How to Help Employees During Open Enrollment

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Step 1.

trimmedstackof100dollarbills2_Thumb.jpg Keep Saving!!! Most companies with open enrollment have benefits such as 401(k), health insurance , as well as flexible spending and possibly additional paid time off (PTO).

A good manager encourages their employees to review their current benefits , and consider changes for the new benefit year.

First, despite the current financial mess, encourage employees to contribute to their 401(k) plan. Any corporate contribution is a net positive. As we have seen over the last 70 years, the stock market has averaged about 11% growth. Don’t stop saving!

Step 2.

newhospitaltbicu3_Thumb.jpg Second, employees should review their health plans. They may consider more expensive PPO plans if they are planning a family or have specialized needs that these types of plans cover. For younger employees in good general health, they may consider low deductible plans.

Step 3.

48HealthInsuranceSects188_Thumb.jpg Third, flexible spending is a great benefit , especially for families. By tucking away money, tax-free, for medical and day care expenses can be a real boost. Remind employees that the benefits must be consumed by the end of the benefit year or the remaining balance will be forfeited.

Step 4.

resort_Thumb.jpg Finally, if additional paid leave is offered, employees may want to consider it, if they have contributed to a 401(k) first. It may be important for those with community service commitments, or athletic competition to have the time available to take off.

Read this and other great management articles at “Ask a Manager ” found at http://www.managerqanda.blogspot.com

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