Have you mapped out your benefit administration goals for the year ahead? The task can seem daunting, so start by reflecting on what went right (or wrong) over the past 12 months. Then, consider the goals that can help you improve upon those areas.
One way to help ensure you’re emphasizing all areas of benefits enrollment and engagement is to consider bucketing your goals into these four metric areas:
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Administration: Related to the efficiency and quality of your OE processes, both manual and automatic, including those related to your HR technology and benefits partners.
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Communications & Engagement: Related to reaching employees at the right time, in the right way with the right messages – and whether enough was done to drive the desired actions.
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Enrollment & Utilization: Related to the benefits employees sign up for and how they access and use them.
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Employee Experience: Related to employees’ perception of their benefits and employer brand, benefits enrollment process and workforce culture.
Nearly two-thirds — 64 percent — of employers say they are planning to enhance their health and well-being offerings in 2024 to support attraction and retention and better meet employee needs.
Health and Benefit Strategies for 2024 Survey Report, Mercer
5 Benefits Administration Goals for 2024
1. Create Better Employee Experiences
Today’s employees want to feel seen and understood as well as be part of companies that commit to well-being and DEI. Companies that consider the individual employee experience and make progress towards representing those will likely come out on top.
2. Improve Total Comp (Pay + Benefits)
Attracting and retaining talent in a tough labor market requires a broader look at how the convergence of health and wealth contributes to engagement and the sense of belonging. Compensation alone and, conversely, benefits alone won’t drive it, but a well-designed benefits program paired with annual pay audits that track towards pay equity likely can.
3. Adjust Benefits Strategies to Meet Diverse Needs
Every workforce is unique, so as Mercer notes in their Health & Benefit Strategies for 2023 Survey Report, “taking a standard approach to benefit design is guaranteed to come up short,” when it comes to talent retention. Consider grouping employees by lifestyles, attitudes and preferences to better understand needs and craft a benefits program that aims to better address them.
4. Be Strategic with Data and Analytics
Exit interviews are the wrong time to find out why someone was unhappy with their employee experience. Allow employees to share their thoughts throughout the year in online questionnaires, ERGs or HR 1:1s. Plus, use data from annual open enrollment to dive deeper.
5. Get Help from Partners
Benefits partners have a stake in your success, so turn to them for a fresh look and insights around your company’s trends.
