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The idea of family defines our culture, because each of us knows that our reputation is on the line as if our own name was on the door.
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Stephens is proud to sponsor the PGA TOUR, LPGA Tour, and PGA TOUR Champions careers, as well as applaud the philanthropic endeavors, of our Brand Ambassadors.
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We host many highly informative meetings each year with clients, industry decision makers, and thought leaders across the U.S. and in Europe.
We provide fiduciary investment strategies to public-and private-sector institutional clients through asset allocation, consulting, and retirement services.
Decades of proven performance and experience in providing tailored fixed income trading and underwriting services to major municipal and corporate issuers.
Proven industry-leading research, global market insights, and client-focused execution.
Customized risk management, property & casualty, executive strategies and employee benefits solutions that protect our clients over the long term.
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We have been a trusted and reliable source of capital for private companies for over 70 years.
Our experienced Private Client Group professionals develop customized investment strategies to help clients achieve their financial goals.
We are a trusted municipal advisor with proven expertise in public financings. We also work with clients in negotiated and competitive municipal underwritings.
A crucial period for both employers and employees, open enrollment is an opportunity to review, adjust, and select benefits that can significantly impact an employee's overall well-being—physically, mentally, and financially. To ensure a smooth and successful open enrollment, careful planning and preparation are essential. Below, we provide a step-by-step checklist that will help your organization navigate the open enrollment process efficiently.
1. Record Employee Feedback: Start by maintaining a record of employee questions, comments, and concerns. This data will be invaluable in tailoring your benefits offerings to better meet the needs of your workforce.
2. Survey Employee Preferences: Conduct surveys to understand what employees are looking for in terms of benefits. This feedback can guide decisions on what to introduce or modify in your offerings.
3. Identify Enrollment Needs: Evaluate what new benefits could be introduced or what existing ones need revamping. Highlight these updates to ensure they are noticed by employees later.
4. Consider Online Enrollment Tools: Explore online enrollment programs and software that can streamline the enrollment process for both employees and HR.
5. Create Educational Materials: Develop online educational resources such as FAQs, instructional videos, calculators, and downloadable documents or forms to help employees understand their options better. Highlight changes in benefits from the last annual enrollment.
6. Compliance Check: Review and comply with any healthcare reform or other provisions that may affect your plan and employees and review any new legal requirements.
1. Publish Enrollment Content: Start sharing enrollment content through the chosen online enrollment platforms. Early access helps employees familiarize themselves with the available options.
2. Prepare a Manager Toolkit: Equip managers with a toolkit that includes talking points and FAQs, ensuring they can effectively communicate the details of the benefits to their teams.
3. Set Up Enrollment Reminders: Add an open enrollment reminder to the email signatures of all management staff. This subtle but constant reminder can increase awareness and participation.
1. Host Educational Sessions: Organize virtual benefits meetings, webinars, and one-on-one sessions as necessary to explain the benefits in detail and address any questions.
2. Distribute Informational Materials: Send out pamphlets, brochures, or other mailers to all employees, ensuring they have access to printed materials alongside digital resources.
3. Prepare for FAQs: Anticipate common questions and prepare clear, concise answers. This will help reduce confusion and streamline the enrollment process.
1. Distribute Essential Materials: Ensure all employees receive the necessary documents, including:
2. Engage Managers: Remind managers to have discussions with their teams about the available benefits and the importance of making informed decisions.
3. Provide Flexible Deadlines: Offer generous deadlines and frequent reminders to encourage participation and minimize last-minute rushes.
4. Be Available for Questions: Ensure HR is accessible through multiple channels to answer any employee inquiries promptly.
5. Send Final Reminders: Schedule a companywide reminder for the day before the enrollment deadline to ensure no one misses out.
1. Review Enrollment: Check all forms for completeness and accuracy. Address any missing or incorrectly filled information promptly.
2. Submit Elections to Carrier/Third-Party Administrator: Ensure all enrollment forms/elections are submitted in a timely manner.
3. Follow Up on ID Cards: Confirm that all employees have received their insurance ID cards and understand their benefits.
4. Clear Up Any Confusion: Reach out to employees to ensure they fully understand their new benefits and have no outstanding questions.
After the primary open enrollment period, consider offering a second, off-cycle enrollment period. This can be particularly useful for highlighting voluntary benefits that might have been overshadowed by major offerings like medical insurance and retirement plans during the primary period. This additional enrollment window allows employees to focus on these benefits separately and make more informed decisions.
Effective planning and clear communication are the cornerstones of a successful open enrollment period. By following this checklist, your organization can ensure a smoother, more efficient process that benefits both employees and the company. Remember, open enrollment is not just a formality—it is an opportunity to enhance your workforce's well-being and demonstrate your commitment to their health and financial security.
For more detailed guidance or to ensure compliance with all relevant regulations, consult with your Stephens Insurance representative. They can provide personalized advice to meet your organization's specific needs.
