9 Benefits Enrollment Tips for Small Businesses - HR.com

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<style></style>As a smallbusiness owner, you know that a benefits package can boost your ability toattract and retain talented employees, as well as increase productivity andlower costs associated with employees being out of work because of sickness orinjury. Whilebenefits are an important safety net for you and your employees, the endlessnumber of options, cost comparisons and administrative efforts can beoverwhelming, especially when you’re unsure if employees will use or need theoptions made available to them. To help make this year’s open enrollment asuccess, our experts have compiled a list of the top nine benefits enrollment tipsfor you and your employees. 1. Understandwhat your workforce needs.If employees aren’t enrolled or seem apathetic toward theiroptions, it may be they don’t know about the benefits that are offered or thesolutions they provide. Consider looking at enrollments from past years, aswell as surveying workers to gauge their interest in products that youcurrently offer and options you may not have offered in the past. The key is tothink broadly about your entire benefits package and use research – instead ofassumption – to make informed decisions about what employees need. When it comes to total compensation,employees are most concerned with the fundamentals: job security, base pay, health care benefits, time off and length ofcommute.¹ 2. Be sure toinclude spouses and partners.Many studies indicate that spouses of workers are often thedecision-makers when it comes to benefits decisions. Try opening up benefitsmeetings and surveys to spouses and partners as well as offering alternativecommunications that will make it easier for the partner to access enrollmentinformation. Especially helpful are options easily accessible from home, suchas mailings, and online information and portals. Women makeapproximately 80 percent of health care decisions for their families.² 3. Take advantageof tax credits.Ifyou offer your workforce health insurance and employ fewer than 25 full-timeworkers (or 50 half-time workers), your business is eligible for the SmallBusiness Health Care Tax Credit. Several details surround the credits,including phasing out for businesses with average wages between $25,000 and$50,000. For more information about these credits, visit: irs.gov. Small Business HealthCare Tax Credits can be worth up to 35 percent of a small business’s premiumcosts in 2010, and will increase in 2014 to 50 percent.³ 4. Considercurrent and new options.Whilemany small businesses try to simplify with one plan option, benefits are notone-size-fits-all. The soon-to-be retiree will have different insurance and401(k) needs than a single mom, or soon-to-be graduate. Providing employees twoor three options can help tailor the overall benefits package to each uniquesituation. Additionally, look into low-cost voluntary benefits options thatcould help save employees money through tax-deductible savings accountsreserved for built-in expenses such as child care and commuting. Some 58 percent ofemployees at small businesses say they would likely purchase voluntaryinsurance benefits offered by their employer.⁴ 5. Don’t go italone.Youdon’t have to develop resources to communicate to your employees; leave that tothe experts, and ask for enrollment tools and resources from benefits partnersand consultants. Most insurance companies and benefits partners have materialsavailable that are available for little or no cost to you. Roughly 64 percent ofsmall businesses use a broker or benefits consultant to help determine benefitsoptions.⁴ 6. Prepareemployees ahead of time. Benefits can be confusing.Many employees say they make mistakes during open enrollment that can cost themup to $750.⁵ While workers acknowledge these mistakes, they may notbe comfortable speaking up and asking for help. Plan to provide each workerwith materials in advance of open enrollment and worksite benefits meetings. Approximately 60 percent ofemployees don’t understand their health care benefit options.⁶ Institute7. Target communicationsto workforce needs.Some of your workers willespecially need to know about your benefits plan and upcoming changes, such asnew hires or impeding retirees. In addition, workers’ life stages will impactthe relevancy of materials being presented. For instance, a recent collegegraduate and a seasoned employee will need different communications about theimportance of investing in a 401(k). Take a tailored approach by opting formaterials that address workforce segments and are written in easily understoodterms. Then use multiple avenues to communicate the message, such as homemailers, emails, videos, benefits booklets, worksite meetings and more to helpensure your employees don’t miss out on important benefits. Over 70 percent ofcompanies report that mobile HR solutions help improve workforce productivity.⁷ 8. Don’tsimply dictate – educate. Manyindividuals make mistakes during open enrollment and even when covered by majormedical insurance, many workers are unaware of the financial burden associatedwith an unexpected illness or injury. Open enrollment is the perfect time toeducate employees about the importance of benefits, as well as offer advice forcalculating yearly health costs and practical savings plans. Common Benefitsenrollment mistakes include:⁵ · Approximately 26 percent put toolittle or too much in a flexible spending account.· Almost 24 percent choose the wronglevel of coverage or benefits they do not need.· Some 15 percent do not check to makesure their coverage deductions are correct or if their preferred medicalprofessional is in the plan network. 9. Kick off year-roundbenefits communications. Use open enrollment as anopportunity to celebrate the options you provide your employees, as well as tokick-start a year of health and wellness. Because benefits are generallydeducted from paychecks, it’s easy for your workers to forget about the optionsthey have throughout the year. Plan for communications about totalcompensation, employee assistance programs and wellness incentives to occur tohelp remind employees of the important health and financial choices they madein the fall. More than 2-in-5workers agree that a well-communicated benefits program would make them lesslikely to leave their job.⁴ Sources ¹John M. Bremen and Laura Sejen, Towers Watson (January2012), “Advancing total rewards and the employee value proposition,” Workspan, The Magazine of WorldatWork, <http://www.towerswatson.com/assets/pdf/6835/Workspan-Total-Rewards-Article-2012.pdf>,accessed on August 10, 2012. ²United States Department of Labor, “GeneralFacts on Women and Job-Based Health,” <www.dol.gov/ebsa/newsroom/fshlth5.html>,accessed on August 8, 2012. ³The White House, Small BusinessHealth Care Tax Credit, <http://www.whitehouse.gov/healthreform/small-business/tax-credit>,accessed on August 8, 2012. ⁴2012 Aflac WorkForces Report, a study conducted byResearch Now on behalf of Aflac, January 24–February 23, 2012.⁵2012 Open Enrollment Survey of theAflac Workforces Report, a study conducted by Research Now on behalf of Aflac,July 2012. ⁶ADP Research Institute, (July 2011),“Employee Benefits Communications: There’s Room for Improvement,” <http://www.adp.com/tools-and-resources/adp-research-institute/insights/insight-item-detail.aspx?id={BF7C9CA0-9130-4511-8460-C1B7A3B279B6}>,accessed on August 10, 2012. ⁷ADP Research Institute (April 2011),“Mobile HR Solutions Can Drive Employee Productivity, Build Satisfaction,” <http://www.adp.com/tools-and-resources/adp-research-institute/insights/insight-item-detail.aspx?id={9CB7638D-7735-4473-A1FC-90FABBA3357A>,accessed on August 10, 2012.

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