3 Ways to Use Analytics to Make the Best Open Enrollment Decisions
September 11, 2019
The open enrollment period is right around the corner for many employers. And that presents the best opportunity to set you and your employees up for benefits success in the coming year.
To measure success, you need numbers. You need data. You need information that shows whether the plans you offer your employees are being leveraged to their fullest cost-saving potential. We’ve compiled three ways you can collect or find data so that you have the best open enrollment experience this year and in future years. And complete the form below to get your free Ultimate Guide to Benefits for a look at each popular plan.
Develop an employee feedback survey
User experience is vital to the success of any employee benefits program. How do you feel open enrollment went at your business last year? And, just as importantly, how do your employees feel it went? The best way to find out is to ask. Develop a survey your employees can submit this year so you’ll have their feedback in hand when preparing for open enrollment next year. Here are a few tips for creating one:
- Keep the survey short (five minutes to complete at most, with 5 to 10 questions).
- Make it accessible from any platform or device.
- To make the results more sortable, use as many multiple choice questions as you’re able.
- Make sure the results are acted upon the following year (or sooner, if possible).
Analyze participation numbers
Knowing the participation levels of your plans – and how much they’ve changed from one year to the next – can give you valuable insight in understanding your employees’ habits. For example, if your employees are increasingly participating in your Health Savings Account (HSA), you may want to provide them with resources on how to best use their HSA. And, if participation in your Commuter Benefits has started to slip, make sure your employees understand how this type of plan works and the potential savings available when they participate. Taking these steps shows you care about their bottom line and want to make sure they're saving as much as possible.
Our clients can easily view their participation rates within their LEAP™ by Discovery Benefits accounts. Discovery Analytics™ is an app within LEAP™ that includes valuable data, including the Enrollment Trends chart, which provides three years of year-by-year plan participation data. Discovery Analytics™ also includes charts that show your employees’ total contributions and average elections.
Evaluate common questions
The open enrollment period simply kicks off the coming plan year, but it’s only the beginning. Your employees’ experience throughout the plan year is also going to influence whether they enroll in your plans the following year.
That’s why it’s important to choose a third-party administrator that provides customer service tracking and responds intuitively to those questions. Discovery Analytics™ has charts that give clients visibility into customer questions. And our Discovery Answers™ knowledgebase within LEAP™ has help articles you can share with your employees right away or during the following open enrollment to help answer any of their common questions.
Would you like to learn more about common employee benefits plans you can offer your employees? Complete the form above and get your free guide today!