NEW YORK, NY (March 24, 2017) – SourceMedia today announces the launch of a new data-based performance benchmark that gauges how prepared employers are for their annual employee benefits enrollment periods.
The Open Enrollment Readiness Benchmark was developed by SourceMedia Research and the editors of Employee Benefit Adviser (EBA), the company’s information resource for employee benefit brokers, agents and consultants. This new tool is sponsored by ADP, a provider of human resource management software and services. The benchmark, which will be updated monthly, gives benefit advisers a way to measure their clients’ open enrollment progress against other organizations of similar scale.
The Open Enrollment Readiness Benchmark is based on monthly surveys of 400-plus prescreened HR and benefits executives of various sizes and across multiple industries. These professionals are asked to rate their completion levels for various activities — from selecting health plans to reviewing enrollment metrics — that take place during the four critical phases of open enrollment: benefit plan design, employee preparation, employee enrollment and post-enrollment analysis.
Respondents’ ratings are aggregated and scored on a scale of 1 to 100, with 100 being fully prepared. These scores are used to produce a readiness mark for each of the four phases, as well as an overall composite score. Scores are broken out for small, medium and large employers to enable more accurate benchmarking of firms. The benchmark is accessible at EBA’s website.
“The benchmark is the only tool that allows benefit advisers to see how ready employers are for open enrollment, giving those consultants an indication of where their clients might be falling behind and where they should be focusing their clients’ efforts,” said John McCormick, Editorial Director of SourceMedia’s Employee Benefits group, which includes EBA and Employee Benefit News.
In January, employers with benefit plans that take effect in the first quarter of 2018 received an initial Open Enrollment Readiness Benchmark score of just 43, indicating that, while progress is being made, most organizations still have work to do.
“Keeping HR leaders up-to-date on regulatory changes is a big endeavor—and so is calculating the risks associated with being out of compliance,” said John Ayala, President of Major Account Services for ADP. “Without the right technology on hand, administering benefits impedes HR’s ability to streamline workflow and share information. More than ever, brokers must adapt to provide a holistic human capital management solution in order to succeed. The OERB report provides brokers the ability to communicate key information to their clients about their open enrollment process which is essential for making informed decisions and building a better workforce.”
About Employee Benefit Adviser
Employee Benefit Adviser (EBA) is the information resource for employee benefit advisers, brokers, agents and consultants. In an era of tremendous change and challenge, EBA is the benefits broker's digital roadmap, providing the current awareness and perspective advisers need to optimally serve their clients, anticipate changes in the marketplace, and run their businesses. EBA covers a broad range of critical content, including comparative market data, legal and regulatory updates, the latest products and services, and best practices in benefits delivery — including health insurance, vision and dental insurance, voluntary products and services, and retirement benefits. The benefits broker community relies on EBA to stay connected, through its website comment forums, its social media communities, and live events.
About SourceMedia Research
SourceMedia Research is a full-service B2B market research service that draws upon SourceMedia’s market expertise and proprietary database of engaged executives to develop information and insights for clients. SourceMedia Research provides research solutions for marketers, agencies and others targeting sectors such as banking, payments, mortgage, accounting, employee benefits and wealth management.
SourceMedia, an Observer Capital company, is a business-to-business digital marketing services, subscription information, and event company serving senior-level professionals in the financial, technology and healthcare sectors. Brands include American Banker, PaymentsSource, The Bond Buyer, Financial Planning, Accounting Today, Mergers & Acquisitions, National Mortgage News, Employee Benefit News and Health Data Management.
Powerful technology plus a human touch. Companies of all types and sizes around the world rely on ADP’s cloud software and expert insights to help unlock the potential of their people. HR. Talent. Benefits. Payroll. Compliance. Working together to build a better workforce. For more information, visit http://www.adp.com/business.
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