Open Enrollment is an important process that usually takes place November 1 through December 15. But for employers, planning starts much earlier. Planning ahead can result in savings, a smooth enrollment process and ensure that you are offering benefits that help recruit and retain the best talent. Here are some tips for success:
- Evaluate Benefits. Look at the menu of benefits you currently offer. Research has shown that after health insurance, many employees value low-cost options such as flex time, more paid vacation days and work-from-home options.
- Keep it Simple. Assume most employees know little about health insurance and retirement plans. Educate them on the basics.
- Use of Multiple Mediums of Communication. Consider your employees age, education levels, English language skills, and tech savvy. Then employ a combination of methods to get the word out. Don’t rely on technology alone. Supplement it with meetings, email, envelope stuffers and direct mail.
- Start Early. Get your plans, benefits and options out to employees a month before open enrollment. This gives your workers time to discuss their benefits with their families.
- Remind Employees. Tax changes can throw withholding out of whack, so remind your staff to check how much is being withheld from their checks.
- Communicate Year Round. Communicate the value of your employee benefits and wellness packages all year round. This will help employees to appreciate that they are part of a total compensation package.
Questions about plan pricing, budgeting, or auditing? The team at Boris Benic and Associates is here to help. As members of the AICPA’s Employee Benefit Plan Audit Quality Center, we maintain the highest quality assurance standards in performing audit and compliance services. We look forward to working with you.