4 minute read
The employment market is still dealing with the aftereffects of the pandemic. Many workers are taking stock of their circumstances and considering which employment perks matter the most. Employers have responded by enhancing benefit offerings to support employees. With a high number of job openings, employees may be thinking about or looking for new opportunities.
Employers should recognize that beginning their open enrollment efforts early in 2023 presents a massive opportunity. Early preparation can show employees that they are valued and convince top performers who may be seeking job changes to stay in their current positions. Here are a few ways that employers can prepare early for open enrollment.
Tailoring Benefit Options
Employee benefit offerings can be a powerful retention tool, but only if employees see the value in these offerings. Employers need to tailor their benefit options to include perks that their employees care about.
Some popular benefits that employees are currently seeking include:
- Remote or hybrid work environments
- Financial wellness resources
- Flexible or hybrid scheduling
- Greater compensation
- Mental health resources
- Caregiving benefits
- Professional development opportunities
Benefit offerings are one of the top reasons employees join companies and stay at their jobs. That’s why it’s critical to seriously consider speaking to employees about which perks provide the most value. Adding or tweaking benefit options could be the difference between retaining or losing top talent.
Determine Key Messaging
After solidifying benefit options, employers need to plan their communication strategies. Messaging might focus on new or updated benefits offerings. These benefits serve as incentives for employees to stay in their current positions.
By putting benefits front and center, employees will be forced to weigh the advantages of searching for new jobs against guaranteed perks. According to Voya Financial, 1 out of 3 employees don’t understand the benefits they elect during open enrollment, which means they may be job hunting for perks that they already have access to.
Get the Word Out
Countless surveys show that employees want more help understanding their options, which means that employers need to the spread the word about open enrollment and benefit offerings. Open enrollment communication plans need to start early, provide ample educational resources, and have multiple channels.
A quality strategy may include:
- Group meetings to discuss benefits
- Periodic enrollment reminders including enrollment dates and instructions
- Multi-channel communication methods like guides, videos, presentations, and emails
- One-on-one meetings to answer questions
Leveraging technology can allow employers to communicate more frequently and effectively with employees. Virtual enrollment may be the most feasible option for many employers, saving them time and resources, as many employees are still working remotely.
By preparing for open enrollment early, employers will have ample time to tailor their benefit offerings and showcase all their perks. Doing so will help employers educate their employees, bolstering their retention efforts, and getting a leg up on the competition in this challenging job market.
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This blog is intended to be a compilation of information and resources pulled from federal, state, and local agencies. This is not intended to be legal advice. For up to the minute information and guidance on COVID-19, please follow the guidelines of the Centers for Disease Control and Prevention (CDC) and your local health organizations.
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.