Raising the stakes in the high-stakes game of employee benefits

If open enrollment were a poker game, would you go all in? Sure, you’ve got your insurance guide, online enrollment system, and benefits fair. But are you willing to see what’s behind the river card? The secret to a successful open enrollment season might not be in the cards you’re holding, but in the way you play the game.

Let’s be real. Offering benefits is just the ante to get in the game. To win, you need more than just a good hand. You need a strategy. A thoughtful, intentional benefits program can be as complex and nuanced as a high-stakes poker game on a riverboat casino. And yes, it can be just as much work for benefits departments.

But what if I told you that you could increase your bets and your winnings without changing a single card in your hand?

Welcome to the world of Value on Investment (VOI) and Return on Investment (ROI). This is where the game gets interesting. Many organizations could enhance their offerings, their value, and their return, without changing a single benefit. It’s like having a royal flush in your hand and not even realizing it.

So, how do you do it? Communication and education. Yes, you read that right. Not a fancy new benefit. Not a high-tech enrollment system. Good old-fashioned effective communication. If you’re not communicating the value of your benefits effectively, you’re essentially folding before the game has even begun.

Throwing a health insurance plan out there and not teaching and reminding people how to compare doctors and facilities based on actual health outcomes is like throwing away your ace. Giving them cost and quality transparency tools, engaging them year-round, reminding them of the tools and what’s in it for them is the winning hand. Not chasing deductibles and copays and payroll deductions. How well has that ever worked?

Let’s take a cue from Watson Wyatt’s research. Employee satisfaction is tied tightly to communication.

“Employee satisfaction is also tied to communications, according to another Watson Wyatt poll. Only 22% of employees at firms with poor communications and rich benefits program are satisfied with their package; conversely, 76% of employees at firms with less rich benefits but good communications are satisfied,” said Watson Wyatt benefits survey 2005.

It turns out that the most successful organizations don’t just have great benefits. They also have a knack for communicating them effectively. They understand that benefits aren’t just about deductibles, copays, and out-of-pocket maximums. They’re about peace of mind, financial security, and work-life balance.

Related: How to increase benefits ROI during open enrollment

So, this open enrollment season, consider this: Are you just playing the game, or are you aiming to win? Are you merely offering benefits, or are you strategically communicating their value? And most importantly, are you ready to go all in?

In the high-stakes game of employee benefits, it’s time to raise the bar, and maybe, just maybe, it’s time to raise the stakes too. Because a successful open enrollment season isn’t just about the benefits you offer. It’s about how well you play your hand.