Are you ready to navigate this year’s open enrollment process with ease? As an employer, you know that open enrollment can be a challenging period for both you and your employees. However, with the right strategies in place, you can streamline the process and create a positive experience for your team with your local service provider, WORX Payroll.
The Value of a Solid Benefits Package
Offering a comprehensive benefits package can set your business apart in the competitive talent market. Employees recognize the value of benefits, with 82 percent considering them a crucial part of their total compensation, according to a recent survey by iSolved.
But it’s not just about offering the right benefits; the open enrollment process itself matters too. Every interaction your employees have with your organization shapes their experience, including how they elect benefits. A cumbersome process can be detrimental, as 64 percent of employees state that a poor open enrollment experience could prompt them to seek new job opportunities.
Simplify and Optimize Your Open Enrollment
To ensure a smooth open enrollment process, follow these steps:
- Review Your Offerings
Take a close look at your current benefit offerings and consider the unique needs of your employees. Given the changes brought about by the pandemic, employees’ priorities have evolved. Some may be balancing hybrid or remote work schedules, while others could be facing financial challenges.
To gain insights, conduct an employee-facing survey. Ask your employees to evaluate your current benefit options and provide feedback on what they liked or used most. This step can help you identify benefits that were underutilized or unnecessary.
Tip: Start early to gather the necessary information. Your broker can assist in collecting the data you need.
- Enhance Your Benefits Package
Based on your findings, consider adding new benefits to your package. While standard benefits like health insurance, dental insurance, and retirement plans remain essential, there’s a growing demand for other benefits like lifestyle discounts, student-loan debt relief, and pet insurance.
Tip: Maintain transparency with your broker and communicate any changes in your business model as they occur. Don’t wait until open enrollment to discuss these adjustments.
- Communicate with Employees
Effective communication with your employees is key. Ensure that employees are informed about their benefit options throughout the year, not just during the open enrollment period. According to iSolved’s research, 56 percent of employees report that their employers only communicate about benefits during open enrollment or not at all.
Tip: Provide printed materials and dedicated websites for reference, and leverage communication tools such as email and text to facilitate two-way communication. Keep employees informed about changes, updates, and important reminders.
- Simplify Enrollment
Open enrollment can be a stressful time for employees, with 61 percent rating it as either extremely or moderately stressful. To improve the experience, consider these employee preferences:
- Real-time cost analysis of elections (preferred by 50 percent of employees).
- Automatic rollover of elected benefits from the previous year (desired by 49 percent).
- The ability to make elections remotely and digitally (preferred by 43 percent).
- Ensure that your employees have access to an integrated solution with self-service features, allowing them to make benefit selections conveniently online.
Tip: Start planning for next year’s open enrollment period early. Discuss your organization’s goals with your broker, whether it’s talent retention, cost savings, or enhancing your benefits program.
Meeting with Your Broker – Checklist
When meeting with your health insurance broker, use this checklist to stay organized and ensure a productive discussion:
What to Prepare:
- Share any business changes, including mergers, acquisitions, and new controlled group members.
- Highlight any significant census changes, such as workforce reductions or expansions.
- Mention any location changes, as this can impact carrier choices.
- Inform your broker about any operations in new states.
- Identify employees who will be on leave during open enrollment.
What to Discuss:
- Determine whether quoting options will necessitate medical questionnaires.
- Evaluate how census changes may affect plan options.
- Discuss plan options, funding levels, and open enrollment logistics.
- Address concerns related to existing coverage and desired changes.
- Review reporting requirements based on your group size.
- Explore compliance areas that require attention based on implemented benefits and group size.
Empower Your Workforce
Open Enrollment in Texas kicked off on November 1, 2023. This crucial period extends until December 15, 2023, providing employees with the opportunity to enroll in or modify their plans. It’s imperative to take advantage of this window, as any adjustments made during this time will ensure seamless coverage starting on January 1, 2024. Mark your calendars and let WORX Payroll guide you through the Open Enrollment process for a worry-free transition into the upcoming year!
Gain deeper insights by arranging a Discovery Call today with Pam Mosser, our dedicated Sales Executive for WORX HCM. Click here to schedule your meeting: https://meetings.hubspot.com/pam-mosser or give us a call at 806-765-3258 today!