Open enrollment season is over; it’s time to take a breath–and reflect on the success of your open enrollment period.
Benefits ROI is an immediate and concrete benchmark to measure success, but it might not be showing you the complete picture. Increasingly complex benefit and health plan choices can overwhelm your team when open enrollment time comes around. If they don't understand the options and how their decisions might impact their finances in the long term, they may not select the right types of coverage. Uninformed decisions and underutilization of benefits can lead to employee dissatisfaction and sometimes higher costs for companies in the long term.
Questions management should be asking:
Are your employees satisfied with their benefits choices post-open-enrollment?
Were they able to navigate their options with ease and clarity?
Was it easy to compare plans, and could your employees make truly informed decisions about supplemental benefits?
Are they able to tailor a benefits selection bundle that reflects their–and their families-needs for the coming year–and beyond?
Now you may be wondering…what is the best way to actually collect that feedback? Here’s a few simple ways to get better feedback from your employees:
Ask Them! Send out a quick, anonymous survey designed to capture broad responses about the benefits selection process.
Review absenteeism rates: these numbers are indicators of overall satisfaction and engagement in your workforce, but they can also offer more targeted insight into employee wellbeing and benefits utilization. Employees with the right health care coverage are more likely to use that coverage and are often healthier and less likely to be absent from work for illness.
External feedback: sites like Glassdoor provide insight into employee satisfaction, and especially for larger companies, drilling down to benefits reviews can show you how your employees really feel about their experiences and the coverage you offer.
And now that you have collected the feedback, you may be asking – how do I make it better? SelectSmart™ is a decision support tool that helps employees make personalized benefits choices. SelectSmart transforms complex enrollment choices into straightforward, personalized recommendations by asking simple questions and analyzing all available choices and funding levels from health to retirement funding levels. We believe the best way to help employees feel more empowered and happier about their health and wealth future is to help them make better decisions today.
Interested in learning more? Click here to schedule a 15 minute chat now to discuss how SelectSmart might work for you. Or simply call us at 781-583-7017 or email us at sales@savvifi.com.