Why Do So Many Employees Regret Their Benefit Enrollment Decisions?
The International Foundation of Employee Benefits created Employee Benefits Day in 2004 to recognize the hard work and dedication of trustees, administrators, benefits practitioners, and professional advisors who manage employee benefits. Benefits are a critical part of employees' financial security and health, so this day is a time to celebrate their contributions.
However, despite the efforts of these professionals, a recent survey by Equitable reveals that over half of employees regret their enrollment decisions. Among Millennials and Gen Z, the regret is even higher—nearly two-thirds and three-fourths, respectively. So why does this happen?
The survey points to a few main reasons:
- Failing to adjust benefits to match changes in family life
- Missing the enrollment deadline
- Not fully understanding the available benefits
Benefits professionals work hard to address these issues, often using proven strategies such as:
- Communicating early and frequently through various channels
- Offering simple FAQs and cheat sheets
- Providing live or virtual Q&A sessions
Many Benefits Pros already use these methods. Yet, despite these efforts, employee regrets persist. Maybe it's time to consider that perhaps employees themselves share some responsibility. In a world where hours are wasted on social media each day, is it too much to ask for employees to spend a couple of hours each year reviewing the benefits that can significantly impact their health and financial future?
It’s easy for Benefits Pros to feel frustrated. You’ve likely thought, “I’d be upset too if I had made the same mistake.” But, as professionals, we don’t say that aloud. Instead, we continue to educate and support employees, even when it feels like they don’t appreciate it.
As we plan for the next annual enrollment cycle, it may help to share our frustrations with colleagues and reset our focus. Remember, when employees call after the deadline, you may be able to offer a solution, lend a listening ear or provide needed explanation.
And always remember—your work is valued and appreciated.
Written by Brian Mitchell
Brian Mitchell has experience leading Total Rewards strategy and implementation for large employers.
Benefit Boosts by Brian Mitchell© – Vol 2025-002
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