Employee Benefits Market Check Survey: Annual Enrollment Opportunities

As another benefits year unfolds, employers have an opportunity to review how their annual enrollment process performed. The benefits package that a company offers is a critical component of an employee’s total compensation, and as such, employers should ensure those benefits are being maximized. An easy and efficient enrollment experience will help ensure a high level of employee satisfaction.

We conducted a poll during a webcast on January 25 to determine where employers felt they could improve their enrollment experience. The results are in the chart below. We compared the results to the same question we posed last year.

*Results based on 512 employer respondents (allowed to select multiple answers)

Key Findings

Consistent with last year, the leading opportunity employers feel they have to improve enrollment is to increase the education of the benefit program. Benefits can remain confusing for many consumers. Improving the education process remains critical to ensuring employee understanding and satisfaction with their benefits program. 

The biggest takeaway is the substantial increase in the number of respondents who indicated their other opportunity for improvement is changing the way they communicate the benefits. Thirty-five percent chose this as an area to focus whereas very few selected this option a year ago. Employers in healthcare and manufacturing are focused on this opportunity the most. The change will look different for each plan sponsor, but recognizing that there is room to revise or refresh how benefits are communicated is welcome. As employee needs have evolved, so must the enrollment process and how the benefit offering is messaged.

Annual enrollment remains an essential component of the employee benefit program. We encourage employers to continuously review their strategies to find areas of improvement, set goals every year, utilize technology wherever possible, and communicate through multiple channels. The result will be a more engaged workforce that will benefit all stakeholders.

Should you have any questions regarding any of this information or want to discuss your enrollment strategy, please contact your local Assurex Global adviser.