Whew. You’ve made it to the finish line! Your employees are enrolled and all of your hard work has paid off. But, now is not the time to put your employee benefits program on auto-pilot until next fall. Rather, it’s time to recoup, re-evaluate and reassess for next year.
In part 3 of our 3 part series, we’ll break down what KPIs to look for and how to gather employee feedback to measure your Open Enrollment success.
Be sure to download our full Open Enrollment Planning Playbook for an in-depth look at how to plan, execute and measure your OE.
Open Enrollment KPIs
Remember those goals you set earlier and the benchmarking that you did? It’s time to pull out those reports and then crunch some numbers from this year’s open enrollment to determine the results.
These are all points that you should include in your post-OE recap report.
Of course, the specific KPIs that are most relevant for your organization will vary according to your unique goals, but here are a few specific metrics to consider and compare:
- Number of total eligible participants
- Percentage of total eligible participants enrolled, broken down by benefit category and plan type
- Company costs associated with benefits
“Did we meet our annual goals?”
“What went well?”
“What can we improve for next year?”
Employee Benefits Surveys
Data can be great for clear-cut answers, but gathering actual feedback from your employee base can really fill in the gaps to tell a better story. This is why we recommend a dual approach to collect feedback that includes both quantitative and qualitative data points.
To collect clean, quick, quantitative data on the fly, implement a short survey right before and after the benefits enrollment process. Be sure you are working with an enrollment vendor that can build this survey directly into the shopping experience to make it as frictionless as possible for employees to complete.
Questions to ask in your real-time enrollment survey include:
“How satisfied are you with your current company benefits?”
[Scale of 1 – 10]
“How well do you understand the benefits that are being offered?”
[Scale of 1 – 10]
Questions to ask in your post-OE survey include:
“How satisfied are you with each of the following benefits?”
[Scale of 1-10]
“How satisfied were you with the enrollment process?”
[Scale of 1-10]
“How would you improve the shopping and enrollment process?”
For a more robust, qualitative approach, send out a mass survey via email post-open enrollment to ask more detailed questions about the benefits and enrollment experience.
For your final OE analysis, combine your goals with the quantitative and qualitative data you’ve compiled to assess your wins and losses. For example, if your goal was to increase HDHP enrollment by a certain percentage, did you meet this goal? How much money will this save your company annually? Do employees understand the high-deductible plan, and are they comfortable with their elections?
Conducting a thorough post-enrollment analysis will not only help you measure open enrollment success and benchmark progress but also set realistic and meaningful goals for next year’s benefits packages and enrollment process.
That’s a wrap on our open enrollment series! Be sure to download our full Open Enrollment Playbook below for full access to our in-depth planning guide.
6 Key Metrics for Measuring Open Enrollment...
Open enrollment is stressful, but it’s important to remember that your benefits administration. platform is here to help you breeze through OE and hit your goals. Check out this blog post to learn which tools and resources can help you save time and make things easier.
Simplify Vaccine Tracking with PlanSource [rt_reading_time label="Read...