Keeping and attracting top talent by capitalizing on open enrollment

Recent research from Willis Towers Watson (WTW) paints a surprising picture of the current job market. Their study reveals that a significant majority (72%) of employees in the United States now prefer to stay with their current employers. This shift presents a unique opportunity for small and mid-sized businesses (SMBs) to solidify employee loyalty and build a competitive edge.

Open enrollment, that annual period of benefit selection, can be a powerful tool to capitalize on this trend. By creating a benefits package that addresses employee priorities and fosters a sense of value, SMBs can position themselves as an employer of choice.

What matters most to today’s loyal workforce?

While the “Great Resignation” may have subsided, employee priorities have evolved. Here’s what is currently driving employee satisfaction and retention:

• Financial security: With economic uncertainty looming, financial wellness benefits are more important than ever. Consider offering student loan repayment assistance programs, financial planning tools, and retirement savings options.
• Work-life balance: The pandemic’s lasting impact highlights the importance of work-life balance. Flexible work arrangements, generous paid time off (PTO) policies, and access to mental health resources can significantly improve employee wellbeing and loyalty.
• Growth and development opportunities: Employees crave opportunities to learn and grow within their roles. Tuition reimbursement programs, professional development courses, and clear career advancement paths can demonstrate your commitment to employee growth.

Cost-effective strategies to maximize your benefits package

While offering a comprehensive benefits package is important, remaining budget-conscious is equally crucial for SMBs. Here are some strategies to ensure cost-effectiveness:

• Data-driven analysis: Analyze past claims data to identify areas for potential cost savings. Consider offering high-deductible health plans (HDHPs) paired with health savings accounts (HSAs) to incentivize cost-conscious care choices by employees.
• Wellness programs: Investing in employee wellness programs can yield significant returns on investment. Studies show that healthy employees are less likely to miss work and utilize health care resources, leading to cost savings for employers.
• Broker collaboration: Show clients how they can leverage your expertise to compare plans, negotiate rates, and identify cost-saving opportunities that align with their specific needs and employee demographics.

Optimizing your open enrollment process for employee retention

A smooth and informative open enrollment process is key to ensuring employee satisfaction with their benefits package. Here’s how to optimize the experience:

• Start early and communicate clearly: Begin planning several months before open enrollment. Develop clear communication materials that highlight changes, explain key terms, and answer frequently asked questions. Utilize multiple channels to ensure everyone is informed.
• Offer educational resources: Many employees struggle to understand complex benefits plans. Consider offering educational webinars or workshops to explain plan details, walk employees through the enrollment process, and address any concerns they may have.
• Leverage technology: Utilize user-friendly enrollment platforms that streamline the process for employees. These platforms can make it easier for employees to compare plans, select their benefits, and submit enrollments electronically.
• Provide ongoing support: Don’t let communication end after open enrollment. Offer ongoing support throughout the year by providing access to HR personnel and plan administrators who can answer questions and address employee concerns.

Related: Open enrollment recap: What’s on the minds of workers?

By prioritizing employee needs, focusing on cost-effectiveness, and taking proactive steps during open enrollment, SMBs can capitalize on the trend of employee loyalty. Remember, a well-designed benefits package is an investment in your most valuable asset – your employees. It can enhance their wellbeing, boost morale, and ultimately, contribute to the long-term success of your business.

Open enrollment season is an annual whirlwind of benefit selections and employee decisions, but it doesn’t need to be a logistical hurdle. A well-executed open enrollment period can be a powerful tool for attracting and retaining top talent, fostering employee wellbeing, and ultimately bolstering your company’s success.