Are You Prepared for Open Enrollment Season?
Most companies (63.3%) report employee retention is more difficult than recruiting employees (Zenefits).
Employee engagement is vital to employee retention as shown by:
- A 2017 study resulted with 81% of employees who said they would consider separating from their company for a better opportunity even if they weren’t actively seeking alternative employment.
- A Gallup meta-analysis reported businesses with high employee engagement presented a 21% higher profitability rate.
- A long-term study showed that strong corporate cultures that encouraged leadership initiatives and employee appreciation saw a 682% increase in revenue.
Exploring Employee Benefits
One way to increase employee engagement is through competitive, affordable employee benefits. More than half (57%) of job seekers rank benefits as a top factor in deciding to accept a job offer (Glassdoor).
While employers are not required to provide retirement, dental, vision, life insurance, or paid time off, benefits like these are what prospective and current employees seek in employment opportunities. Exploring benefits can help you find supplemental and voluntary benefits that can help increase employee engagement, as well as encourage your employees to take charge of their overall wellness.
For example, QBS recently launched a unique alternative healthcare solution, Direct Care. Direct Care offers affordable healthcare services that help bridge the gaps in traditional healthcare costs to promote benefits employees actually want to use.
Preparing for Open Enrollment
While open enrollment periods may vary across businesses and individuals, here are some quick tips for preparing for open enrollment.
Communicate. Before your designated open enrollment period, start trickling out relevant information and dates for employees to explore. This will help familiarize what benefits will be available, explore plan options best suited for their lifestyles and preferences, and address any questions or concerns that may arise. This will also provide a higher level of understanding the benefits being offered. During open enrollment, hosting informational sessions can help address any underlying questions, concerns, and foster any feedback to improve the process and benefits available. Post-enrollment, be sure to follow-up and address any outstanding questions or concerns employees may have regarding the enrollment process, benefits packages and other pertinent topics that may arise.
Secure benefits employees seek. The best way to prepare for open enrollment is by conducting a survey of what benefits your employees would like to see, already enjoy, or do not utilize. For example, you may have low participation in your current 401(k) plan. Research other options and compare them to your current plan. Seek outside vendors or financial advisors to help guide you through all viable options best suited to your employees’ needs.
Confirm you have the support you need. Whether you have a team of benefits specialists or are considering a third-party provider to assist with benefits administration, it is imperative that you secure the support you need for open enrollment. Employee benefits are oftentimes a stressful, complex topic for employees to digest, which is why it is imperative that, as an employer, you have the resources and support to provide prompt, detailed assistance to streamline the process.
Gather feedback. Before, during and after, you should seek feedback on processes, benefit options and overall impressions from your employees. This can help you prepare for next year and maintain your competitive edge with retaining and recruiting employees.
If you need assistance in customizing a benefits package your employees will use, contact QBS. Our benefit administration specialists will be happy to provide industry best practices, resources, and the support you need to successfully navigate open enrollment.