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Annual Benefits Reviews?

Book about company culture on a wooden table next to a sunflower.

For employers, open enrollment is a time to double-down. It’s about updating and improving benefits offerings. Unfortunately, using open enrollment as an annual benefits review may mean you miss some things.

Unfortunately, using open enrollment as an annual benefits review may mean you miss some things.

Shifting your focus to periodic reviews instead of an annual update, you can get better feedback.

Forgetfulness

When an employee goes to the doctor or signs up for a telemedicine program, they may have feedback.

If you wait until next year’s open enrollment to talk to them about it, those thoughts wane. Employees may forget about how they felt in the moment while they were waiting for the doctor.

Getting it right the first time may increase usage rates throughout the year and make healthier employees.

Feedback Forms

Right after an employee uses a benefit, try to send out a feedback form. Talk to your benefits provider about a template you can use.

Even if it’s a simple survey, feedback from employees can give valuable insights.

If you have a financial wellness program in place and an employee has been using it to learn about how to pay down their car loan faster, check in with employees as they complete educational milestones to see if they’re on track to make a more meaningful financial decision.

Usage Patterns

You can also connect with your benefits providers to see if they’re collecting data about usage.

Using this data alongside with anonymous surveys, you can paint a bigger picture. You can learn about utilization and adoption rates to see what’s working and what isn’t.

In Defense of Annual Reviews

Annual reviews still have their place leading up to open enrollment. Macro-level questions like how employees feel about how much they’re paying every time they go to the doctor or ideas for new benefits that could be introduced have a place once or twice a year.

But don’t use annual reviews as a time to have employees remember every success or stressor they had while using the benefits throughout the year.

Instead of only focusing on open enrollment as the time of year to make sweeping changes to your benefits, look for ways to integrate the feedback process directly into the benefits you have.

From anonymous surveys sent out to your organization every quarter to feedback forms after an employee completes a milestone or utilizes a feature of a benefit, real-time feedback is the best way to help employees succeed with their benefits.

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