If you have a job vacancy in your organization, would you like to mention employee benefits in your job advertisement? If not, you may need to rethink the significance of employee benefits to engage and retain top talent. Competitive pay combined with excellent employee benefits drive employee engagement and reduce attrition rate.
Make Employee Benefits Open Enrollment Easy. Know How!
Saving and investing are the fundamental elements of a sound financial plan. Each employer needs to focus on employee benefits program to guide employees in making better financial decisions.
“In the United States, annual enrollment (also known as open enrollment or open season) is a period of time, usually but not always occurring once per year, when employees of companies and organizations may make changes to their elected fringe benefit options, such as health insurance.”
Open enrollment period is extremely significant for employees as they can make changes to their existing benefits provided by employer and enrol themselves in new financial plans. This year’s employee benefits open enrollment period is right around the corner.
Now think for a moment…
Are you all set to make most of this open enrollment period?
Are your benefits-eligible employees really aware of all the aspects of employee benefits program?
It has been found in a new research survey from Jellyvision, conducted by Harris Poll, that, 48% out of 2,000 employees find health insurance decisions very stressful and 41% amongst those feel the open enrollment is extremely confusing. This 30-page survey report ‘What Your Employees Think About Your Benefits Communication’ also demonstrated that “73% of employees are well-aware of their health insurance details, 53% are confident of their out-of-pocket maximums, and only 47% of employees know about their employer’s contributions. However, 20% of employees often regret of their benefits choices, and 56% would prefer taking help from their employer when making health insurance plans.”
…Is it because of communication gap? Yes! According to the data, it’s easily understood that employees are unable to get adequate employee benefits information to make effective decisions. That’s where U.S. organizations have a lot to do!
Employers have great opportunities to guide employees on employee benefits program and help them to make better choices. But how an employer can communicate employee benefits clearly to its workforce?
The best way is to make employee benefits communication easy-to-understand. Organizations need a unique combination of accurate information and reliable HR tools to explain employee benefits in simple way and easy language. Empxtrack HR software does this brilliantly. Empxtrack has various functionalities, including Benefits Settings, Manage Benefits & Enrol for Benefits that enable employees to easily enrol in the employee benefits program and access necessary information to make better decisions.
These functionalities in an integrated HR tool allows HR to:
- Guide employees about important employee benefits, wellness and health care plans
- Engage employees actively with important HR announcements, messages and events
- Save time, efforts and money during events, like employee benefits open enrollment, and help employees in making quick and smart decisions
- Help employees through the process of submitting multiple claims
- Promote financial wellness offerings
With advanced HR technology, employee benefits management has come a long a way in past few years. Integrating your existing HR tool with above mentioned functionalities (or looking for a completely new HR software with employee benefit management feature) can be a good start for any organization.
These employee portals (employee self-service) show important documents, events and announcements that can be a great source of help for employees who need benefits information in detail.
Embrace a Flexible, Cloud HR Software to Manage Employee Benefits
The highly secure cloud-based HR software creates an efficient and hassle-free way for employee benefits enrollment and administration. The automated system is helpful in reducing manual errors and mishandling of employee benefits. It increases cost savings and drives employee engagement.
With an online HR tool, U.S. based employees can easily shop for benefits and enroll online and access relevant information using any hand-held devices. On the other hand, HR can conveniently communicate with employees and centrally manage the end-to-end benefits program!
For better understanding of this product, you can take a free trial and check out multiple features necessary to make upcoming employee benefit open enrollment period and HR communication less stressful!