Rethinking the Role of Open Enrollment
Each fall, HR and people teams invest significant time and energy into preparing for open enrollment – coordinating communications, aligning vendors, ensuring compliance, and supporting employees through complex decisions. It’s one of the most demanding periods in the HR calendar, and for good reason: open enrollment is one of the few times each year when employees are prompted to actively engage with their benefits.
Yet despite these efforts, many employees spend just 30 minutes navigating the process. They default to last year’s choices, quickly review their 401(k) contributions, and move on – often without evaluating whether their benefits truly meet their current financial needs.
That’s why it’s time to reframe open enrollment. Instead of treating it as a once-a-year finish line, employers should use it as a springboard for ongoing, year-round conversations about financial health and resilience.
Why the One-and-Done Model Falls Short
Traditional open enrollment strategies typically focus on long-term planning. Insurance selections, retirement savings, and healthcare options remain critical, but they do not reflect the full financial pressures employees are managing today.
Financial stress affects everyone during uncertain times. A recent Bankrate study found that more than one in four U.S. adults believe they would need to earn at least $150,000 per year to feel financially secure. Meanwhile, the Federal Trade Commission reports that the median savings account balance in the United States ranges from only $5,400 to $8,700.
When people are managing everyday expenses with limited resources, they are less likely to make confident or informed benefits decisions—especially when rushed. Repeating last year’s choices becomes a coping mechanism, not a sign of satisfaction.
From Enrollment to Engagement
To truly support employees, organizations should extend the conversation around benefits beyond the annual enrollment period. This means creating regular, accessible touchpoints throughout the year. Proactive check-ins, digital reminders, and financial education tools can keep benefits relevant and top of mind.
Whether the cadence is monthly, quarterly, or semiannual, periodic reminders and refreshers help employees stay updated on available resources.
Financial tools embedded directly into HR systems are essential. Programs such as low-interest loans, budgeting platforms, credit-building services, and savings options beyond traditional 401(k)s and health savings accounts can meet employees where they are. When offered outside of enrollment season and integrated into everyday systems, these resources become easier to use and more impactful.
Meeting the Moment with Empathy—and Strategy
Financial challenges do not wait for open enrollment. A flat tire, an unexpected medical bill, or a family emergency can create real financial strain at any time of year. If an employee is struggling with an expense today, they are likely not focused on next year’s benefit choices.
This is where employers can lead with both empathy and foresight. Financial wellness is not only about preparing for retirement. It is also about building day-to-day resilience. With 81% of employees concerned about debt and 54% focused on unexpected costs, addressing these issues supports employee stability, mental well-being, and overall productivity. When people feel secure today, they are more likely to participate in long-term planning.
Make It Personal and Practical
Organizations do not need to overhaul their entire benefits strategy to make an impact. Start small. Include financial wellness in regular internal communications. Share real stories about how employees have benefited from available programs. Eliminate jargon, simplify access, and provide meaningful reasons to engage with benefits—not just requirements to meet.
Many forward-thinking employers are already taking this approach. They are integrating financial tools into benefits platforms. They are encouraging open conversations about money. And they are using open enrollment as a spark to fuel ongoing engagement, not as a standalone event.
Most importantly, they are creating workplaces where financial discussions are welcomed. In fact, 91% of Americans feel that having access to a low-cost loan increases their confidence in being able to handle unexpected financial expenses. When employees feel safe discussing money, they are more likely to seek help, take action, and plan for both short-term needs and future goals.
A Call to Evolve
Today’s leaders have a unique opportunity to reframe the role of benefits in the workplace. Open enrollment should not be treated as a checklist to complete once a year. Instead, it should mark the beginning of a deeper and lasting commitment to employee well-being.
Financial wellness is not a seasonal issue. By adopting a year-round approach, employers can improve employee satisfaction, retention, and performance—while building a workplace culture that truly supports financial health.