Embarking on your long-term benefits strategy for the new year might seem daunting, especially after navigating Open Enrollment and finalizing a new plan year. Amidst your busy schedule, seize this moment to lay the groundwork for a successful benefits strategy in the upcoming year.
Here are five key questions to kickstart your planning:
- Reflect: What matters most to you and your people?
Before delving into cost analyses and performance metrics, take a moment to reflect on the purpose behind your benefits strategy. Connect with employees through meetings or surveys to understand their preferences. Identifying their priorities will establish a robust foundation for your planning. - Review: How did last year go?
Conduct a comprehensive review of the previous year’s benefits offerings. Collaborate with your broker or consultant to analyze metrics like cost per member per year, engagement rate, preventative care utilization, pharmacy utilization, and chronic condition prevalence. Also, assess competitors’ activities to gauge your program’s competitiveness. - Assess: How are things going right now?
Acknowledge the ongoing workload challenges, especially concerning administrative tasks. Explore the option of streamlining tasks through an integrated health benefits platform to enhance efficiency. - Prioritize: How can you make the most of what you have?
Maximize the potential of existing programs before implementing changes. Address low utilization and engagement by revamping communication strategies, incorporating diverse formats during Open Enrollment, and maintaining consistent communication throughout the year. - Prepare: How can you be ready for what’s next?
Anticipate future developments by staying informed about industry trends, labor market shifts, and workforce demands. Regularly consult with your broker or consultant, stay updated on trend reports, and consider the suitability of a fully-insured or self-funded plan for your organization’s long-term goals. Assemble key stakeholders to craft a comprehensive game plan involving the C-suite, broker or consultant, and HR and benefits teams.