PLANSPONSOR - August/September 2018 - 15

Education
Needed
Before Open
Enrollment
MORE than half (56%) of employees
say they spend less than 30 minutes
researching their benefits, and 34% say
they spend less than 15, according to the
2015 Aflac Open Enrollment Survey.
In addition, a survey by DirectPath
finds that 71% of employers opt to offer
passive enrollment into their health
plans-meaning they provide open enrollment
materials to their employee population
and may host a webinar or presentation
of benefits and options, then direct
employees to a website for self-service
enrollment. Without meaningful education,
employees may just keep the benefit
choices they had in the previous year.
Anna Phalen, vice president of
customer insights/account management
at Jellyvision, a provider of software to
help employees with financial and benefit
decisions, says the timing of education is
important. The firm recommends starting
six to eight weeks before open enrollment
begins. " If a plan sponsor starts three
months in advance, employees will forget
some information; if it starts a week in
advance, they won't have a chance to review
all their options, " she says.
Phalen suggests sending an email
first, mailing a postcard the next week
and texting a message or mentioning
the topic in a manager's meetings three
weeks later. " Not only are you hitting
the best timing for communications, but
you are also using different channels
to engage different people in different
ways, " she says.
Phalen says Jellyvision promotes
using the word " you " to make communications
more personal. -Rebecca Moore
TALKING POINT
Prescriptions for 'Wellness'
Employees, Employers View Financial Wellness
Differently, Which Hinders Program Participation
Employees focus
on their goals
To be financially
well, one needs to become
financially free
The most important
financial skill is the ability to
save and invest for the future
Focusing on the single
next thing to do will help
improve financial wellness
Employers focus on
tactics to achieve wellness
Employees will be
financially well when they
have control of their finances
The most important
financial skill is budgeting
and handling income/expenses
Choosing the right benefits
to offer is key to improving
employees' financial wellness
Employers Expand Financial Wellness Programs
46%
56%
Have expanded
program offerings
Say they offer
broad and
holistic programs
to employees
71%
Have seen
increased
participation in
the last year
Employees Want Help From
Employer-Offered Resources
86%
Of employees would
likely participate in
a financial wellness
program if their employer
offered one
81%
Of employees prefer
that financial wellness
be offered as a bundled
program instead of as
stand-alone resources
Source: Bank of America Merrill Lynch, " 2018 Workplace Benefits Report "
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PLANSPONSOR - August/September 2018

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