According to the survey, one third (34 percent) of human resource managers said missing open enrollment costs employees, on average, at least $500 in out-of-pocket expenses. Twenty percent reported that it costs employees more than $1,000 while 10 percent reported it costs employees more than $2,500.

Another major finding from the survey is that one of the main reasons employees don’t participate in open enrollment or take advantage of certain benefits is simply because they’re unaware these programs even exists. 

The impact of employee open enrollment on employers 

It’s to your benefit to make your employees aware of their options – and assist them in making better informed financial decisions – during open enrollment. Taking the following extra steps to make your employees aware of their money-saving options will increase their satisfaction levels, increase productivity and boost their feelings of loyalty (something that, according to Harvard Business blogger Michael Watkins, companies need to foster now more than ever if they want to retain their best performers). 

• Boost internal communications. Send out continual email announcements and reminders encouraging people to enroll, and schedule departmental or companywide meetings to do the same.
• Make the process as easy for them to use and understand, as they’ll be more likely to participate that way.  Have HR host workshops with various groups to demonstrate how to use open enrollment, or post a Web tutorial on the company intranet.
• Be up front about any plan increases.  It’s very likely that health care costs at your company are going up, and while you might not be crazy about the idea of telling your employees this, they will appreciate the honest and open communication.  And with the rising costs, you might…
• Consider offering alternative health insurance.  More employers are including consumer-directed  health savings plans among their options this year, according to the Associated Press, which have the potential to cut down on premium payments and giving consumers a tax break.  Whatever you do, you’ll want to…
• Help your employees choose the best plan for them.  Bring in a financial counselor to meet with employees and help them make better informed decisions. Better yet, request a presentation meeting with your carrier to review benefits with your staff and let them ask questions personally.  

How are you keeping your employees in the know about open enrollment?

HealthLeaders Media recently hosted a roundtable panel of experts, including Brent Rasmussen, CareerBuilder’s Chief Operating Officer, to talk more in depth about current workplace shortages in the health care industry, as well as the need to focus on the entire talent life cycle of employees to recruit and retain them, rather than just getting them in the door – and then abandoning all efforts to actually keep them.

The roundtable panelists tossed back and forth some interesting points of view concerning ways that health care organizations (as well as organizations across the board) can deal with the work shortage problem and re-position themselves as forward-thinking workplaces. Much of the HealthLeaders panel discussion revolved around various issues in generational recruiting (you can also find more about this topic in our archives). Deborah Zastocki of Children’s Memorial Hospital said that organizations need to consider the needs of Gen X and Gen Y candidates more carefully in today’s market, while Rasmussen added that philanthropy is a key issue, as many candidates are now looking to work for a green company.

Kathleen Gallo of North Shore-LIJ Health System stressed that the job seeker now runs the marketplace around job recruitment – and the only thing an employer can really control are the policies and procedures to make the organization competitive in the marketplace (and attractive to candidates).

To this point, Joseph Cabral of North Shore-LIJ Health System added, “We found that 72 percent of our nursing new hires are new grads. You need to be able to build the infrastructure to support the new generation coming into the field.”

Other highlights of the discussion include:

*The effect of millenials and baby boomers in the workplace
*What makes a good recruiter?
*Current interview styles and obstacles
*The importance of an organization to sell their brand and culture
*Challenges of small vs. large health care facilities
*How do you evaluate managers?
*Is turnover a good thing?

Get the full roundtable transcript here.