SourceMedia, publisher of Employee Benefit Adviser, conducts monthly Open Enrollment Readiness Benchmark (OERB) surveys among employers. With open enrollment is ending this month, it will be interesting to see if what employers said and did earlier this year pay off. Either way, the results of this benchmark survey are sure to provide some lessons learned for brokers to coach their clients on for next year’s open enrollment preparations.
Goal setting is a key focus for brokers. Working with employers to put the right objectives in place leads to higher plan participation and greater employee satisfaction with the benefits package.
For May, the Benchmark survey shorted that employers with Q1 start dates who said they were on target with their open enrollment preparations rose to a score of 32. While that may seem low, the percentage of employers who deemed themselves prepared for this year’s enrollment activities rose steadily month by month from January on, when it was 25.
The survey also shows that goals should be set for the enrollment process itself. Most employers aren’t as proactive as they should be about tracking participation levels and engaging employees sufficiently early in the enrollment process. That typically leads to a ‘fire drill’ during the final weeks of the enrollment period, when the employer finally realizes that enrollment levels are well below the target levels and there is only a short period of time before the enrollment period ends. And last-minute enrollment efforts don’t lead to a lot of informed decisions on the part of employees.
Read the full article on this benchmark survey to gather further insight. The third page shows the rankings of several activities that employers engage in.