As the year winds down, it’s the perfect time for employees to reflect on the benefits they’ve utilized, assess their overall compensation, and plan for the future. Your Total Rewards Statement (TRS) isn’t just a summary - it’s a strategic tool that can help employees make more informed decisions for the next year’s open enrollment. Here’s how to encourage employees to maximize the value of their TRS and set themselves up for success in the year ahead.
Review Benefits Utilized This Year
Encourage employees to take a closer look at the benefits they’ve used over the past year. This process can help them understand the value they’ve received and identify areas where they might need more or different coverage.
- Health and Wellness: Did they fully utilize health insurance, wellness stipends, or fitness programs? Were there gaps in coverage that caused out-of-pocket expenses?
- Retirement Savings: Are they contributing enough to take full advantage of employer matches or retirement savings incentives?
- Education and Development: Did they participate in tuition reimbursement, training programs, or professional development opportunities?
- Paid Time Off (PTO): Did they use their PTO or carry over days they couldn’t take?
By reviewing what was utilized, employees gain a clear picture of the benefits they’ve leveraged and the areas where adjustments might be needed.
Identify Gaps and Unused Benefits
A TRS is a great tool to highlight benefits that may have gone unused. Encourage employees to identify benefits they didn’t take advantage of but could be valuable in the future.
- Underutilized Programs: Benefits like employee assistance programs (EAPs), financial counseling, or wellness initiatives often go unnoticed. Remind employees of these offerings.
- Overlapping Coverage: Employees might discover overlapping or redundant benefits, such as supplemental insurance they didn’t need.
- Missed Opportunities: For benefits not used this year, encourage employees to consider why they didn’t take advantage of them and whether they should plan differently next year.
Document Needs for Next Year
Encourage employees to use their TRS as a starting point to document what worked well this year and what didn’t. This reflection can guide better decisions during the next open enrollment period.
- What to Keep: Employees should note which benefits added the most value and ensure they remain part of their selections.
- What to Add: If employees found themselves needing support that wasn’t available, like additional mental health resources or a more comprehensive health plan, they can document those needs for the future.
- What to Remove: Employees might find that some benefits weren’t useful and could be replaced with options that better align with their needs.
Empower Employees to Take Action
Provide employees with resources and guidance to make this process easier:
- Education Sessions: Host year-end webinars or workshops to help employees understand their TRS and its role in open enrollment planning.
- Interactive Tools: Offer online tools or calculators to help employees evaluate benefit costs and value.
- Feedback Opportunities: Encourage employees to share suggestions for benefits they’d like to see added or improved for the next year.
Conclusion
A Total Rewards Statement is more than a summary of compensation - it’s a tool for employees to maximize the value of their benefits. By encouraging them to review their TRS, assess what worked, and plan for next year, you empower them to make better-informed decisions during open enrollment. This proactive approach not only helps employees feel more confident about their benefits but also demonstrates your organization’s commitment to supporting their well-being and success.
