Employee-centric benefit plans deliver a business win!
“Our employees don’t appreciate what we provide for them.”
Your employees don’t appreciate your benefits plan because the majority don’t need what you offer and also don’t know how much you spend on them. Average statistics show that 80% of your benefit spend is on less than 10% of your employees. It’s better to monetize the program for all employees and give them a choice to build their own plan.
“I want my employees to be happy and value their role in our organization.”
In most organizations, employees have little or no say in what their benefit plan looks like. Employees need a win! A one-plan for all design structure is passé. When asked, 92% of all employees consider it ideal to have a choice in designing all or part of their own benefits plan. It’s their compensation – so why not empower them with some choice?
“I want to motivate our team to do great things and work towards achieving concrete goals.”
When you empower people, you change their mindset and how they perform. They begin to look forward to coming to work every day. Do 60-year-olds and 24-year-olds want or need the same things from their benefits? No! Why not offer a “life stage” program to each of the age segments – Boomers, GenX, GenY, and Millennial’s.
“I don’t want any surprises and want to know what the plan’s cost drivers are.”
Most CFO’s review benefits once per year. Relative to other costs in your operation, benefits are taking a bigger chunk out of your bottom line. High-cost medications, excessive margins. risk costs and LTD benefits are today’s primary cost drivers! Did you know that your organization pays for benefits that government programs already cover?
“I approve the switch to a new benefits provider every few years and I get the same business results.”
Most brokers play the same “rate” game over and over again. The costs of buy low sell high formula will comes back to hurt you – how? When one of your employees is presribed a specialty drug, you will not have any new insurers to move to! Permanent savings are in hybrid ASO plans and specialty formularies where risk premiums, administration fees and claims costs are significantly reduced and risk managed. This does NOT affect employees at all. It is truly a win-win scenario.
“I want our people to deliver our product/service at a competitive cost and on time.”
You can’t afford to have unhappy employees affecting customer retention. Employees are motivated to perform at a higher level when they feel they are valued and part of a team. One way to make them feel part of the team is to deliver a benefits plan designed to give them what they want individually. They will appreciate what you do for them and your product and customer relationships will turn out to be better than ever! And by implementing this strategy, it will fix a significant percentage of your benefit plan costs.
“I have limited resources to change our culture to a winning one.”
Yes, we know culture is huge! Benefits are only part of the equation, but an important one. Your CEO/CFO’s push you to spend less on benefits and perks, but expect a rise in people performance. Employees regularly complain that your plan is missing an element or two they’d like to see in their plan. You’d like to build a more responsive plan but you feel there won’t be buy-in from upper management.
“Our benefits plan is a drag on the race for talent and to retain employees we have.”
Your people are everything to the organization, and often you feel you only have a partial view of the organization’s long-term strategy. You have employees from every age group. You want to do more with benefits. But, little time is spent on the possibilities because time is spent on managing costs, hiring talent, and pivoting when costs rise and employees are not happy.
“I want our benefit plan to include wellness and mental health initiatives.”
You‘d like a definitive plan to engage employees and upper management in this area. The case can be made easily – 95% of HR professionals believe this is a current priority. CEO’s overwhelmingly will support these initiatives if a well thought out and a cost-efficient plan is proposed. We help communicate why and how a wellness and mental health strategy is designed and supported.