Setting Clients Up for Open Enrollment Success

Quick look: Open enrollment is fast approaching, making this the ideal time for brokers to guide clients through upcoming changes. Reviewing employee benefits packages is key to staying competitive and opens the door to more thoughtful, strategic conversations.

Open enrollment is a pivotal time for small and midsized employers. Today’s workforce expects more than just health insurance, they want benefits that reflect their personal needs and lifestyles. Just as important, employees also expect clear, ongoing education about their options. Despite best efforts, two-thirds of workers feel their companies ineffectively promote, explain, or innovate their benefits packages. And when people don’t understand the value of their employer’s offerings, there’s a greater chance they’ll seek employment elsewhere.

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 and employee benefits experts who provide flexible solutions. A PEO has the tools, technology, and experience to educate employees year-round and present customized, Fortune 500-level options for brokers to engage clients and prospects.

Let’s review tips to gauge the strength of your clients’ benefits and communication strategy, and how a PEO like ExtensisHR can help you deepen your client relationships by elevating their open enrollment process.

Establishing a healthcare benchmark

Preparing clients for open enrollment involves evaluating whether their current healthcare plans resonate with top talent. This helps uncover potential adjustments that can help employers stand out to quality candidates and current workers.

Here are three questions to get small and medium-sized businesses (SMBs) thinking about their benefits package status:

1. Have there been changes in your 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 succeeded in the past, trends and expectations change quickly, and it may not be suitable for the future.

2. Which benefits do employees value?

Even the most detailed plans fall flat if they don’t align with what employees want. Open conversations and surveys about employees’ wants should occur before enrollment to ensure that offerings will be well-received. Potential questions to ask include:

• How satisfied are you with our current employee benefits package?
• How important are the following to you? (Rank: health insurance, dental, vision, mental health support, telehealth, gym memberships, etc.)
• Is there a plan you’ve seen at other companies that you wish we had?

3. How is communication being handled?

Clear, proactive communication helps employees feel confident when making benefits decisions. Employers can support this by sharing information early and leaving plenty of time for questions and discussion.

With many companies operating in remote or hybrid environments, using a mix of communication channels is key. Hosting multiple virtual and face-to-face informational sessions provides everyone with equal access to the information they need to choose the plans that best meet their needs.

Expert open enrollment communication tools, for free.

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Focus on personalization

Beyond helping clients understand their workforce’s views on healthcare coverage, brokers can also guide them on emerging benefits trends.

Employees today look for personalized benefits that fit their lifestyle and add convenience. How SMB leaders address this need will play a vital role in determining their competitive edge.

• Work-life balance: Wellness-focused benefits like hybrid work setups and flexible schedules have become standard employee expectations; per Gallup, 60% of those with remote-capable jobs prefer that arrangement over being on-site or fully remote.
• Financial wellness: Training sessions on budgeting and investing, along with access to an employee assistance program (EAP) can help employees build greater financial stability.
• Student loan repayment: Nearly 43 million Americans carry student loan debt, yet only 7% of employers provide student loan repayment benefits, giving clients the chance to stand out. Similarly, reimbursing tuition promotes professional development, develops institutional knowledge, and builds loyalty.
• Pet insurance: Adding pet coverage to a benefits package can strengthen recruitment and retention and reduce employee stress.
• Family-building support: This program may appeal to many, including those experiencing infertility, LGBTQ+ couples, people wishing to adopt, and single parents by choice.

Employees sometimes overlook voluntary benefits 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 plans with their core offerings, making them part of the main conversation and less of an afterthought.

Brokers: Start early and leverage your PEO partnerships

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 updated their offerings, making it crucial to select the right benefits carefully and not rush the process.

Brokers can help clients optimize their benefits strategy by partnering with a PEO like ExtensisHR. With an array of Fortune 500-level benefits plans, end-to-end administration and management services, and our mobile-first Work Anywhere® platform, we help streamline the entire open enrollment process.

Additionally, ExtensisHR’s Employee Solution Center (ESC) is dedicated to helping worksite employees navigate:

• Open enrollment and benefit election review: The ESC team walks employees through the enrollment process, explains plan features, helps them navigate HRCloud, and confirms they’ve successfully completed and submitted their elections.
• Benefit plan comparisons: 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 events: 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.

By teaming up with the right PEO partner, brokers can elevate open enrollment for SMBs, with competitive benefits plans, simplified communication, expert guidance, and streamlined technology.

Ready to make this open enrollment season your clients’ most successful yet? Contact ExtensisHR today to learn more about a partnership.