Did You Know?
One in five employees feel they lack a proper understanding of their benefits, yet 44% of employees neglected to consult others before enrolling.
Open enrollment season is approaching! Is your organization prepared? This period can significantly impact employee satisfaction and retention. Despite the importance of open enrollment, 90% of organizations experience open enrollment issues that cost them time and money.
Communication Conundrums
Employees often feel left in the dark about changes to their benefits offerings or the enrollment process itself. With younger employees entering the workforce, the knowledge gap continues to widen. 30% of Gen Z workers regret the benefit elections they made last year, largely because over half of them report not fully understanding the benefits offered to them. This communication gap often leads to frustration and stress regarding open enrollment.
Remedy a lack of communication with a robust, multi-channel strategy. Clearly outline changes and available options, engage employees through a variety of communication channels, and encourage questions using a discussion platform to clarify uncertainties.
Speed-Reading Stumbles
In opposition to confused Gen Z employees needing clarity on benefits stand seasoned open enrollment veterans. These employees tend to skim through benefits offerings, selecting the same ones each year. On average, employees spend 18 minutes making 17 enrollment decisions, making them likely to miss offerings that better meet their needs or changes that could cause issues with elections.
Encourage employees to take their time during open enrollment. With many employees concerned about inflation causing an increase in the cost of their benefits package, carefully reviewing every option can help employees make the most of the open enrollment season.
Tips for Future Success
Start Early: Start preparing for open enrollment well in advance, allowing your organization time to address potential issues.
Collect Feedback: Gather feedback from employees and leaders after each open enrollment period to improve processes and strategies.
Stay Informed: Keep informed about changes in benefits trends, employee preferences, and healthcare laws.
Leverage Technology: Technology, such as self-serve portals and apps, helps streamline the enrollment process.
With PuzzleHR’s Managed Benefits Solution, benefits are a breeze! From best practices to communication support and more, our experts help navigate the ins and outs of open enrollment. Contact us today to learn more.