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FBMC Offers Tips To Engage Employees And Increase Benefits Plan Participation

HR Tech Outlook | Monday, September 05, 2022

Tallahassee, Fla. – Recognizing the crucial role that benefits play in hiring and retention in the Great Resignation era, FBMC Benefits Management, Inc., a Florida-based healthcare and benefits consulting company with more than 40 years of experience, offers insight and suggestions for engaging employees through benefits plans – an often-overlooked asset for companies of any size. Through clear communication beginning in the enrollment phase and continuing throughout the year, FBMC shares how companies can successfully support employees to increase retention and acquire top talent.

“Many employers struggle with identifying ways to engage their employees. This is often due to the limited bandwidth of HR teams, as well as an often-limiting focus on medical benefits,” explains FBMC Managing Principal Vickie Whaley. “To effectively determine needs, a holistic evaluation of all benefits is required to support employees.”

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As an expert in benefits management, FBMC offers tips for engaging employees through all stages of the benefits process.

Stage One: Enrollment

With plans offering more choices than ever before, enrollment can feel overwhelming. Employers must provide clear opportunities for employees to ask questions, access resources and feel empowered when selecting their benefits. “The expansion of technology, which allows for virtual meetings and enhanced decision-making tools, has been notable in supporting employee engagement,” said Whaley.      

Digital solutions, like virtual office hours or webinars, are accessible ways for employees to get the answers they need online and on their own time. Options like fillable forms and implementation of step-by-step programs can streamline the process and clarify questions to ensure employees are making the best selections for their lifestyle. “Many studies show employees will dedicate a very limited amount of time to reviewing benefit options,” notes Whaley. “Alternative solutions that provide learning opportunities along the way can have a significant impact on increased employee engagement.”

In addition, requiring employees to opt-out – not opt-in – is growing in popularity, with proven results for improving retirement plan participation. Studies have shown that 90 percent of participants will remain in a retirement savings plan once automatically enrolled. “We are seeing more employers using the opt-out process to bring more attention to their benefit offerings,” Whaley confirms. “To ensure long-term employees are not adversely affected in the first year of roll-out, it is important to be well-informed about the process and implications of the changes. Working with a broker who has experience with these plan types is critical to avoid increasing employee dissatisfaction.”

Stage Two: Participation

Communication and education should not end after enrollment. A survey from Voya Financial found that 35 percent of employees do not fully understand the benefits they are enrolled in. That number is even higher among certain groups, including millennials. Conversely, 66 percent of employees say they want their employer to step in and help them better understand their benefits. Segmenting employees by life stage or needs allows for personalized communication that feels relevant to individuals and captures their attention.

Allowing employees to use their benefits and eliminating barriers helps increase overall workplace satisfaction. Flexible work hours, for example, ensure employees can take time for health appointments. Bringing financial counselors to the office provides opportunities for employees to take advantage of advisors without requiring a significant time investment and workflow disruption.

Stage Three: Feedback

Frequent feedback and check-ins help employees to feel heard and understood, while giving employers insight for future benefit packages. According to the 2022 HSA Bank Health & Wealth Index, 96 percent of employees agreed that businesses demonstrating empathy is a key for retention. Additionally, in a survey by SHRM, 89 percent of HR leaders said consistent peer feedback has had a positive impact on their organizations. “Through opening a dialogue with employees, HR professionals can evaluate solutions holistically and work toward a system that benefits everyone,” Whaley says.

The world of employee benefits is changing rapidly. FBMC’s team helps companies ensure their employees have access to the benefits needed to succeed both in and out of the workplace. For more information about FBMC Benefits Management, Inc., please visit www.FBMC.com.

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