How to increase benefits ROI during open enrollment

The goal of the benefits program has always been to attract and retain employees, but today it’s more personal. Employees want to feel heard; they want to feel appreciated almost to the point where they want their benefit program to feel personal. The question is how do employers create a program that solidifies their employees’ sense of belonging, is still manageable and effective, and brings a return on investment for them?

For 2024 benefits programs, companies that make a clear connection to their culture and deliver benefits that matter to employees can achieve a higher return on investment. With such a large investment relative to employee pay, employers owe it to themselves to maximize this investment.

Here are three ways to get started:

1. Diversity of employees = diversity of benefits

Employees have distinct needs. That’s why we see varying degrees of participation in different benefits. The key to increasing participation is offering enough options and the right options. How do we know which options? We must do the research and ask.

Now is a good time to take a good look at your employee demographics and map it to your benefits. You can also implement a survey to determine which benefits employees value the most. Ask yourself, when was the last time you asked employees about their preferences?

During onboarding and in exit interviews, new and departing employees can also answer survey questions that guide the 2024 benefits design process. You can also conduct 15 minute one-on-one interviews with employees to get their in-depth feedback.

You might find that a college savings plan is more important than pet insurance or vice versa. Or that some employees would like childcare and more mental health support. Different employees prefer different benefits. You might need to introduce new benefits and get rid of others to keep pace with what’s important to your employees and their families.

2. Infuse company culture into benefits communication

Your benefits communication should closely resemble the company culture. This is where an employer can truly demonstrate value and connection.

Benefits are about people. Your communication should clearly answer questions like these:

• What makes employees happy about working at your company?
• What makes employees feel like they belong?
• What’s it really like to work at your company?

How you communicate the benefits matters because employees are left with a feeling of connection to the greater purpose of working there.

3. Meet employees where they are with communication

When you want to create a quick path to participation, online communication is standard today. Employees want to get the information, understand it, and make their choices all in one place. A stack of brochures and flyers no longer meets the need.

The good news is that providers offer dedicated open enrollment websites that can be customized for each employer with your culture and branding. Providers also offer videos and infographics that explain some of the topics and clarify the different choices. Take advantage of this. If you don’t have the resources in-house, a small, extra investment in a digital communications vendor can accomplish your goals.

Your role is to make it easy for employees to understand their options and sign up. Translate the jargon, present the information in bite-size pieces, and make it clear what they need to do next. Your benefits website should be optimized for mobile devices and have fresh content and design. Plan to promote the site regularly as the go-to resource for benefits.

Related: Improving benefit communications for employees

When you refresh your benefits and communicate their value in a way that reflects your company culture, you can set your company apart from the rest and gain a competitive edge.

Denise Stefan, president Engage Insurance, Engage PEO