Were they uncertain about renewing benefits online? Did a significant number of individuals procrastinate and submit their enrollment at the last moment? The objective is to identify areas for improvement while capitalizing on the achievements of the previous year.

2. Review and Update Your Benefits Offerings

After you’ve evaluated the effectiveness of the past year’s open enrollment and the benefits you offered, consider enhancing your packages. This is a task you should consider doing each year as the needs of your employees change regularly.

For example, are there voluntary benefits you can add to enhance your offerings, without increasing costs on your end?

3. Ask Employees and Colleagues for Input

By soliciting feedback from your employees regarding their benefits preferences, dislikes, and desires, you achieve multiple objectives:

  • You gain valuable insights into the benefits that hold the highest value for your employees, enabling you to better cater to their needs.
  • You empower your employees by giving them a sense of being listened to and valued.
  • You raise awareness about the upcoming open enrollment period, ensuring that employees remain engaged with it.

Of course, it’s impossible to fulfill every employee’s wish completely. However, each conversation presents an opportunity to encourage employees to become more knowledgeable about the benefits available to them.

4. Communication Should be Open, Often, and in Many Ways

When it comes to open enrollment, it is crucial to emphasize clear and consistent communication. A well-rounded communication strategy should encompass various channels such as email, intranet, newsletters, employee meetings, texts, and individual discussions, among others.

If you oversee a remote or hybrid workforce, it is essential to develop a comprehensive virtual communication strategy that includes online information sessions and benefits fairs. Ensure that every employee is well-informed about their benefit options, deadlines, and necessary actions. It is important to highlight any modifications or new additions to your existing offerings.

5. Help Employees Make Informed Decisions

You can assist employees in making well-informed decisions by providing educational resources like benefit guides, frequently asked questions (FAQs), and webinars. If you have access to additional decision-support tools or calculators, it is highly recommended to offer them to your employees.

Furthermore, it is advisable to avoid a “passive” benefits renewal process, where employees are automatically enrolled in their current plan unless they opt for a different choice. By requiring employees to actively select each benefit option, you encourage them to delve deeper into their choices and make decisions based on knowledge rather than convenience. This approach ensures that employees make informed decisions.

Get the Benefits Your Employees Want

In honor of National Insurance Awareness Day, make the first step of your benefits renewal process a phone call with a VensureHR representative. With Vensure’s Fortune 500-level benefits, we have unique solutions for your business and expertly handle benefits enrollment and administration. Happy National Insurance Awareness Day!

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