Welcome back to our four-part series designed to help you strengthen your benefits experience so you can differentiate your business in today's competitive labor market.
In Part Two, this blog will discuss why goal setting is important and provide examples of key goals you may want to track.
Last week, in Part One, we examined how you could update your benefits strategy by reviewing your existing benefits mix, digging into your current participation data, and examining your past communication plan. If you missed Part One, go back and read it here.
Now, armed with these insights and key pieces of data, you are ready for Part Two: Define Your Goals.
Part Two: Define Your Goals
When helping our clients with goal-setting strategies, we often recommend employing the S.M.A.R.T goal technique. Using this method allows HR teams to concisely describe specific benefits enrollment goals, identify the metric they will use for measurement and establish the time frame in which they wish to accomplish the goal.
To start, think about the type of actionable behaviors you want to improve. For example, you may decide to increase the number of employees who take advantage of benefits, or expand the number of benefits each employee selects.
In that case, your S.M.A.R.T goals might look like:
Increase number of employees who take advantage of benefits by [X]% during [YEAR] annual enrollment by improving communication tools.
Increase average number of benefits selected from [X] to [X] during [YEAR] annual enrollment by expanding communication to employees on the available benefits options.
Or, you may want to try to lower costs by conducting a dependent eligibility audit, and then work to drive awareness of your eligibility rules. That S.M.A.R.T goal might be written as:
Lower the percentage of ineligible dependents by [X]% for [YEAR].
After you define your goals, you will want to think through ways to promote your benefits offerings and reinforce employee behavior to reach your desired outcomes.
For example, benefitexpress clients can take advantage of our custom communication workshops where we consult with key stakeholders to create a campaign, creative theme, and point of focus around a specific enrollment goal, or particular benefit offering for employee education outreach.
These communication tactics can be especially useful if you’re updating major health insurance options, like switching to a high-deductible health plan or adding a health savings account and want to measure the outcomes of these changes.
Or, perhaps you want to increase the overall number of employees who take advantage of your decision support tool. In such cases, providing incentives (like raffle entries for a popular tech gadget) to employees who try the tool during open enrollment can be a powerful tactic to help drive awareness and usage.
Now that you've updated your benefits strategy and defined your benefits enrollment goals, you are ready for Part 3: Take advantage of key benefits administration software capabilities. Make sure to come back next week to find out more!
Need immediate help with improving your benefits enrollment strategy? Talk to a benefitexpress product expert today!