Quick look: As early autumn sets in, open enrollment is fast approaching. Now is the perfect time for brokers to help their clients prepare for the upcoming changes. Revisiting an organization’s employee benefits package is essential to ensure their offerings remain competitive, sparking the need for deeper, more strategic discussions.
Expectations about employee health benefits have changed considerably over the past few years as job candidates and current employees seek coverage that speaks to their unique needs. Though standard health insurance plans are still a valuable part of the conversation, most people now seek a more customized approach.
Additionally, staff value increased education and transparency to ensure they’re making well-informed decisions. Despite best efforts, only 48% of employees understand their healthcare costs “well.” When people don’t understand the value of their company’s offerings, there’s a greater chance they’ll seek employment elsewhere.
Recent research indicates nearly half of American workers plan to leave their jobs within the next year. Companies must get creative with their offerings to better retain current employees and attract top job seekers. However, finding a balance between cost and value can be challenging for small- and medium-sized businesses (SMBs).
Fortunately, one of the many built-in advantages brokers have when working with a professional employer organization (PEO) is dedicated access to a team of HR experts who provide flexible solutions. A PEO is equipped with the tools, technology, and experience to educate employees year-round and present tailored options for brokers to engage clients and prospects.
Establish the basics
Preparing clients for open enrollment involves evaluating how well their current employee benefits plan works. This helps uncover potential adjustments to help employers stand out to quality candidates and current workers. Here are a few questions to get SMB employers thinking about their benefits package status:
Have there been changes in the workforce?
As companies grow, hire new employees, and say goodbye to others, the shifts in workplace demographics can affect which benefits will be most valuable. Being aware and making appropriate changes will help relevance remain intact.
For example, today’s workforce increasingly looks for telehealth, mental health coverage, and culturally sensitive care. Employers should consider including these areas when reviewing their healthcare plans. Even if a benefits package has worked well in the past, it doesn’t mean it’ll be suitable for the future.
Which benefits do employees value?
However, it’s not only health coverage that employees value most. There’s been a surge in the desire to maintain a healthy work-life balance, and SMBs without strategies to support this could lose out when recruiting. Open conversations and surveys about employees’ priorities should occur pre-enrollment to ensure the plans being presented will be well-received. Even the most detailed plans won’t work if employees aren’t interested.
How is communication being handled?
Employers and their staff often feel rushed to make benefits decisions due to a lack of proactive communication. To avoid this, there must be ample time to relay all important information and answer questions.
With many companies operating in remote or hybrid environments, offering several communication channels is also essential. Providing multiple virtual and in-person informational sessions gives everyone equal accessibility to choose the benefits packages that best meet their individual needs.
Focus on personalization
In addition to establishing the basics, brokers can advise clients on new benefits trends. The correlation between high-quality benefits and employee engagement is one of the most significant talking points heading into this year’s open enrollment. Along with comprehensive health coverage plans, employees also seek tailored benefits that offer more personalized options and convenience. How SMB leaders respond will be a determining factor in how they stack up with the competition.
Financial support and a healthy work/life balance are two of the most desirable employee benefits. Voluntary financial plans like tuition reimbursement, student loan repayment, and financial counseling services are highly coveted. Wellness-focused benefits like hybrid work setups and flexible schedules have become standard employee expectations.
Employees sometimes overlook voluntary benefits simply due to a lack of awareness or because the plans don’t solve their current pain points. To prevent this, brokers can guide their clients on how to integrate voluntary benefits with their core offerings, making them part of the main conversation and less of an afterthought.
Brokers: start early and seek PEO support
It’s never too early to start planning for open enrollment, especially now, as customization is necessary to recruit and retain top talent.
For many SMB leaders, this may be the first time in years they’ve decided to alter their offerings, which means securing the right types of benefits will require extra time and consideration. Employers shouldn’t have to feel like they’re racing against the clock when making such a crucial decision.
Instead, brokers can anticipate client needs by working with a PEO partner like ExtensisHR, who can provide personalized options and optimized HR opportunities. ExtensisHR helps streamline the open enrollment process with its mobile-first Work Anywhere® technology and provides ongoing expertise and support to make it easier for brokers to add value for their clients.
Additionally, ExtensisHR’s Employee Solution Center (ESC) is staffed with professionals who are dedicated to helping your clients with:
- Benefit open enrollment and election review: The ESC team walks workers through the enrollment process, helps them navigate HRCloud, discusses plan features, and confirms they’ve successfully completed and submitted their elections.
- Benefit plan comparison: By explaining the differences in plans and defining terms like “deductible” and “out-of-pocket maximum,” the ESC ensures staff fully understand their options so that they can make the right choice.
- Qualifying life event discussions: When employees experience a qualifying life event, like a marriage, the birth of a child, or a spouse losing existing health coverage, the ESC can guide them through making any necessary benefit plan changes.
- And more
Employee benefits are one of the key competitive advantages employers can offer, which means they deserve attention year-round. Set your clients up for success so they can feel confident as they head into the new year. Contact the experts at ExtensisHR today to start the conversation.
