Time & Attendance
By Staff Report
Jul. 6, 2017
When faced with increasing employee health care cost, budgetary pressures and pending renewal deadlines, it is all too common for employers to make reactionary decisions about their employee benefits program.
Given the integral role that benefits programs play in attracting and retaining top talent and their position as one of a company’s largest expenses, does it make sense that benefit program decisions are often short-term fixes that don’t align with a company’s strategic initiatives and employee brand?
Employers that invest time in advance to take a thoughtful, strategic approach to benefit planning reap the value of having a framework upon which to base future decisions, a program that is integrated with overall business objectives, and clear metrics to evaluate progress and success. In addition, by creating goals and guiding principles, they enable their benefits consultant to more successfully suggest new approaches that are tailored to the company’s specific needs and will better align with corporate goals in the long term.
Best practices of employee benefit strategic planning include:
Suzannah Gill is a benefits strategy consultant at employee benefits insurance brokerage and consulting firm Epic. Rosemary Hughes is a senior consultant and principal at Epic. Comment below or email email@example.com. Follow Workforce on Twitter at @workforcenews.
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