Written by Derek Winn
We typically find that companies have several goals regarding their benefit options that they seek to meet or exceed each year. These could be anything from reducing costs, to enhancing offerings for their Employees. Here are a few strategies to help you meet or exceed these objectives:
1. Start Early
Planning is everything. Pre-renewal planning takes place 100 days in advance at BBG. While you may not yet have your renewal, you can start to refine your objectives, consider company trajectory, and identify several items on your “Benefits to-do” list that helps provide better renewal results.
2. Benchmark your current offerings
Employers look to their consultant to help ensure that their plans are competitive within their industry from a global perspective – comparing their offerings against other regional Employers. It is also important to consider Employee feedback on a more “local” level, which could include a simple Benefits Survey.
3. Consider Flexibility
When taking a look at your Benefits and Compensation package from a 10,000 foot view, consider the diversity of your workforce. Here are some of the trends many in the industry have come to recognize:
- Employees are working longer
- Young families are growing
- At their 26th birthday, new recruits may still be struggling to understand how a plan different form Mom and Dad’s actually works
- Those still on Mom and Dad’s plan may not have a perceived “Benefit” option that appeals to them other than vacation time.
Offering multiple plans, a wide variety of plans, several different types of benefits (Health, Dental, Vision, Life, Disability, Pre-Paid Legal, EAP’s, etc.) and considering all available contribution strategies can be a great way to make sure that your benefit package appeals to everyone’s needs. There is no longer a “one size fits all” solution. Work with your consultant to educate your Employees to help them understand these options, and show that you care.
Make your “People” an integral part of your corporate philosophy and work to ensure that they know they are valued by educating them on what you do for them. Bring everyone together either physically or virtually for your Annual Open Enrollment Event. This is a great way to bring the human touch to your benefits, and can also be a great time for awards, recognitions, company-wide updates, and more. Benefits can even be fun when you have a waffle cook off as a pre-cursor to your Benefits meeting!
Regardless of your objectives for 2012, we can help. With a new year, there are also new, exciting, and innovative Benefit trends, strategies, and solutions 2012 that we help our clients take advantage of.