The employee benefits package is a critical part of an employer's total
compensation strategy. It can be vital to an employer's ability to attract
and retain quality employees. Employee benefits can cost employers 40 percent
or more of payroll expenses, a major expense. Employees seek more from their
employer's benefits package while cost pressure dictates less. Because
the design of an employer's benefits package can be highly complex, many
company plans lie dormant when they should be considered a work in progress.
Should you self-fund your benefits? Should you consider a cafeteria plan? A
Health-Savings Account (HSA)? Dual option? Spousal carve out?
Indicators that signal the need for refinement or overhaul of an employer's
benefits package design include merger, acquisition, rapid growth, downsizing,
geographic expansion, increased turnover and, most important, rapidly rising
costs.
The Human Resource Department (THRD) understands benefits. Using reputable
surveys, we can benchmark your benefits package against the market including
health insurance, retirement savings plans, life insurance, dental, vision,
paid-time off (vacation, holidays, sick days) and ancillary benefits (tuition
assistance, childcare, wellness, eldercare, etc). We can also help you if you
are having problems with workers' compensation.
How THRD can help you better review and manage your benefits package:
Review your organization's benefits philosophy and goals as
part of your total compensation. Determine if your benefits package meets
the strategic goals and philosophy of your organization. E.g. What percent
should the employer and employee pay?
Complete a benefits package
competitive market analysis.
Review the overall mix of benefits provided
to your employees and make specific plan comparisons. i.e. HMO vs. PPO, insured
vs. self insured.
How to respond to key indicators including rising costs.
Review
of current administrative procedures and benefits delivery.
Assist
in the development and implementation of communication strategies.
