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Evaluating Open Enrollment Success: 4 Metrics to Consider

Dec 1, 2021 9:15:56 AM / by Picwell

You did it! You made it through another challenging open enrollment season. But, that doesn’t mean your work is done. After a quick breather, it’s a good idea to jump right into strategic planning for next year because as you know, the earlier you start, the more effective and efficient your open enrollment will be. In this article, we’ll share the top four metrics you should consider to evaluate open enrollment success and help guide your strategy for the next year.

1. Benefits Enrollment Rate

This metric shows you what percentage of employees signed up for benefits during open enrollment. On its own, it doesn’t mean much. But, when you compare this year’s rate to last year’s rate, you can see if overall participation is trending upwards or downwards. From there, you can try to determine what may have caused the change so you can course-correct or double down on effective tactics.

Pro Tip: If you have a small enough company (or a large enough team), consider reaching out to the employees who didn’t finish their enrollment to find out why. The insight could help you reach your staff more effectively next year.

2. Health Plan Enrollment Breakdown

This data point reveals what percentage of your team members enrolled in each available health insurance plan. You can see if your workforce has embraced high-deductible health plans (HDHPs) with health savings accounts (HSAs) — or if your employees still chose more expensive coverage. Based on your findings, you can begin to plan your communication strategy for next year.

For example, if HDHP or HSA participation is lower than expected or desired, you may want to beef up your educational campaigns throughout the year to help your team members better understand the positive benefits of these plans.

Pro Tip: Think about ways you can break down the advantages of enrolling in these types of plans in a series of communications - small chunks of information are often easier for employees to digest and understand. And don’t forget to include real-life examples where you can! This will help your communications further resonate with employees.

3. Supplemental Plan Enrollment Breakdown

This metric shows the percentage of employees who enrolled in each of your company's supplemental benefits (think dental, vision, pet insurance, legal services, etc.). This data suggests which benefits are most important to your workforce. Additionally, if you think your employees would benefit from a specific supplemental benefit even though they didn’t enroll, you can create more educational material for the following year.

Pro Tip: Before you eliminate any supplemental benefit due to low participation, poll your staff first. The lack of enrollment could be an awareness issue you can correct with additional benefits education.

4. Communication Engagement Rate

This data gives you some insight into the effectiveness of your benefits-related communication. It can include email open rates, webinar participation, benefits fair attendance, and more. If the percentage is high, you’re doing a solid job of engaging your employees. If it’s not, it might be time to brush up on your copywriting skills — or outsource the task to someone with a knack for creating compelling content.

Pro Tip: For your benefits communication to be successful, it must be attention-grabbing and ongoing. A snappy headline and tight copy won’t matter if you only send the information out once, or only during open enrollment. Your employees are busy, and repetition can help them absorb and retain the information you’re sending.

Picwell Can Help With it All

If this sounds like a lot to take on that's because it is. But you don't have to go it alone. When you work with Picwell, you will receive a Post-Enrollment Insights Report that unlocks the vital data you need to improve your benefits package and engage your workforce. With this report, you can easily see how many employees enrolled in your organization’s benefits, including which plans were the most popular. These reports coupled with our Customer Success Toolkit ensures your program will run smoothly and efficiently.

With Picwell, you don’t have to manage benefits engagement alone. Schedule a free demo today.

Topics: Benefits Decision Support, Consumer Directed Health, employee benefits, benefits professionals, supplemental benefits, voluntary benefits, benefits communications

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Written by Picwell