With open enrollment in (or almost in) the rear-view mirror, it may seem like a good time to sit back and relax before the new year ramps up. You’ve sent all of the necessary files to your carrier, and your employees have their ID cards in hand, but the process isn’t over just yet. Seasoned HR professionals know that the end of open enrollment is a critical time to get your benefits strategy in order before the new year.
For most companies, open enrollment is just around the corner. HR teams across the country are working hard to assemble a benefits package that meets employee needs and helps them stand out from the competition.
As summer draws to a close, HR professionals across the country are preparing for open enrollment. Top-notch benefits have become more important than ever to attract and retain top talent. In our recent open enrollment survey, Namely found that the vast majority of employees would give up novel perks for better benefits. However, most employees don’t want to pay higher premiums. So how can you provide high quality, affordable plans? Namely has teamed up with major insurance carriers to help companies do just that.
If there’s such a thing as a human resources boogeyman, this is it. There are few things that strike fear into the hearts of HR leaders quite like open enrollment, or the sliver of time employees have to select their benefits each year. While your actual enrollment period rarely extends beyond a few weeks, behind-the-scenes planning can take as long as six months. Adding insult to injury, 50 percent of employees will rate your efforts as average or worse.
“Life comes at you fast”—it’s an adage that HR, perhaps more than any other department, is familiar with. And when it comes to managing employee benefits, it rings especially true.
Open enrollment may be one of the more hectic times of the year for HR professionals. Data must be collected, plans must be set up, employees must make a choice, and it all is coordinated by a single department, sometimes a single person. The lasting effects put it at the top of many HR professionals’ priority lists—right next to offering the best benefits.
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