As the dust settles from the 2024 open enrollment period, employers and brokers alike are turning their attention to a critical next step: analyzing the results. Proper analysis of open enrollment outcomes provides a valuable roadmap for refining benefits strategies, ensuring that both employers and employees are well-positioned for success in the coming year.

But what should you be focusing on when reviewing this year's data? Here's a guide to help you strategically analyze the results of your 2024 open enrollment to enhance your long-term benefits planning. Before you dive into the numbers, it's essential to identify the key metrics that will inform your analysis:

• Participation Rates: Evaluate how many employees participated in open enrollment and whether this percentage has increased or decreased compared to previous years. A drop in participation could signal issues with communication or engagement.
• Plan Popularity: Examine which plans saw the highest and lowest enrollment. Did employees gravitate toward higher-deductible, lower-premium plans, or did they opt for richer benefits with higher premiums? Understanding these trends can help tailor future offerings to meet evolving needs.
• Cost Metrics: Assess both employer and employee cost contributions. How have total costs changed compared to previous years? Are there opportunities to offer more cost-effective options without compromising the quality of coverage?
• Employee Feedback: Post-enrollment surveys can provide critical insight into the employee experience. Were employees satisfied with the choices offered? Did they feel adequately informed? Analyzing qualitative feedback can be as important as reviewing the numbers.

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Identify Patterns and Trends

Once you've gathered the data, the next step is to identify patterns. Look for shifts in employee preferences that could indicate changing priorities or needs. For example, if you notice an uptick in high-deductible health plan (HDHP) enrollments, employees might be prioritizing lower premiums. Alternatively, a surge in wellness program participation might indicate a growing interest in holistic health support.

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Benchmark Your Results

After analyzing internal data, compare your results to industry benchmarks. How do your open enrollment results stack up against other employers of similar size or industry? Benchmarking can reveal whether your benefits offerings are competitive or if there's room for improvement. Access to industry averages helps put your results into perspective and guides future decisions.

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Evaluate Cost vs. Value

One key challenge in benefits planning is balancing cost with value. While offering richer benefits can improve employee satisfaction, it is important to assess whether the increased costs are sustainable for your organization. Conduct a cost-benefit analysis to ensure that your offerings are both financially viable and aligned with employee needs.

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Strategic Adjustments for Next Year

The insights gleaned from your analysis should inform your strategic adjustments for the next open enrollment period. If you notice low engagement in certain plans or programs, you might need to adjust your communication strategy. If cost trends are a concern, consider offering alternative plan designs or voluntary benefits that provide flexibility without increasing expenses.

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Leverage Technology for Deeper Insights

Financial technology can be a powerful tool in the post-enrollment analysis process. SAVVI Financial's platform, for instance, offers predictive insights and sophisticated modeling to help employers and brokers evaluate how current offerings align with employee preferences and cost constraints. By leveraging data-driven tools, you can ensure your benefits strategy is optimized for today—and tomorrow.

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Strategic planning doesn't stop once open enrollment ends. By analyzing the results thoroughly, you can make informed decisions that will improve employee satisfaction, reduce costs, and future-proof your benefits strategy. At SAVVI Financial, we provide the technology and insights to help you make these critical decisions with confidence. Contact us to learn more about how we can support your strategic planning efforts. Click here to schedule a 15 minute chat. Or simply call 781-583-7017 or email at sales@savvifi.com.

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