Many of our clients have been showing interest in moving to electronic enrollment platforms. HR departments frequently discuss the need to streamline their ongoing daily administrative functions and to simplify the enrollment processes.
In today's business environment with ever tightening resources, rising insurance costs, and increasing complexities of compliance, companies are considering tools that increase efficiency and accuracy.
The question arises, could there be other benefits to technology? Does the increased simplicity and accuracy necessarily also increase communication and if so could it also have an impact on retention?
Retention for many of our clients is a big concern, and communication can play a key role. According to McKinsey Quarterly, the potential reduction in benefit program cost is as much as 20% when benefits are communicated properly. What would that number look like for your bottom line?
Let's explore one scenario:
A company installs an electronic enrollment system with enhanced communication practices that informs their employees about their benefits package at enrollment and keeps them engaged throughout the year with regular reminders and educational pieces.
They see participation in the wellness program increase and double the number of preventative visits in Q1 and Q2 as compared to the prior year.
The owner reports increased employee satisfaction. "People seem more in tune with our offerings and turnover is down slightly. We are excited to see what else might come from over the long term."
Ok so I’m thinking with rose colored glasses, but why not envision the success story you are trying to craft? What areas are you looking to overcome / improve?
There are so many steps employers can take to improve retention. Engaging employees is a great place to start. Why not explore what increased communication could accomplish.
You might consider electronic enrollment too and thereby help HR avoid sticky questions with personal details while you're at it... more on that in another post. If you do so, you can increase your chances of becoming an Employer of Choice!