When it comes to open enrollment, some employees have regrets

Open enrollment season is upon us, and this year HR departments might want to consider taking extra time to ensure their employees understand their benefits options.

Nearly one-half of employees (45%) say there are elements of their benefits package they don’t fully understand, according to a MetLife survey of more than 2,600 full-time workers conducted in July and published September 12.

Some 16% of employees surveyed say they regret the open enrollment choices they made last year. The most common reasons workers gave for regretting their choices were that their benefits didn’t cover as much as they expected (27%), they enrolled in too few benefits (24%), or their financial situation changed (23%).

Of those employees who regret their open enrollment choices, 60% said a lack of understanding or information was to blame.

Benefits → loyalty. Considering the time employers already put into preparing for and communicating around open enrollment, the fact “that 45% of employees have elements of their benefits package that they don’t fully understand is quite surprising,” Jamie Madden, SVP of workforce engagement and benefits connectivity for MetLife, told HR Brew.

Madden said the MetLife research suggests there are a few factors contributing to this benefits knowledge gap, including a lack of education and procrastination on employees’ part. Workers also appear to be missing out on opportunities to discuss their benefits informally with their social circles at work, she added.

“There are some things that employers can do to help to support that critical education element leading up to open enrollment,” Madden said. These include developing different modes of communication to ensure employees understand the value of the benefits being offered to them, as well as leveraging technology, such as websites, mobile apps, or videos.

Part of effectively engaging with employees on benefits comes down to understanding workers’ schedules and lifestyles, Madden added. Finding different ways to communicate with them, as well as understanding employees may want to bring in family or friends to advise as they elect benefits, can help HR better engage during open enrollment, as well.

If HR pros find effective ways to demystify benefits for their workers, the MetLife study suggests it could help boost retention in the long run. One-half of respondents said having a better understanding of their benefits would make them more loyal to their employer.