Most employers recognize the critical role that benefits play in employee recruitment and retention. They’ve responded to the ever-growing benefits demand by bolstering offerings and ensuring access to the best options.
That means employees now have more benefit opportunities at their fingertips than ever before. While that’s great news, it creates a big challenge for HR professionals.
How do you educate and guide employees to make the best decisions for their unique life situations?
The reality is that benefit enrollment processes have become overwhelming for the average employee. Now, they must navigate a complex array of new and traditional health, life, retirement, and voluntary benefits.
Increased Benefit Options
Employees are asked to make decisions during open enrollment they have never had to address before. They must consider:
• What are the risks and benefits of enrolling in a high-deductible health plan (HDHP)?
• If I enroll in an HDHP, should I also open a health saving account (HSA)?
• How would opening a HSA impact the income available for a 401(k) contribution?
• And, if I have a 401(k) and HSA, how do I best optimize the investments across those two programs?
While more options can ultimately yield a better benefits package, many employees are ill-equipped to predict their own health risk in a way that lets them select an optimal benefit solution.
The AI Opportunity
Employees now have different technology expectations. Fortunately, artificial intelligence (AI) has transformed the benefit administration processes to keep up with technology which offers true decision support and guidance.
At a minimum, benefit administration platforms should understand an employee’s needs from the onset. An intuitive tool will know employees’ marital status, dependents, history of benefits choices, income and HSA balance the minute they log on.
In fact, new advances that enable integration between benefits management, HRIS, payroll and other administrative platforms should make it easy to create a singular experience.
To help employees feel greater empowerment in final decisions, it’s also important for support technology to offer multiple benefit plan options instead of just one recommendation. By offering various options, a decision support platform allows employees to consider the advice and their own preferences simultaneously.
Employers must plan strategies that effectively guide employees to the best benefit selections during open enrollment. Doing so not only helps employees, but it can also assist employers in a benefit climate where more options and greater risk pose significant opportunities and challenges.
Companies that leverage intuitive, simplified decision support experiences and deliver them in a way that enhances business strategy are best positioned to respond to evolving employee expectations and reap their own financial reward.
Are you ready to amplify the employee enrollment experience with personalized decision support? Our decision support tool applies nationwide data and provides an objective ranking of available plans – granting employees the power to choose with confidence. Let us show you how.