Planning for Open Enrollment
In recent years, strategic management of operational costs has been at the forefront for many organizations. Fringe cutbacks are commonplace alongside of scaling to maximize efficiencies. Nationally, managing benefits costs is one of the paramount business objectives for employers this year. Yet, benefits packages are always a significant way to support business goals, such as attracting talent, productivity, employee retention, and adding an employer-employee bond. Since the impact of the recession, offering a wide range of employer- and employee-sponsored benefits—especially those that financially protect employees and their families—is more important than ever to current and prospective employees.
Tips For Getting The Most Out of Open Enrollment 2011
As indicated in our article, “Benefit Programs that Make You an Employer of Choice,” employees who are satisfied with their benefits are most likely more satisfied in their jobs. Now is the perfect time to start the evaluation of your organization’s benefit portfolio and pre-planning for 2011 Open Enrollment. Here are some important things to consider:
- Choose your plans early. This will give you more time to rollout new plans to your employees and allow them more time to make an educated decision.
- What benefits are you not offering? Take a look at all the voluntary benefits that are available to you through Oasis; you never know what your employees “really want” or what is important to them. The more robust the package the better!
- How much are the employer vs. employee contributions? You can offer more for less and in some cases for free, through Oasis.
- What are your competitors offering? Not offering value-added benefits such as employee-sponsored life and disability can make the difference between a talented incumbent working for you or your competitor.
- Who’s administering your benefits? If you’re administering your benefits yourself or you are using an agent or broker, open enrollment is the perfect time for you to take a look at the Oasis PEO benefits portfolio.
Using Technology to Make Enrollment Easier
Oasis is here to help you make open enrollment a seamless process for your organization and employees. Last year, Oasis launched an industry-leading Client Online Benefit Selection (COBS) platform that gives our clients a user-friendly web-based benefits selection tool showing current plans, renewal options and analytics. The COBS system is structured with a real-time change management tool interfacing directly to our HRIS system. This innovative capability eliminates errors and substantially expedites submission-to-enrollment time. In 2011, we will feature some exciting enhancements in our COBS Version 2 launch based on client feedback. Version 2 will include quick-glance plan screens, drill down plan summaries, and an additional option selection matrix that will make your open enrollment plan selections a breeze!
To learn more about how to prepare for Open Enrollment or for information about the COBS system, please call us at 888.818.9797