Preparing for Open Enrollment in the New World of Work
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The document discusses preparing for open enrollment in the context of changes brought about by the COVID-19 pandemic, highlighting the impact on mental, physical, and financial well-being of employees. It emphasizes the need for employers to foster a culture of safety and trust, embrace digital health solutions, and continuously educate employees about their benefits options. Key strategies include utilizing employee feedback, focusing on decision-support tools, and addressing the rising healthcare costs and remote work challenges.
Preparing for Open Enrollment in the New World of Work
- 1. Preparing for Open Enrollment in the New World of Work © 2020 Benefitfocus.com, Inc. 1
- 2. © 2020 Benefitfocus.com, Inc. Presenter Misty Guinn Director, Benefits & Wellness Benefitfocus
- 3. © 2020 Benefitfocus.com, Inc. About Benefitfocus
- 4. © 2020 Benefitfocus.com, Inc. 4 Disruption of Routines, Environments & Lives COVID-19 has turned our lives and our routines upside down. From dealing with new remote work environments to childcare closures and the uncertainty of the world starting to reopen - what is the “new normal”?
- 5. © 2020 Benefitfocus.com, Inc. 5 The Importance of Mental Well-Being Awareness • Pre-existing mental health conditions and the psychological impacts of a global pandemic. • Concerns about employee burnout • Recent SHRM study showed 41% of respondents felt “burned out” • Our call to action – double down against stigmas and increase communications on available resources, benefits and accommodations.
- 6. © 2020 Benefitfocus.com, Inc. 6 The Importance of Physical Well-Being • Concerns about existing chronic conditions and care avoidance • Ultimate goal is to reduce long periods of sitting • Impact of negative coping skills like alcohol or binge eating • Decrease in preventive health screenings • Awareness in the role that social determinants of health play in the well-being of your employees
- 7. © 2020 Benefitfocus.com, Inc. 7 The Importance of Financial Well-Being • Global pandemic = economic crisis • Multiple insecurities: • Job and income • Food and environment • Increase in health care expenses • Long-term and short-term impacts • Need to improve financial literacy and increase employer-sponsored financial wellness benefits
- 8. © 2020 Benefitfocus.com, Inc. 8 Rebuilding a Culture of Safety and Trust • Important to view as a process – not a single event • Don’t make assumptions – constantly collect employee feedback • Embrace consumer-centric strategies in your communications and environments • Tackle the ‘out of sight, out of mind’ perceptions • Foster emotional intelligence in leadership
- 9. © 2020 Benefitfocus.com, Inc. 9 Addressing the fog of pandemic going into open enrollment planning.
- 10. © 2020 Benefitfocus.com, Inc. 10 The Impact of COVID-19 on OE Strategies • Increase in health care costs • Growing popularity of HDHP options partnered with an HSA • The need for financial safety nets and possible plan bundles • Embracing the new normal of digital health solutions (i.e. telehealth) • A demand to start educating your employees now • Automation and technology is a necessity
- 11. © 2020 Benefitfocus.com, Inc. 11 The New Normal of Employee Engagement During OE • Meet virtual challenges head on • Focus on decision-support tools and resources • Create value in your plan options that support all the pillars of total well-being • Help to prepare for the unexpected • Constant and continuous education – starting now!
- 12. © 2020 Benefitfocus.com, Inc. 12