Over the course of the pandemic, many employees refrained from changing jobs due to high levels of uncertainty, along with mental and physical health issues. Now, as things return to normal, experts predict a massive wave of turnover in the second half of 2021. Open enrollment this year provides a fantastic opportunity for organizations to combat turnover—by proving they have gone above and beyond to support their employees with top-tier benefits offerings.

Statistics reaffirm that open enrollment is the right time to demonstrate support for employees and educate them about their benefits.

 

#1      The top reason employees would switch jobs this year is for better compensation and benefits (35%), according to an Achievers survey of North American employees.

 

80%    However, 80% of employees don’t even open or read their benefits materials, according to research from the International Foundation of Employee Benefits Plans.

 

In a post-pandemic workplace, employees are interested in voluntary benefits, such as pet insurance (due to the spike in pet adoption during the pandemic), caregiving support and increased access to mental health resources. They are also looking for better and more timely guidance on how to utilize their offerings.

Fortunately, employers can leverage open enrollment to showcase their benefits packages and the value they provide to employees and their families, which can help retain and attract employees. Especially this year, the earlier employers can start their open enrollment processes, the better the participation and employee retention potential.

 

Start Talking About Open Enrollment Today

Good employee communication is critical for a successful open enrollment season, so it’s vital for employers to start working on their plans now.

Review benefits packages to ensure they include competitive offerings that employees want and have come to expect as a result of the pandemic.

Develop a comprehensive communication strategy to help employees understand their options and encourage participation.

Showcase benefits changes and updates so employees know what to expect, especially if they’re on the fence about leaving the organization for better compensation and benefits.

Communicate about open enrollment early and often. With mass turnover expected soon, start letting employees know now what they can expect.

Share benefits information over an extended period, using a multichannel communication approach. To ensure everyone has access to information, share updates across a variety of mediums,         such as digital signage, posters, direct messages, emails and home mailings.

 

VANTREO is here to help! Check out our Top 5 Health Benefits Solutions. To learn more about competitive benefits offerings and tips for a successful open enrollment season, reply here.