How can you measure the success of your benefits enrollment?

1 Participation rate

One of the most obvious indicators of benefits enrollment success is the participation rate, which measures how many eligible employees enroll in one or more benefits plans. A high participation rate suggests that your benefits offerings are attractive, affordable, and aligned with your employees' preferences and goals. A low participation rate, on the other hand, may indicate that your benefits are not well communicated, understood, or valued by your employees. To calculate the participation rate, simply divide the number of enrolled employees by the number of eligible employees, and multiply by 100 to get a percentage.

2 Satisfaction rate

Another important metric to measure the success of your benefits enrollment is the satisfaction rate, which measures how happy and satisfied your employees are with their benefits choices and experience. A high satisfaction rate implies that your benefits meet or exceed your employees' needs and expectations, and that they feel confident and comfortable with their decisions. A low satisfaction rate, however, may suggest that your benefits are not meeting your employees' needs or expectations, or that they face challenges or frustrations during the enrollment process. To measure the satisfaction rate, you can use surveys, feedback forms, or focus groups to collect and analyze your employees' opinions and feelings about their benefits.

3 Utilization rate

A third metric to measure the success of your benefits enrollment is the utilization rate, which measures how often and how much your employees use their benefits throughout the year. A high utilization rate indicates that your benefits are relevant, useful, and accessible to your employees, and that they are taking advantage of the value and services they provide. A low utilization rate, conversely, may signal that your benefits are not relevant, useful, or accessible to your employees, or that they are unaware of the benefits they have or how to use them. To measure the utilization rate, you can use data from your benefits providers, vendors, or platforms to track and evaluate your employees' benefits usage and behavior.

4 Cost per employee

A fourth metric to measure the success of your benefits enrollment is the cost per employee, which measures how much you spend on providing benefits to each employee on average. A low cost per employee implies that you are managing your benefits budget efficiently and effectively, and that you are offering benefits that are affordable and sustainable for your organization. A high cost per employee, however, may indicate that you are overspending on benefits that are not valued or utilized by your employees, or that you are facing rising costs due to market trends or regulatory changes. To measure the cost per employee, you can use data from your payroll, accounting, or benefits administration systems to calculate and compare your total benefits expenses and your total number of employees.

5 Return on investment

A fifth metric to measure the success of your benefits enrollment is the return on investment, which measures how much value you gain from providing benefits to your employees in relation to how much you spend on them. A high return on investment suggests that your benefits are positively impacting your organizational performance and outcomes, such as employee engagement, retention, productivity, and wellness. A low return on investment, on the other hand, may imply that your benefits are not contributing to your organizational goals and objectives, or that they are outweighed by the costs and risks involved. To measure the return on investment, you can use various methods and models to estimate and quantify the benefits and costs of your benefits programs, and compare them to your organizational metrics and benchmarks.

6 Improvement rate

A sixth metric to measure the success of your benefits enrollment is the improvement rate, which measures how much you improve your benefits enrollment process and results over time. An improvement rate can be calculated by comparing your current metrics to your previous metrics, and determining the percentage change or difference between them. An improvement rate can also be based on your goals and targets, and measuring how much you achieve or exceed them. A positive improvement rate indicates that you are continuously learning, adapting, and enhancing your benefits enrollment strategy and communication, and that you are responding to the feedback and needs of your employees and stakeholders. A negative improvement rate, however, may suggest that you are not making progress or changes to your benefits enrollment process and results, or that you are facing challenges or barriers that prevent you from improving.