Employee Benefits: Open Enrollment Tips for Small Businesses

November 21, 2018 at 10:00 AM

Open EnrollmentIt's open season - open enrollment, that is.

Health insurance open enrollment applies to individuals who secure insurance through the federal government’s health exchange, people doing the same through a state government health exchange, and to employees who are receiving benefits from their employers.

If you and your business are offering employees a health benefits package, which can be a huge factor in attracting and retaining top talent, then keep the following in mind. 

Provide Options

Benefits aren't a one-size-fits-all proposition. Priorities and needs come in as many shapes and sizes as individuals and families do. It's likely your business is already providing the most coverage you can while preserving your bottom-line. An easy way to expand the options you provide without adding costs is by exploring voluntary options such as accident, cancer, life and short-term disability insurance. In fact, 59% of employees say they would likely purchase voluntary insurance benefits if offered by their employer.

Communicate Year-Round 

Employee turnover is costly, and more than 2-in-5 workers agree that a well-communicated benefit program would make them less likely to leave their job.

Effective communication is always a boon to corporate morale, and a happier workforce is often more productive. Your employees will be more satisfied with their benefits package if it is presented in plain jargon-free language. In fact, only 26% of workers indicate they completely understand their benefits package

And you shouldn't stop at communicating directly with employees. You need to communicate through multiple channels and go above and beyond to ensure that families and employee partners can access relevant information. These practices remind employees that their well-being is a priority for you.

Take Credit

Is the average yearly income for your employees below $53,000? Do you have fewer than 25 employees? If you satisfy both of those requirements, then don't miss out on potential federal tax credits for your small business.

The Employee Benefit Research Institute released a 2016 survey in which a strong connection was observed between workplace health benefits and overall employee satisfaction—59% of employees who were pleased with their benefits were also pleased with their jobs. And only 8% of employees who were dissatisfied with their benefits were happy with their jobs.

Insurance is about more than compliance, it's a major driver for employee satisfaction and performance.

If you're looking for additional tools to simplify payroll, taxes, timekeeping, benefits, and more, contact Future Systems today.