Talent acquisition and retention is a key issue for business. According to the new 2025 Workplace Benefits Report from Bank of America, now in its 15th year, certain benefits can drive employee satisfaction and productivity – while inadequate benefits can result in workers quitting.
Here are some of the trends and findings:
- Caregiving challenges: Nearly 6 in 10 employees are caregivers and seek benefits like flexible schedules, leave options, and financial wellness programs to balance responsibilities.
- Generational differences: Nearly 9 in 10 Gen Z and Millennial employees carry debt (58% have credit card debt). Gen X reports the highest burnout, while Boomers remain the most financially optimistic, though 1 in 4 say they aren’t on track for retirement.
- Retirement regrets: 70% of employees prioritize retirement savings, but nearly half nearing retirement wish they had started earlier or taken full advantage of 401(k) matches.
- Evolving benefits: Employees increasingly seek support for student loan repayment, wellness reimbursements, emergency loans, and nontraditional offerings like addiction support, grandparent leave, and pet insurance.
For employers, the takeaway is: investing in the right mix of benefits isn’t just about perks. It’s about strengthening retention, improving productivity, and positioning your company as an employer of choice.
Learn more: Join Paul Kiefer, market president for Bank of America Grand Rapids, to learn more about the report from 8-9am on November 4 at the Chamber’s Health Care & Human Resources Committee in the Varnum Law offices on the 17th Floor of the Bridgewater Place (parking validated). All members welcome.
- RSVP to Jacqui Dolce at jacqui@grandrapids.org.
Open Enrollment Season: What You Need to Know for 2025–2026
Open Enrollment Season is here. This is the time of year when employees can review, adjust, or enroll in benefit plans for the upcoming year. It is important to know the key dates and actions required to ensure you have the right coverage.
For Employees: Tips to Prepare for a Successful Enrollment
1. Set Reminders for Dates
Mark the key dates on your calendar to avoid missing deadlines. Most open enrollment windows are 2-4 weeks but verify your company’s open enrollment timeline with your HR department or representative.
2. Review Current Plans
Look at your current coverage and consider any changes in your health or future needs.
3. Understand Costs
Make sure you know your out-of-pocket costs for services, payroll deductions, and changes in cost structure with upcoming benefit changes.
4. Anticipate Life Changes
Look ahead at what might change in your life or with your health in the upcoming year. Are there any upcoming surgeries? Are you planning any family changes in the next year?
5. Update Personal Information
Make sure your contact and household details are current. Incorrect information can cause a delay or lapse in coverage.
6. Employer Paid vs Employee Paid Benefits
Benefits provided at no cost to you usually cannot be changed during this period. Benefits you pay for, such as health, dental, vision, life insurance, or Flexible Spending Accounts, can be changed.
7. Ask Questions
Do not wait until the end of open enrollment to ask your questions! Reach out your HR department, HR representative or insurance broker with any questions you have about premiums, deductibles or details.
Even if you do not plan to make changes to any of your benefits for the upcoming year, it is a good idea to log in and review your elections to ensure your information is up to date.
For Employers: Tips for Communicating Benefit Changes
Employees can feel overwhelmed by benefit details and changes. A successful open enrollment season depends on timely and effective communication. It is important to make information easy to understand and accessible.
1. Announce Early
Start talking about benefits and updates as early as possible before open enrollment officially begins. This will help phase the communication to employees and keep them informed.
2. Use Multiple Communication Channels
Do not rely solely on emails for getting the information out about open enrollment! Use multiple channels for communicating and reminding employees about benefits and updates.
3. Address Changes
Clearly communicate any new changes to plan options, premiums, additional benefits, and any other items that would be changing during open enrollment. Transparent and open communication to employees about changes helps them better understand and gives opportunities for questions.
4. Keep It Simple
Try not to use professional jargon when talking about benefits. Keep it simple and use visuals to help explain complex topics like deductibles, premiums and copays.
5. Encourage Questions
If possible, have an in-person meeting to encourage employees to ask questions about upcoming enrollment and benefit updates.
6. Send Reminders
Send regular updates before and during the open enrollment window so that employees do not miss their chance to elect coverage for the upcoming year.