Year-End Benefits Review - Tilson


Year-End Benefits Review

Benefits & Compensation | November 2023

As the year draws to a close, businesses and employees alike turn their attention to the important task of year-end benefits review and the open enrollment period. This annual process is a critical time for employees to assess their current benefits, make changes, and enroll in new plans that will support their health, financial well-being, and peace of mind for the upcoming year. It’s also an opportunity for employers to gauge the effectiveness of their benefits offerings and make adjustments based on employee needs and company goals. Let’s delve into some key takeaways from this year’s process and how they can inform future enrollment periods.

Adaptation to a Changing Workforce

The landscape of work has shifted dramatically in the wake of the global pandemic, with remote work becoming more commonplace. This year, benefits review and open enrollment had to be more flexible and accessible from afar. Digital tools and virtual meetings became the norm, allowing employees to engage with benefits providers and HR representatives from the safety and comfort of their homes. The takeaway here is clear: flexibility and adaptability in how benefits information is delivered and discussed are no longer optional but essential.

Communication is Key

Effective communication has always been a cornerstone of a successful enrollment period, but this year it became even more apparent. Employers who provided clear, concise, and frequent communications saw higher engagement rates. Many used a multi-channel approach, combining emails, virtual webinars, and even social media to ensure messages were received and understood. Employees need to understand their options and the implications of their choices, and employers need to provide that clarity.

Personalization of Benefits

There’s a growing trend towards the personalization of benefits, with employees expecting options that can be tailored to their individual circumstances. This year, companies offering a wider range of voluntary benefits, such as adoption assistance, telehealth services, or mental health support, found these to be well-received. As a result, businesses need to listen to their employees and consider a more diverse array of benefits to meet a broader range of needs.

Data-Driven Decisions

Data analytics played a significant role in this year’s benefits review. Employers who leveraged data were better positioned to understand utilization rates, cost trends, and employee preferences. This allowed for more informed decision-making when it came to selecting which benefits to offer and how to structure them. The key takeaway is the importance of making data-driven decisions to ensure the offered benefits are both cost-effective and valued by employees.

Early Planning and Support

Lastly, starting the planning process early and providing ample support for employees during enrollment led to better outcomes. Employers who offered decision-support tools, such as cost calculators or comparison charts, helped employees make more informed decisions. Additionally, those that provided one-on-one support, either in-person or virtually, saw a higher level of employee satisfaction with the enrollment process.

Concluding Thoughts: The Role of Tilson in Benefits Administration

Reflecting on the key takeaways from this year’s enrollment, businesses may find the prospect of navigating this annual process daunting. This is where a professional employer organization (PEO), like Tilson, can provide substantial value. Tilson manages the benefits enrollment process from start to finish, providing one-on-one support to its clients. With their expertise, companies can streamline their enrollment process, engage in effective communication strategies, and offer support tools to help employees make informed decisions.

By partnering with Tilson, employers can deliver a benefits package that’s not just comprehensive but also affordable and strategically aligned with their workforce’s needs and preferences. This can help businesses attract and retain top talent, fostering a satisfied and well-cared-for workforce. For more information on how Tilson can assist with your benefits administration and open enrollment process, contact us today!

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