Open enrollment doesn’t have to be scary: How to engage the unengaged

It’s no surprise that the shifts in workplace engagement over the past year has employers worried. Employees are leaving companies in droves, not necessarily to work for other companies, but simply because they can. A paycheck may not be enough to keep them anymore.

Employers need to attract — and more importantly now than ever — retain employees with something more enticing than just a paycheck. One way to do that is through robust benefits packages, likely something businesses are already offering. They need a way to connect and engage their employees with those benefits.

This may sound scary and like a lot of pressure. And it is. But it can be done. And done well. One way to do this is to target offerings and communications to employees based on age demographics.

As more baby boomers age out of the workforce, more Millennials and members of Generation Z are taking their place. It’s important to meet these groups where they are. What do they know about their benefits? Which health plan is best for them? How are they saving for retirement?

Another aspect to consider is a pending life event for many of them. Yes, marriage and possibly children may be on the horizon, but the oldest in Generation Z will turn 26 next year. And the rest of them will turn that age at some point in the near future. This milestone marks the age where they can no longer be covered by their parents’ health insurance – a critical step for young adults new to the workforce.

What does this mean for you as an employer? You have the opportunity to offer health care accounts that complement their health plan, but also to educate them on these benefits and engage them so that they make smart choices. And open enrollment is the ideal time to do so.

According to the fifth annual HSA Bank Health & Wealth Index℠, a report of 2,000 surveyed health care consumers, more than half of Generation Z respondents indicated they would change employers or pursue job changes to receive better health care benefits. It’s not just hearsay — benefits are key to retaining top talent in this group.

The Health & Wealth Index also reports that respondents enrolled in HSA-eligible health plans remain the most engaged of all health plan consumers. And that 1 in 3 respondents are uncertain in their ability to cover their future health care costs in the near term or retirement. So, HSA-eligible plans combined with HSAs not only engage consumers but can also offer peace of mind for employees knowing they can conveniently save to cover expenses that burden so many.

So how do you engage employees in these benefits and keep them engaged?

Communication.

And targeted communication at that.

HSAs have three general types of users: spenders, savers and investors. Knowing how to talk to each group is important in helping them make the most of their account in a way that works best for them.

Spenders are the first group. And maybe the greenest in terms of account understanding. They use most of the money in their HSAs to pay for qualified medical expenses and want information that helps them do that effectively. Sharing access to eligible expense lists and online technology for ease and convenience will save this group money and time.

Next are savers. They build their HSA balances and don’t rely on their HSA to pay for current medical expenses. They’re interested in tools to track expenses not paid from their HSAs and direct deposits for self-reimbursement. Millennial and Generation Z employees may not have the health concerns employees in older generations may have, so saving in their HSA can act as a complement to their retirement account. Which leads us to the third group of HSA users.

Related: Open enrollment season: A time to show your employees you care

Investors. This group of HSA users grows their HSA savings over the long term and benefits from tools they can use to invest their HSA funds. Providing this group with minimum thresholds, fee amounts and timely investment changes will help them understand how to start and continue investing with their HSA.

So it’s not only offering beneficial accounts but also educating employees based on their needs at open enrollment that will help them stay engaged in their benefits and in your company.

Kevin Robertson, CRO, HSA Bank