Are HR departments falling short with open enrollments?
HR software provider for mid-sized companies Namely has released the results of its open enrollment survey, which identifies what is most important to U.S. employees when it comes to benefits.
Findings indicate that 36% of employees rate their HR departments with a “C” or lower when it comes to open enrollment. While 57% of respondents say that their employer has prepared them “pretty well,” only 27% give them an “A” grade.
One of the biggest frustrations is constant changes in plans, but employees also cite difficulty in understanding collateral and that the process is rushed. Insights gathered from the survey indicate that one month is the magic number when it comes to enrollment (50% of employees responded that they want at least one month to make their selections).
Other insights show that:
- HR reps are not the go-to for advice on benefits: most employees turn to coworkers and family members to help make plan selections.
- Good healthcare matters more than fun perks: 72% of employees are willing to give up perks like holiday parties and happy hours in exchange for better healthcare benefits.
- Employees underestimate how much their employer spends on health care: 53% of employees think their employer spends under $5,000 annually. The average per-employee cost in 2016 was $8,669.
In an effort to address these points, Namely has released an open enrollment wizard in time to support 2018 benefits elections. The wizard addresses the points revealed in the survey, and employees can see side-by-side comparisons and simplified jargon as they make their selections.
The survey results are based on answers from 517 respondents between the ages of 18 and 65, based in the United States and employed full time.