For both benefits brokers and employers, getting open enrollment right is critical. The right benefits mix can make the difference between retaining employees and losing them, and happy employees and disengaged ones. In fact, twenty percent of employees rank health care coverage as the number one benefit for staying at a job and for sixteen percent it is their number one reason for switching jobs, according to Lively’s Wellness and Wealth report. In addition, employee turnover is expensive — by some estimates it can cost six-to-nine months of an employee's salary to replace them, including hiring, onboarding time, and lost productivity.
Employees need a range of options for financial and healthcare coverage to prepare for the unexpected now more than ever, but the pandemic has placed unprecedented pressure on their time and attention spans. According to PlanSource, on average, employees spend 18 minutes enrolling in benefits each year, and that’s without factoring in the effects of the pandemic. As open enrollment approaches for many, employers and brokers must take a strategic approach to open enrollment to ensure their clients and employees receive the information they need to make the best decisions for their health.
Overall, open enrollment is an opportunity for brokers and employers to work together to empower employees to take control of their health and financial wellness. Benefits that meet employee needs support employee retention, productivity, and your company’s bottom line.
During open enrollment ensure you:
- Offer benefits that serve as a resource to empower employees to plan and save during uncertain times
- Plan for communications in multiple formats before, during, and after open enrollment
- Guide employees to select offerings that meet their needs and are cost effective for you
Lively has gathered a range of resources to help you ensure success before, during, and after open enrollment. Our webinar on successfully navigating open enrollment offers advice from benefits industry experts on how to offer better benefits and capture employees’ attention when they have less of it to give.
In addition, Lively’s Open Enrollment Survival Guide shares best practices to help brokers, employers, and benefits administrators streamline their open enrollment process. The proven strategies to:
- Ensure your benefits offerings maximize employee savings and choice
- Plan for open enrollment, whether it is online, in-person, or a hybrid
- Communicate effectively before, during, and after open enrollment
The advice in this guide empowers employers, brokers, and employees to get the most out of open enrollment and confidently embrace a healthy future.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.