We will work with you to understand your philosophy about employee benefits, your company history, your current benefits and your goals. We want to understand your employee population — not just their claims history, but also their needs and wants from a benefits program and their tolerance for change.An important part of this phase is gaining an understanding of your benefits philosophy. Different employers offer benefits for different reasons. While some offer benefits due to industry standards that necessitate them for recruitment and retention purposes, others take a very active approach in designing a benefits plan that enhances their company culture. To some, benefits are an expense to be mitigated, while to others benefits are an investment in their employee population. By gaining an understanding of your competitive position and your benefits philosophy, we can help you set a strategic direction for the future.
We will also conduct an assessment of your current benefits position. We will review your benefits offerings, plan designs, current carriers and service providers, administration and funding. We will also perform a financial assessment of your benefits budget, plan costs (historical and forecasted future costs), main cost drivers, opportunities for savings, and employer and employee contributions to both insurance benefits and retirement plans. In addition, we will review your communications strategy to find out if your employees understand the breadth of benefits and services that are available to them, as well as the value of the “hidden paycheck” they receive through your contributions to their benefits.Below is a sample of the questions we consider during the discovery phase:
In addition, at your discretion, we can also conduct a survey of your employees using our Benefits Survey tool. The survey allows us to measure employees’ attitudes, perceptions and understanding of their benefits package. We have stock templates and questions that you can use, or we can help you fully customize the survey with questions specific to your needs. The results of this survey are formulated in full-color charts and tables with quantitative data that provides us with an even better understanding of your employee population.