Benefits

Being successful with benefits plans requires a strategic approach, understanding of regulations, and continuous adaptation to meet employee needs and business goals. Complexities present themselves on a larger scale when an organization has a global footprint. Many companies struggle to offer benefits that feel fair and equitable to employees living in different cities, states and countries. So how do you best manage employee perception, attract great talent and maintain budgets all while keeping up with “hot trends” each year?

The Challenges

Workplace Disruptions and Pandemics: Events like the COVID-19 pandemic disrupt business operations and impact employees. HR must prioritize employee well-being, implement preventive measures, handle paid leave benefits, and ensure business continuity.

Communicating the Value: Employees tend to focus on their base pay as the main benefit they receive from their employer. Being able to clearly articulate and demonstrate the value of all benefits is key to a successful benefits program.

Financial Stress Among Employees: Many employees struggle with financial stress. Balancing health care costs while avoiding shifting more expenses to employees is crucial for their feelings of well-being.

Multi-Generational Workforce: Organizations have diverse age groups. Customizing benefits to meet the unique needs of each group is essential.

Complex Benefits Administration: Managing benefits involves handling multiple vendors, onboarding, terminations, employee queries, annual reviews, and communication. Efficient systems and processes are necessary for effective administration.

Compliance and Evolving Legislation: Employers must regularly navigate complex regulations related to retirement, health, and welfare benefits in order to stay compliant with changing healthcare legislation.

Balancing Costs and Employee Satisfaction: Striking a balance between cost control and providing attractive benefits is difficult. Ensuring employee satisfaction while managing costs requires strategic decision-making.

More about benefits services

  • Review and evaluate EVP components such as, compensation, benefits, career development, work-life, culture, mission and vision.

    Work with stakeholders to develop a strong proposition and EVP brand that resonates with potential candidates and existing employees.

  • Managing health insurance plans and coverage for employees.

    Administering retirement savings plans like 401(k) and other tax-sheltered programs.

    Creating vacation policies and ensuring account balances are accurate.

    Recommending financial resources to help employees make informed financial decisions.

    Coordinating additional benefits like student loan repayments, stock options, and others.

  • Evaluate benefits plan for cost-effectiveness, appropriate coverages, alignment with organizational goals, and scalability.

    Continuous benefits plan review to ensure it is effective and supportive for both employees and the organization.

  • Create a benefits philosophy to use as a filter for evaluating current and future benefit offerings.

    Evaluate how your plans align with business goals and recommend changes and/or enhancements.

  • Provide actionable insights that can shape your benefits strategy and keep your organization competitive.

    Develop an ongoing plan to support your organization navigate challenges and thrive in a dynamic environment.

These processes do not replace those of your health & welfare plan brokers.