Employee benefits are a crucial element of any successful compensation package. They not only attract top talent but also contribute significantly to employee engagement and satisfaction. However, between open enrollment periods and the daily grind, it’s easy for employees to lose sight of the valuable resources their benefits package offers.
At Selerix, we don’t stop helping with benefits at open enrollment. Our solutions are designed to support employers year-round. This mid-year check-in is designed to help ensure that both employers and employees getting the most out of the employee benefits program.
Why a Mid-Year Benefits Review Matters
While open enrollment is the primary time for employees to select their benefits, life doesn’t always follow a predictable schedule. Unexpected changes in personal circumstances, such as a new child, marriage, or a health diagnosis, can necessitate adjustments to benefit selections.
A mid-year review allows employees to:
- Assess Current Needs: Have their personal circumstances changed since the last enrollment period? Do they need to adjust their coverage levels or add/remove dependents?
- Understand Plan Details: Many employees don’t fully grasp the intricacies of their benefit plans. A mid-year review is an opportunity to delve deeper, understand deductibles, copays, and out-of-pocket maximums.
- Maximize Benefit Utilization: Are there underutilized benefits, such as wellness programs or financial planning resources, that employees could be taking advantage of?
Boosting Employee Engagement with Benefits
Employee engagement goes beyond just showing up for work. It’s about feeling valued, connected, and invested in the company’s success. A well-designed and effectively communicated benefits program can significantly contribute to employee engagement.
Here’s how:
- Financial Security: A comprehensive employee benefits package can offer peace of mind regarding healthcare costs, retirement savings, and life insurance. This financial security allows them to focus on their work and contribute their best efforts.
- Work-Life Balance: Benefits like paid time off, parental leave, and childcare assistance allow employees to balance their work and personal lives. This fosters a sense of well-being and reduces stress, leading to increased engagement.
- Employee Appreciation: Offering a robust benefits program demonstrates that the company values its employees and is invested in their overall well-being. This appreciation fosters loyalty and motivates employees to go the extra mile.
Selerix’s workforce engagement platform, Engage, can help companies with managing and automating engagement.
Strategies for a Mid-Year Employee Benefits Check-In
For Employers:
- Communication is Key: Proactively reach out to employees with clear and concise information about their benefits options. Utilize multiple channels, such as email, company intranet, and internal communication platforms, to ensure everyone receives the message.
- Benefits Awareness Campaigns: Consider hosting workshops or webinars to educate employees about their benefit plans. Highlight under-utilized offerings and explain how these resources can benefit them in their daily lives.
- Personalized Support: Offer one-on-one consultations or Q&A sessions with benefits administrators. This personalized approach allows employees to address specific questions and concerns.
- Utilize Technology: Many benefit providers offer online portals where employees can access plan details, manage contributions, and submit claims. Promote these resources to encourage self-service and empower employees to take charge of their benefits.
For Employees:
- Review Your Plans: Take some time to revisit your current benefit selections. Have your needs changed since the last enrollment period?
- Ask Questions: Don’t hesitate to reach out to your HR department or benefits administrator with any questions you may have about your plan options.
- Explore All Resources: Many employers offer benefits beyond traditional health insurance. Investigate programs like wellness initiatives, financial planning services, or employee discounts.
- Consider Life Events: Have you had a marriage, birth, adoption, or other qualifying life event? These events may allow you to make changes to your benefit selections outside of open enrollment.
Making the Most of Your Benefits Package
A strong employee benefits program is a win-win situation for both employers and employees. By conducting mid-year reviews, fostering communication, and encouraging active participation, companies can ensure their employees understand and utilize the valuable resources offered within their benefits package. This translates into a more engaged, satisfied, and productive workforce.
Additional Tips:
- Consider offering incentives for employees who complete a mid-year benefits review, such as a raffle entry or a small gift.
- Partner with your benefits provider to develop educational materials and resources for employees.
- Track employee engagement with the benefits program and make adjustments as needed based on feedback.
By implementing these strategies, companies can take their employee benefits programs from a passive offering to a powerful driver of employee engagement and company success. Remember, happy and well-supported employees are more likely to be productive, loyal, and contribute significantly to the organization’s overall goals.
Contact Selerix today to learn more about how employers – and employees – can optimize benefits, engagement, and workplace satisfaction.
