What workers want this open enrollment season

Open enrollment and global pandemics — if there are two more enjoyable conversation starters out there, we can’t think of them.

Ok, that’s not quite true, but they’re indisputably important, and they’re impacting each other again this year. Way back in 2020, the COVID pandemic was still relatively new, and hopes were high that vaccinations and herd immunity would help get us through it all. Here in 2021, pandemic life no longer feels unfamiliar, and the reality check known as the Delta variant (not to mention disappointingly high rates of vaccine hesitancy) ensures we’ll only get more used to it in the months to come.

Take it all together, and it’s no surprise that, in a recent Haven Life survey, 71% of workers stated concerns about the variant. On top of that, 45% of those surveyed said the variant would impact their benefit selections this year. (Given this survey took place when the variant was still getting started in the US, it’s likely those figures would be even higher now.)

So what specifically do employees want from their employers, in terms of benefits and in terms of the open enrollment process? And if you’re in position to change the open enrollment and benefits policies at your workplace, what do you need to know? Our survey results will show you the way.

Workers want more

In the Haven Life survey, 14% of employees said they plan to purchase more coverage this season, compared with their pre-pandemic coverage selected in 2019. (Similarly, 13% plan to purchase more this season when compared with their mid-pandemic coverage selected in 2020.) That might not sound like a lot, but consider that most people already get as much coverage as they think they need, and it’s compelling that so many people want even more this year.

Workers want mental health and financial wellness benefits

Suffice it to say the past 17 months or so has taken a huge toll on our mental and financial health. No wonder, then, that a whopping 74% of respondents said mental health considerations are a factor in their benefits planning. What specifically do they have in mind (so to speak)? Here’s what they said would benefit their mental health:

• Increased retirement contributions (50%)
• A one-month sabbatical after five years of employment (42%)
• Flexible summer schedules (34%)
• Student loan reimbursement or support (27%)
• A travel stipend (19%)

In a competitive labor market — one with a record 10 million open jobs — employers would be wise to focus on offering these types of benefits to current and prospective employees.

Workers want clarity

It’s hard to know what you want if you don’t know what your options are. Given that nearly two-thirds of employees (65%) say they rely on their HR team to get this kind of info, it’s concerning that most workers (51%) say they don’t or only “somewhat” understand their benefits offerings, how to enroll, or what’s covered.

The takeaway for employees? Never hesitate to ask for additional clarity. Indeed, doing so might just help your fellow workers as well. And clearly, companies need to be more, well, clear, when explaining benefits options to their workers.

Workers want affordability

While this is hardly surprising — who wants to pay more for anything, let alone something as potentially expensive as your benefits? — it’s still worth noting that while 45% of workers surveyed said they should spend less than 10% off their paycheck on benefits, 59% said they currently do spend more than that amount.

This is largely out of control for employees, but again, anything an employer can do to help reduce their employees’ out-of-pocket costs would make their workplace more attractive to those who do (or might) work there.

Workers want what they want — nothing more, nothing less

While no one wants to deal with the hassle of wading through irrelevant benefits options, more than one-third of respondents (37%) said their company offers too few benefits. This means that while three-quarters of respondents expect to have roughly the same options they had last year, those respondents hope for an expanded menu of options. (Presumably, this would include some of the added mental and financial health benefits mentioned above.)

Workers want salary protection…

Ok, they didn’t phrase it exactly that way. But 42% of workers surveyed said they would enjoy greater peace of mind if they knew that, in the event of something unexpected, their loved ones would receive a recurring payment equal to their monthly paycheck for a defined period of time — and that this would put them more at ease than a traditional one-time life insurance payout.

Good news: There’s something exactly like that, and it’s called Salary Protection, and Haven Life started offering it to employers last fall. It requires no medical exam, and pays the beneficiary an amount equal to the policyholder’s paycheck for a minimum of five years if the unexpected happens. If you or your company might be interested, you can learn more about it here.

Want to offer Salary Protection to your employees? Email Wade Seward or JR Hernandez from our Haven Life partnership team.