Industry Trends: Open Enrollment – Time to Get the Ball Rolling!

Industry Trends: Open Enrollment – Time to Get the Ball Rolling!

Open enrollment can be a daunting task, but if methodically planned out (with the guidance of your Kistler Tiffany Benefits’ consultant and account executive), your employees will become more engaged, knowledgeable, and better prepared to make educated decisions that will not only positively impact their health but the company’s physical productivity and financial prosperity as well.

A successful open enrollment is also directly tied to a company’s recruitment and retention strategy. According to an Aflac study on employee benefits, 80 percent of employees say their benefits package impacts their on-the-job engagement, and nearly 60 percent say they’ll accept a job with slightly lower compensation, but better benefits.

But even though the numbers say benefits are extremely important, nearly 50 percent of employees devote less than 30 minutes to evaluating and choosing a health insurance plan during open enrollment period.  Given that many people spend approximately 15 minutes a day choosing their outfit, it’s obvious that there is a need for HR and management to find the right way to communicate with employees during open enrollment so that they feel empowered and certain in their choices.

An efficient and effective Open Enrollment is a detailed process and one that needs a clear and direct plan.  With that being said, below are five key points for a successful Open Enrollment:

  • Plan Ahead – Start early and review what has worked in the past and what support materials are necessary. Generally speaking, starting 12-16 weeks out on a marketing plan and identifying materials and updates can take a lot of the ‘last minute stress’ that comes with a rushed enrollment.
  • Set Goals and Measure Success – What needs to be improved from the previous year? Less calls to the HR Team? Higher job satisfaction and loyalty?
  • Create A Communications Plan – Who is your population and how do you best reach them? Is it through posters, emails, text service, social sharing, etc.
  • Educate Employees – This day and age, people expect to get information when it is convenient to them. New methods of providing info (as per above methods) allows employees to get information on their terms, by their methods.
  • Yearlong Touch Base – Educating employees on HSA, FSA, HRA’s and how insurance works in general has a long learning curve that may need to extend well past open enrollment. Don’t stop communicating just because the Open Enrollment deadline has passed.  Provide opportunities for ongoing learning sessions throughout the year.

For more details and assistance in formulating a successful Open Enrollment strategy and improving employee engagement, be on the lookout for your KTB Employee Benefits Consultant or Account Executive.

 

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