Open enrollment is a critical time for HR professionals. It's an opportunity to ensure employees have the benefits they need to be healthy, happy, and productive. But how do you know if your open enrollment is successful?

Here are five key metrics to measure for open enrollment success:

1. Total participation rate. A high participation rate indicates that employees understand and feel comfortable using their benefits options.
2. Employee satisfaction with benefits. A high satisfaction rate indicates that employees are happy with their benefits and use them to their advantage.
3. Cost of benefits. A high cost of benefits can be a financial burden for employers. However, it's important to remember that benefits can save employers money in the long run by reducing absenteeism, turnover, and healthcare costs.
4. Employee engagement. A high engagement rate indicates that employees are happy with their jobs and are likely to stay with the company.
5. Employee productivity. A high productivity rate indicates that employees are using their time effectively and positively contributing to the company.

By tracking these metrics, HR professionals can clearly understand how successful their open enrollment is. They can use this information to improve future open enrollments and ensure that employees have the benefits they need to succeed.

In addition to these five metrics, HR professionals may also want to consider tracking other criteria, such as:

• The number of employees who enroll in each benefit type
• The average cost per employee for each benefit type
• The number of employees who change their benefits during open enrollment
• The number of employees who drop their benefits during open enrollment

By tracking this additional information, HR professionals can better understand how employees use their benefits. HR can use this information to make decisions about future benefit offerings and to ensure that employees have the benefits they need to be healthy, happy, and productive at work.

Interested in learning more? Click here to schedule a 15 minute chat now to discuss how SelectSmart might work for you. Or simply call us at 781-583-7017 or email us at sales@savvifi.com.

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