With open enrollment season right around the corner, now is the perfect time for HR teams and benefits managers to dig into data from past Total Rewards Statements (TRS). These statements are more than just a communication tool; they are a valuable source of insight into how employees view their compensation, benefits, and overall value from the organization.
By analyzing TRS data, HR leaders can uncover trends, identify gaps, and make more informed decisions about benefit offerings and total rewards strategies ahead of enrollment season.
Why TRS Data Matters for Open Enrollment Planning
TRS insights give you a clearer understanding of how employees perceive and engage with their compensation and benefits packages. Instead of relying solely on industry benchmarks or vendor reports, you can evaluate how your workforce specifically values different components of their total rewards. This real-world feedback is essential for shaping competitive, well-received benefits offerings.
Key Benefits of Leveraging TRS Data
Understanding Compensation Trends: TRS data can help identify if pay or benefits are keeping pace with the market and highlight areas where employees may feel under-compensated.
Measuring Employee Awareness: Reviewing usage data from TRS platforms can show which benefits employees focus on most, pointing to opportunities for better education on underutilized perks.
Aligning Messaging and Value: Insights from TRS can highlight where communication gaps exist, ensuring your open enrollment messaging reinforces areas employees value most while clarifying misunderstood benefits.
Using TRS Insights to Drive HR Strategy
Here are key ways HR teams can use TRS insights effectively:
Analyze Engagement Metrics
Look at how employees interacted with past TRS communications or digital dashboards. Metrics such as login frequency, time spent reviewing statements, or clicks on benefit details can indicate what resonates most with employees and where additional explanation is needed.
Review Employee Feedback
If your TRS includes surveys or feedback tools, review comments related to benefits and compensation clarity. This can uncover frustration points or highlight benefits employees find most meaningful.
Spot Trends in Compensation Perception
Compare TRS data across departments or employee demographics to identify trends. For example, are certain teams more likely to undervalue retirement contributions or wellness programs? Insights like these can guide targeted communication campaigns.
Tie Insights to Benefits Utilization
Cross-reference TRS data with benefits usage reports to see if perception aligns with actual engagement. If employees see high value in a benefit but usage is low, the barrier might be logistical or tied to education rather than interest.
Connecting Insights to Open Enrollment Strategy
The weeks leading into open enrollment are an ideal time to act on TRS insights. Use this data to:
Shape Communication Plans: Focus pre-enrollment messaging on areas where past TRS feedback showed confusion or undervaluation.
Highlight Employer Contributions: Use TRS data to reinforce the dollar value of employer-paid benefits, making these contributions clear during enrollment messaging.
Address Cost Changes Proactively: If premiums are increasing, TRS insights can help you frame the conversation around the employer’s ongoing investment and total rewards context.
Personalize Messaging: Tailor open enrollment reminders and resources by employee group based on previous TRS engagement trends.
Building a Data-Driven Total Rewards Communication Strategy
By reviewing TRS data ahead of open enrollment, HR teams can move beyond generic benefits communication and create targeted messaging that resonates. This approach not only drives higher engagement during enrollment but also strengthens overall trust and satisfaction by showing employees exactly how their total rewards contribute to their well-being and financial security.
When employees see the bigger picture through TRS insights, they feel more informed and confident about their choices during open enrollment. For HR teams, this means fewer questions, smoother enrollment processes, and stronger employee alignment with your total rewards strategy.
Open enrollment is a busy season, but it’s also an opportunity to transform how employees view their benefits. By using TRS data to inform your communication strategy, you can make this year’s enrollment more effective and ensure your team is delivering the clarity and context employees need.
Explore how backstitch can help enhance your Total Rewards Communication Strategy.
