Considering the critical role Benefits plays for both employees and the companies looking to retain them, open enrollment is one of the biggest dates on the company calendar.
And with automatic enrollment’s effect on participation rates, you want to ensure it’s managed as efficiently as possible.
Engage your workforce
Of course you know you’ve got to give employees notice prior to enrollment, but you’ll also want to consider providing a self-service portal (either on your Web site or company intranet).
When employees can access info such as which healthcare providers they can use, which procedures are covered, etc. — without contacting you — it makes them feel engaged and empowered.
Result: Self-service portals are great retention-builders and also help cut costs and boost participation rates.
What else to give employees
Some great elements that are worth including in self-service portals:
- a comparison of the benefit options selected, last year versus this year
- a comparison of employee withholdings, last year versus this year
- an online explanation of all plans, so people can compare options
- healthcare provider directories, and
- online summary plan descriptions.
Secure maximum participation
Already automated your benefits enrollment? Smart move.
But to maximize employee participation and satisfaction, you’ll also want your portal to provide:
- automatic e-mail reminders of upcoming open enrollment
- confirmation e-mails, remittances and reports, and
- a detailed calculation of “total compensation” — the amount you, as the employer, contribute to workers’ coverage in addition to their annual salary.
That last one’s a biggie.
On average, companies spend 35% of payroll on employee benefits for full-time staff — and the vast majority of workers don’t even realize it.
An analysis of “total compensation” will help employees better appreciate their slice of the financial pie.