Open enrollment is complete and there are a lot of metrics and numbers to review. Were open enrollment results what you expected? Are your employees satisfied with their experience? Did employees make the best selections for their situation?
Here are a few key action items you can take now–and over the coming year–to improve next year’s open enrollment engagement:
1 - Benefit Information Engagement:
Measure: What digital information or videos are employees visiting to learn about their available benefits? Are there low clicks or views to your current benefit information? Is there a lot of outdated information causing low engagement rates?
Improve: Open enrollment is already overwhelming without having to sort through outdated information and benefit options. The new year is a perfect time to purge old benefits summaries and make sure your benefits education materials are up-to-date.
2 - Pre-Enrollment Engagement:
Measure: What pre-open-enrollment meetings or webinars were scheduled? What were employee attendance or engagement rates in these meetings or experiences?
Improve: Engaging experiences that explain current or new benefit choices are critical for increasing awareness and confidence in benefit choices. Review industry best practices or ask other HR professionals their best practices to engage employees BEFORE open enrollment starts.
3 - Employee Open Enrollment Experience:
Measure: What percent of employees complete their open enrollment selections on-time? What percent of employees chose different benefit selections? Are your employees satisfied with the open enrollment process?
Improve: Benefits are complex and it can be challenging and stressful to make decisions about insurance and investments you might not fully understand. By simplifying the process for your employees, you reduce stress and give your team the opportunity to really consider their options and the potential short- and long-term implications. Decision support tools like SelectSmart™ are a great way to provide education and guidance for employees.
4 - Year Round Check-Ins:
Measure: How are you checking in with your employees and benefits throughout the year? Are there opportunities for employees to review and update their retirement selections? Are you collecting feedback regarding benefits they actually use?
Improve: Be sure to check in with your employees regularly: Have the benefit conversation quarterly vs. once a year.
5 - Employee Financial Wellness:
Measure: Are your employees stressed about their finances? Do they feel confident with their current and future financial future? Is the company providing financial wellness solutions to educate or engage employees? What percent of employees are taking advantage of these benefits?
Improve: Help your employees create financial goals and track progress. Benefit selections have a direct effect on your employees’ finances. Creating financial goals and tracking progress empowers employees to engage with the benefits selection process. Making the right decisions at open enrollment can help them achieve those goals. Explore additional financial wellness solutions that can engage and support your employees on their financial journey throughout the year.
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.