Open enrollment is always a critical time for employers and brokers. But this year open enrollment presents a unique set of challenges and opportunities. The ‘new normal’ – whatever that may be – is changing everything, including how we think about and approach benefits offerings. As we consider the best way to support both our businesses and our employees this year, here are some key factors to keep in mind:
The old way is not the only way
In a recent webinar with Employee Benefits News, Jellyvision’s Hibben Rothschild shared that 92% of employers defaulted to the plans they had in the previous year during the last open enrollment season. However, this year there is no doubt that the needs of your employees have changed. Many may be interested in expanding their health insurance, opting into options like caregiver coverage, or even taking advantage of things like pet insurance. Conversely, many may be looking to cut costs, and may scale back their voluntary benefits participation or reduce their contributions to retirement accounts.
Examine how you can appropriately meet these needs at a cost that works for your business. With budgets tighter this year than any time since the Great Recession, bringing in voluntary benefits that are low or no cost might be the best way forward. It is also worth considering how you can fine tune the programs you already have in place. Can you increase your 401(k) match? Can you update your health coverage options? If not, what other resources can you make available that will signal your dedication to your employees and their wellbeing? No matter what you decide to bring in, remember that the desires and concerns of your employees should be kept as in focus as possible when defining your new strategy.
Communication is key
With employees located all over the place, communicating the amazing changes you’ve made this year becomes that much harder… and that much more important! Not only should you send email blasts, but you should also consider which other places employees may want to engage with you. Perhaps a webinar where you talk through new benefits in detail could be useful to employees. Or, you can try sending flyers to your employees’ home offices that they can read through at their leisure.
Keep in mind too that many benefits vendors are able to do some of the leg work for you. Most will have flyers, how-to videos or email templates ready to go, and can also work with you to engage employees on social media or through digital advertising,
Importantly, no matter which channels you use, your communications should approach the process with optimism. Employees need to feel that benefits enrollment provides an advantage for them, not a stressor. To that end, make sure that you are giving as much detail as possible in your communication to keep employees from feeling confused or overwhelmed by their options.
Finally, make sure that all your enrollment materials and platforms are easily accessible from anywhere. If physical forms are required, be sure to give employees ample time to work through and share them with you. And, be as available as you possibly can to answer their pressing questions. Showing that you are there to support them will make the process far smoother for everyone.
Focus on Financial Health
MetLife reported back in April that of all the problems 2020 has so far presented, 52% of employees were most concerned with their financial health. This concern bleeds over into ever decision they make, whether during enrollment, during work in general, or in their everyday lives. As such, it is critical that you go one step further than emphasizing overall wellness. You must consider new benefits or approaches that aim to directly improve the financial health of your team.
A great place to start is with Kashable: a financial wellness benefit designed to fit both you and your employees’ needs.
Our Socially Responsible Credit program offers employees access to low-cost loans that can help them cover medical expenses, pay down newly incurred high-interest debts, or fill in gaps in their coverage when unexpected expenses arise.
The application process is entirely digital, and our loans are repaid seamlessly through payroll, so your employees can stay on top of their loans from anywhere. Our dedicated support team are available 7 days a week to walk your employees through the program details and answer their questions. Plus, with Kashable all employees – whether they take a loan or not – have access to free financial literacy tools that can help them budget and make better financial decisions.
Kashable is also guaranteed to fit your budget, because we come at no cost to the employer. We also partner with top benefit administration platforms and payroll systems, making implementation fast and painless.
Though Kashable can be offered any time with no employee commitment required, offering Kashable alongside your other new benefits can help give employees peace of mind when it comes to aligning their benefits selections with their financial goals.
Committing to your employee’s wellbeing, including and especially their financial wellbeing, is paramount this open enrollment season. Learn more about Kashable and how you can better support your team this year when you Book a Demo.