Cost-Effective Open Enrollment Tactics
October 26, 2023 | Winston
Open enrollment (OE) can be hectic for HR and benefits teams. Yet, this year, many face the added challenge of working within tighter budgets than usual. While it can be difficult to manage all OE expenses since many professionals are working overtime just to stay on top of their seemingly endless to-do list, there are steps HR teams can take to work more efficiently, even with a less flexible budget. Keep reading for cost-effective open enrollment tactics that can aid your teams.
Utilize Technology
OE may mean longer working hours for some, and too often, HR teams can feel overburdened by the amount of duties on their plate. Benefits administration technology like our HRally® platform can help automate the process and free up HR teams for more pertinent to-dos. This saves HR departments time and, therefore, money when it comes to optimizing their working hours.
Digital Communications
While some employees prefer print or in-person communications, the costs can add up. HR departments can opt for digital assets such as webinars, email, or text communications to relay benefits information to employees for a cost-effective alternative and still get all the information needed for clear decision support. In-person benefits meetings can be time-consuming for employees and HR, and the hours spent can strain tight budgets. Virtual meetings are an excellent and efficient way to maintain employee communication and put less strain on company time.
Gain Employee Feedback
If you’re looking for ways to streamline your company’s offerings, gaining employee feedback could help you prioritize. Conduct benefits surveys with employees pre- and post-open enrollment to learn about what offerings employees are utilizing most and which hold the most value. This can give you insight into what benefits may not be the most suited to your workforce and where you can eliminate any pricey offerings your company doesn’t take advantage of as much.
If tighter budgets are affecting your team, enlist the help of a skilled benefits administration partner to help streamline your process and save time when it matters most. Watch this short video to learn how Winston can help meet the ever-changing workforce’s needs.
Disclaimer: This content is strictly informational and should not be used as specific advice on insurance products, legal, accounting, and/or tax related matters. Insureds should always contact the appropriate licensed professional for their insurance, legal, accounting, or tax needs.
