Inflation is affecting the open enrollment period in 2022 and making it more challenging brokers. Four in 10 U.S. employees expect to scale back on the benefits they select.1 Nearly half of ALL workers say inflation is making it harder for them to pay for benefits.2
“With our current economic environment, it is an ideal time for workers to take stock of what benefits they currently have rather than automatically rolling over the same benefits they chose in previous years,” says Dana MacKinnon, head of relationship management strategy and enrollment for group benefits for The Hartford.2
Many workers automatically make the same benefits choices as the previous year, The Hartford’s August 2022 Future of Benefits Pulse Survey found1:
- 30% of workers are “rollers,” typically rolling over the same benefits choices they made the previous year
- 28% are “planners,” keeping up to date on benefits throughout the year so they are prepared at enrollment time
- 22% are “analyzers,” examining the coverage and crunching the numbers for all of their benefits choices
- 12% are “consulters,” typically needing to consult with someone else before making their benefits selections
- 8% are “avoiders,” tending to ignore open-enrollment emails and preferring not to think about their benefits
Employers can help workers fully understand their benefits options and make informed decisions to protect themselves and their families. Part of this process takes communication and HR Bandwidth that many companies are falling short on this year due to vacancies. Here are some ways to help despite being short-staffed:
- Ideally, employers should communicate all year about benefits, so employees are better prepared at decision time. Enlist your marketing department to help forma communication plan throughout the year. If employees are knowledgeable over 39% of workers indicate, they enroll in benefits when enrollment opens.3
- Offer a variety of tools to reach the workforce: emails, webinars, benefits counselors, videos, and social media. Around 48% of workers have used social media platforms to learn about benefits, with YouTube and Facebook being the most common1.
- Consider a benefits app customized to your offerings. Employees are always on their phones – what better way to get through than a push notification direct to their cell! Benefits apps are the wave of the future and are completely customizable to work with your solutions providers. These apps typically provide extras above and beyond benefits allowing employees to request time off or check current schedules. Send messages form the CEO, Enrollment deadline reminders and company event save the dates- all in one easy to use app for an affordable price.
- No matter how you communicate always use clear language and personalized messaging to demonstrate how the insurance products relate to their lifestyle rather than simply listing what benefits are being offered.
- Highlight services that may come with insurance coverage, such as an employee assistance program or will-preparation services. Sometimes these services are hidden in the fine print and can be a determining factor for some employees. Don’t let them remain hidden- be sure your employees understand the depth of the benefits offerings.
“I encourage workers to take extra time this year to reflect on what changes have occurred in their life and select the benefits that best fit their individual needs and budget to help protect their finances in the long run,” MacKinnon says.1
2- https://hrtechcube.com/inflation-takes-u-s-workers-back-on-employee-benefits-the-hartford/