Fortunately, by addressing any challenges around benefits, employers can play a substantial role in increasing the financial wellbeing of all workers, regardless of location. Open enrollment provides an opportunity to tackle this issue and bolster the overall health of their workforce – keeping employees happy, less anxious, and feeling confident about their financial futures. What's more, MetLife's 2022 Employee Benefits Trend (EBTS) Study finds that holistically healthy employees are more likely to be engaged (59%) and productive (53%) than those who aren't.

Here are three considerations for employers as we approach open enrollment and imagine a better, more stress-free reality for all employees, including those working remote:

Benefits can ease financial anxiety

Employees want to get more invested in benefits moving forward, particularly as it relates to their finances. For example, MetLife's data shows that 59% of fully remote employees say that, especially in times of uncertainty, benefits ease their stress about the future. What's more, 53% of fully remote workers and 40% of on-site/hybrid employees say their benefits helped them out of financial difficulty this year.

Companies can use this momentum to engage all employees – but especially those working remotely. In fact, 35% of remote workers admit that they don't understand how benefits impact their finances.

Increased attention to tailored communication strategies can bring much-needed stress relief to employees. In fact, two-thirds of remote workers say that a better understanding of open enrollment would help make them feel more financially secure.

Employee understanding and utilization are key

In addition to easing financial anxiety, employers have an opportunity to ensure that all employees make the most of benefit offerings by using them the right way. According to MetLife data, remote workers specifically are 2 times more likely than their hybrid/in-person counterparts to say they've enrolled in the wrong benefits. In fact, the top reason remote employees say they enrolled in the wrong type of benefits last year was that employers are not giving them the right tools to maximize the value of their benefits.

However, electing the right benefits is only half the battle. It's also critical that employees know how to fully utilize the elections they've made – especially as it's been proven to lower their stress. Indeed, MetLife research shows that employees who are actively using their benefits are much more likely to report that they believe these benefits will ease future stress levels compared to employees who are enrolled by not engaging with their benefits (58% vs. 33%, respectively).

Addressing the challenges team members face when understanding their benefits can go a long way. MetLife also found that employees utilizing their benefits see them as an investment in their future (70%) compared to those who aren't (53%), showing how effective usage can translate to even greater and understanding and appreciation for employer-provided benefits.

Supporting employees' financial health is a win-win

As the workforce continues to evolve post-pandemic, so must employers' support for their employees. Indeed, Benefit offerings are most effective when they meet the diverse needs of today's workforce, including location. However, MetLife's data reveals potential gaps in employer communication to remote workers which may be driving employee retention.

In addition to increasing employee financial wellness, updating benefit communications can help increase company loyalty. Just consider that 61% of those working from home say that company benefits are a significant factor for staying at a job or leaving, according to MetLife data. In fact, 74% of remote workers who don't understand how benefits impact their finances intend to leave their employer in the next 12 months, including 77% of remote Gen Z/Millennials.

It is also critical for employers to acknowledge the diverse needs of all employees, including caregivers and Millennials who WFH (25% and 44% of all remote employees, respectively). Providing tools that help these cohorts better understand the connection between their benefits and the financial health, employers can help their workforce improve their financial wellbeing.

Related: Next-generational health benefits can attract and retain critical talent

We are at a critical moment in the employee-employer relationship, and, as such, benefit communication has never been more important. By ensuring effective enrollment, addressing the challenges of reaching all employees, and creating dynamic benefit programs that change with the times, employers will be well-positioned to build a workforce that is stronger than ever – even, and especially, in uncertain times.

Jenn Kischell, vice president, Workforce Engagement at MetLife