Employers struggling with dismal open enrollment rates may want to try this tactic: Show employees exactly how much it’ll cost them if they don’t participate.
HR managers say missing open enrollment ends up costing employees anywhere from $500 to $2,500, according to a recent CareerBuilder.com survey.
What’s at the root of this problem? Most employees don’t realize everything their employers are offering. So passing along these findings could go a long way toward boosting your firm’s open enrollment rates.
Here’s how much the survey revealed employees are losing (in terms of things like medical and child care, which the company could’ve covered) by missing open enrollment:
- 34% of HR managers said missing open enrollment costs employees a minimum of $500 annually in out-of-pocket expenses
- 20% said it costs workers over $1,000 a year, and
- 10% said it costs around $2,500 annually.
The chart below breaks down the benefits that HR managers say employees aren’t taking advantage of: