What the price of eggs has to do with annual enrollment 

“What does that have to do with the price of eggs?” often surfaces when there is a perceived disconnect between a statement and its relevance. This old fashioned idiom originates from a time when the price of eggs served as a common reference point in discussions about economics and daily life, making it relatable for many. Economic indicators, such as the price of eggs, continue to influence consumer behavior. As open enrollment approaches, you may want to consider the question: “What does the price of eggs have to do with annual enrollment?”

Organizations must be increasingly aware of the impact inflation, uncertainty of the economy, and general unrest, may have on choices their employees make when it comes time to select benefits. When faced with the choice of selecting the right benefits for their family or ensuring there is food on the table, many may opt for the cheapest coverage or choose to forgo coverage altogether, perceiving it as less risky than not being able to provide daily essentials or their family. But, at Mercer, we understand that a holistic approach to health and total wellbeing is crucial for fostering a thriving workplace culture, especially in times of financial uncertainty.

Read on for actionable strategies that organizations can implement to enhance understanding and improve the employee experience during the annual enrollment process—and throughout the year—ultimately empowering employees to prioritize their health and well-being amid uncertain economic conditions.

As organizations navigate the complexities of annual enrollment, it’s crucial to consider the broader context of current events in the U.S. that impact employee well-being. Recent challenges include:

• Economic uncertainty: With inflation rates fluctuating and economic forecasts remaining uncertain, employees are increasingly concerned about their financial well-being. One way organizations can help address these concerns is by offering education about the range of benefits available through resources like an employee communication website or Virtual Benefits Fair. Modeling tools and cost estimators can assist in decision making, and availability of financial wellness programs, including budgeting workshops and access to financial advisors, can also be offered during the enrollment process.
• Mental health awareness: The COVID-19 pandemic heightened awareness of mental health issues in the workplace. Similar to pandemic times, people are stressed. Organizations should prioritize mental health resources, such as Employee Assistance Programs (EAPs) and mental health days as part of the regular conversation. Highlighting available resources during annual enrollment engages an audience ready to learn about sometimes overlooked benefits, helping employees feel supported and valued.
• Employee experience: Actively promote initiatives that inspire and empower employees, conveying the importance of fair treatment, and equal opportunities within the organization, and ensuring benefits packages are inclusive and equitable — are all ways to engage employees and create a sense of belonging. During enrollment, communicate how benefits support diverse employee needs, including family planning, caregiving support, and culturally competent health services. 
• Legislative changes: Staying informed about changes in healthcare legislation and benefits regulations that may affect employees could be a full-time job. Providing transparent and timely updates during the enrollment process can help employees make informed decisions about their benefits.

Effective communication is the backbone of a successful annual enrollment process. Organizations must prioritize clarity and transparency in all communications related to benefits and well-being initiatives. Here’s how to do it:

• Create comprehensive resources: Develop user-friendly guides, FAQs, and videos that break down the benefits available not only during enrollment, but year-round. Make these resources easily accessible on a single digital destination, accessible from anywhere, at any time.
• Utilize multiple channels: Don’t put all your eggs all in basket and rely on just one method of communication. Use emails, webinars, and in-person meetings to reach employees. Tailor messages to different demographics to ensure relevance and engagement.
• Encourage two-way communication: Foster an environment where employees feel comfortable asking questions and providing feedback. Implement anonymous surveys or suggestion boxes to gather insights into their needs and concerns.

Incorporating technology, including AI, into the enrollment process can significantly enhance the employee experience by freeing up HR professionals’ time in order to focus on strategic initiatives. AI can streamline administrative tasks, provide personalized support to employees, and facilitate access to information, ultimately helping employees make informed decisions when enrolling in benefits.

• Implement user-friendly platforms: Use an intuitive enrollment platform that allows employees to easily navigate their options, compare plans, and make informed decisions. Ensure that it is modern and mobile-first for on-the-go access.
• Offer virtual assistance: Provide virtual support through chatbots or live chat features to assist employees with their enrollment questions in real-time. This can help alleviate confusion, streamline the process and create a consumer-grade experience.
• Personalize the experience: Use data and analytics to tailor total rewards insights, benefits education and recommendations based on individual employee information, needs and preferences. Personalized communication can increase engagement and satisfaction, and lead to improved retention.

Annual enrollment is not just about selecting benefits; it’s an opportunity to promote total well-being. Take a holistic approach by integrating well-being initiatives into the enrollment process:

• Highlight well-being resources: Ensure that employees are aware of available well-being programs, such as mental health support, fitness initiatives, and financial wellness resources. Promote these programs during enrollment to encourage participation.
• Promote preventive care: The importance of promoting preventive care cannot be overstated. Educate employees about the value of preventive health services, which can lead to early detection of health issues, reduced healthcare costs, and improved overall well-being. By highlighting the benefits of regular check-ups, screenings, and vaccinations, employers can empower their workforce to make informed health decisions that enhance their quality of life. 
• Encourage work-life balance: Encourage employees to take advantage of their benefits to support their work-life balance. Highlight services such as virtual care and mail-order pharmacy services to save time and money, and reiterate the importance of taking time off for mental and physical health.

Leaders play a crucial role in supporting employees during the enrollment process. Organizations should invest in training for managers to ensure they are aware of available resources, and can effectively support benefits and well-being initiatives:

Provide training sessions: Conduct training sessions for managers on the importance of benefits and well-being. Equip them with the knowledge and tools to answer employee questions and provide guidance.

• Encourage active participation: Encourage managers to actively participate in enrollment discussions and promote well-being initiatives within their teams. Their involvement can foster a culture of support and engagement.
• Recognize and reward engagement: Supporting employees during annual enrollment is an achievement worth celebrating. Acknowledge and reward managers who effectively promote benefits and well-being initiatives within their teams. This recognition can motivate others to follow suit and create a positive ripple effect.

The annual enrollment process should be viewed as an opportunity for continuous improvement. Organizations should actively seek feedback from employees to enhance future enrollment experiences:

• Conduct post-enrollment surveys: After the enrollment period, gather feedback from employees on their experiences. Use this data to identify areas for improvement and make necessary adjustments for the next cycle.
• Establish a feedback loop: Create a system for ongoing feedback throughout the year, not just during enrollment. This can help organizations stay attuned to employee needs and preferences.
• Share results and actions taken: Communicate the results of feedback surveys and the actions taken in response. This transparency demonstrates that the organization values employee input and is committed to continuous improvement.

Mercer’s approach to annual enrollment and total well-being emphasizes the importance of supporting both clients and employees in reaching their full potential. By taking the action steps outlined, organizations can create a positive and engaging enrollment experience. This holistic approach not only enhances employee satisfaction but also contributes to a workplace culture where everyone can thrive. As we navigate the ever-changing landscape of work, it’s essential for organizations to stay flexible and responsive to what their employees need, ensuring they’re ready to flourish both personally and professionally. In a world full of uncertainties, let’s actively engage employees in their health and well-being amid uncertain economic conditions.