GLOBAL PAYROLL MAGAZINE
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burdensome while continuing normal daily operations. Success is all about communication and planning. Start-to-finish commonly takes six months and involves multiple departments besides the benefits team.
“ As an employer, planning the annual benefit enrollment can be burdensome while continuing normal daily operations. Success is all about communication and planning. ”
Insurance brokers, benefit plan administrators, vendors offering
coverage, legal, finance, marketing, executive leadership, IT and the payroll team all have parts to play. The pre-planning stage involves reviewing current plans and vendors for success and pitfalls. Legal, benefits and payroll should review upcoming legislative changes impacting employees or the company’s ability to offer certain benefits. There should be a review of whether employee self or family coverage needs shifting, and measures of financial impact should be determined. Afterwards, the insurance broker will establish a timeline for target dates to conduct contract negotiations for pricing and terms, benefit administrator and pay system testing, employee offering guides, marketing materials, and other coordination needed to implement the latest programs. Once the plans and pricing are determined, marketing materials need to be shared with the employees, usually during open season.
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