By Jim Trujillo
Even though we’re still well into the warmer months, open enrollment season will be here before you know it. As we’re coming off another year of change and challenges, many companies are reevaluating the new demands of employees and prospective talent, prior to beginning their open enrollment.
It’s no question that employee priorities may have shifted throughout the last 18 months, and with those shifts come differing opinions, wishes, and expectations on what employers can provide. Open enrollment is an opportunity for companies to meet these new wants and needs, as well as demonstrate their concern for employee well-being.
While this open enrollment season may present some challenges, it’s never too early to begin preparing for one of the HR industry’s busiest times of year. Here are some items to consider to help make your company’s open enrollment season the smoothest one yet.
ESTABLISHING YOUR BENEFITS OFFERINGS
Most HR professionals understand that competitive benefits packages can impact employee attraction and retention. Because of this, many industry professionals are turning their attention to creating robust offerings to meet their employees’ ever-evolving needs.
But first things first – you must evaluate your current benefits offering to understand where any gaps may, or may not, be. Remember the age-old phrase, “if it ain’t broke, don’t fix it?” If you look at your comprehensive package and there isn’t room for improvement, well go buy yourself a lottery ticket because you may be one of the luckiest people around. The reality is, most benefits packages have the opportunities for enhancement in some way, shape, or form – it’s just a matter of what best fits the needs of your workforce.
However, with the endless possibility of benefits offerings, selecting the right ones can seem like a daunting task, but it doesn’t have to be. Every available option is not necessarily ideal for each and every company. The benefits your company offers should support your unique culture and workforce dynamic. It may be your employees are more concerned about physical health, or financial wellbeing. If that’s the case possibly consider adding options to your comprehensive package that support those wishes.
MEASURING SUCCESS
Now that you have a comprehensive benefits package to present, how do you measure success for your company’s open enrollment? HR teams want to understand how well their employees engage with communications, and ultimately, how that impacts enrollments. But what exactly should you measure? This may look different depending on your company’s metrics, but there are some standard measurements to consider:
- Number of enrollments by a certain date
- Number of 1-on-1 meetings your team holds
- Engagement in enrollment communications
- Trends in enrollments in conjunction with communications
- Impact of benefits on employees
- Impact of benefits on the company
Setting expectations and tracking these data points can help your team better understand what messages and offerings best resonate with your employees. This information can help you determine if the current enrollment season was successful and provide you with insight for additional changes in the future.
SET THE PACE
While it may seem easier said than done, scheduling out your open enrollment season well in advance can help provide you with room for changes along the way. Your set schedule will help you stay on track and potentially relieve some possible headaches in the months ahead. For plans following the calendar year, here are some timelines to consider:
- JULY-AUGUST
This is the time to review last year’s open enrollment period, make a plan for adjustments, and develop a strategy for implementation. Utilize this time to set your goals and measurables for success. Also consider drafting your communications to allow you time to review and revise your messages.
- SEPTEMBER-OCTOBER
Take this time to finalize your messages and hit send. Let your team know about upcoming benefits fairs or webinars, as well as any information they should have prior to enrollment. Take into consideration any questions they may have and build FAQ sheets to help. This is also a great opportunity to schedule one-on-one meetings with employees and your HR team.
- NOVEMBER-DECEMBER
It’s go time! Now is the time to hold the open enrollment period for employees to make their elections. Be sure to survey employees regarding their experience while everything is fresh on their mind.
UTILIZE YOUR PARTNERS
In our experience, and hearing from our industry partners, open enrollment season can be stressful, but we believe no HR team should go it alone. Your partners, vendors, and external resources should support you before, during, and after your enrollment period. Reliable business partnerships can be consistent, trustworthy, and help you deliver positive results for your team throughout the entirety of this season.
Additionally, a good partner will provide you with creative ideas along the way. Your vendors see it all, so they should be able to share with you some new trends, ideas, and opportunities to improve your overall experience. This can come as additions to your benefits package or streamlining processes and procedures in your enrollment operations. Let their experience and exposure in the field be a resource for you.
While there are many options to consider and many things to plan for, there’s no better time to get started than now. Companies that wish to sharpen their edge in a competitive market will embrace the opportunity to adopt new and innovative employee benefits offerings – impacting enrollment success for now and for the future.
Financial Advisor
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www.ARGI.net