This Open Enrollment season, ensure your company provides the best experience possible by nailing these important features.
Open Enrollment season is here again, and businesses of every size are going through the yearly process of ensuring they provide great employee benefits for their staff. But what is the best way to access top-tier employee benefits at rates your business can afford? Consider the following items as you begin your search this open enrollment season. With this checklist of essential items, you can ensure your company is offering competitive employee benefits at reasonable rates.
Options Are Key: Offer a Variety of Employee Benefits Plans
Plan variety is one of the most critical elements of a successful open enrollment season. Companies providing medical insurance options to employees should prioritize offering a selection of plans to choose from at different tiers. Every employee has different needs, so some may require a lower-cost plan to support a large family, or they may have medical conditions that will be better supported under a more robust program. Plan variety can also help employees who may have chosen to waive medical and voluntary benefits in the past due to high costs or plans that didn’t make sense for their needs. Choosing the right plans for your business can help reduce overall HR costs and attract better talent, which can significantly improve your bottom line, as well as employee retention, over time.
Our current job market is very competitive, and candidates have their choice of companies. Organizations with lackluster employee benefits struggle to recruit and retain the most talented applicants. That’s just one of the reasons why many small to mid-sized (SMB) business owners choose to partner with a PEO. With a PEO on their side, the company’s employees are pooled with the other businesses partnering with the PEO, and their combined buying power is magnified. That’s how SMBs can access robust employee benefits packages at much lower prices than they would get on the open market. This way, SMBs can offer the attractive fortune 500 benefits that large companies have, leveling the playing field.
Go Beyond Health Insurance by Offering Voluntary Benefits
Health insurance is crucial, but there are additional benefits that your company can offer that make a difference in your employees’ lives. There is no requirement for your employees to sign up for these benefits but allowing them to enroll gives your staff access to other programs that may be useful. Ancillary benefits like life and accident insurance, pet insurance, and identity theft protection can bridge the gap between a bare-bones healthcare package to one that is well-rounded. Offering benefits plans that encompass a range of options can attract and retain the top talent you’re looking for. It would be best if you also considered offering your staff retirement benefits packages and employee 401k plans. These are desirable benefits that employees are looking for and, if your organization provides a company match, this may seal the deal for hiring exceptional talent. (Wondering what retirement benefits your company should offer? Take a look at our guide here.)
A PEO can give you access to a broader range of voluntary benefits, and it can also administer any retirement benefits you decide to offer. Providing your employees with the opportunity to start saving for retirement shows that you care about their future and want to help them succeed. These plans can be challenging to manage for SMBs, as they involve specific restrictions and compliance needs. With PrestigePEO on your side, our retirement experts will address these concerns. Your company will save on costs and fees by pooling your employees with the other employees under the PEO umbrella. It’s an excellent solution for your business and your employees.
Streamline Your Benefits Open Enrollment Process
Open enrollment can be a busy and difficult time for your benefits administrators and employees signing up. Most employees find reviewing health insurance plans daunting and confusing. It can be overwhelming for the members of your team who supervise the process. Many small to mid-sized businesses do not have full-time HR administrators who are trained to handle this process, making the situation even more complicated. At PrestigePEO, we are proud to not only offer outsourced HR solutions to businesses who do not have an in-house HR team, but we also offer top-of-the-line technology to make open enrollment a breeze. Our Benefits Renewal Portal relieves all the headaches and confusion of open enrollment with an online benefit enrollment tool. Once your employees have submitted their plan elections, our HR experts will take it from there! Your dedicated team of HR specialists is always available for any questions you may have as you and your team members go through the process. To support your needs, we have developed an app called PrestigeGO. With this easy-to-use app, you’ll be able to access payroll options, view employee benefits information, and instantly connect with your dedicated HR specialists.
Open enrollment season can be an easier and more seamless process this year with the right PEO partner. At PrestigePEO, we listen to the specific needs of your business and provide customized employee benefits options tailored to your needs. You’ll have a team of dedicated HR specialists that you can always rely on to answer your questions. We don’t believe in call centers at PrestigePEO – when you call us, you’ll get direct access to your personal team. Ready to get started? Contact us today.