Easing The Complexities of Employee Benefits · Easing the Complexities of Employee Benefits 7...
Transcript of Easing The Complexities of Employee Benefits · Easing the Complexities of Employee Benefits 7...
Easing the Complexities of Employee Benefits
YOUR LOGO
How Your Organization Can Cut Costs, Empower HR, Improve Employee Engagement & Increase Productivity
Easing The Complexities of Employee Benefits
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Contents
Easing the Complexities of Employee Benefits2
Overview
Cutting Costs with Consolidation
Unleashing the Power of HR
Improving Employee Engagement
Increasing Productivity
Tips for a Cost Effective, Competitive Benefits Program
About BAC
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3Easing the Complexities of Employee Benefits
OVERVIEWTheChallengesofexecutinganeffectiveemployeebenefitsstrategycanbeoverwhelminginanunstableeconomy.Internally,
manyorganizationsarefacedwithcutstobenefitbudgetsaspremiumratescontinuetorise.HRstaffstaskedwithadministering
thesebenefitsareleanerthanever.Meanwhile,itseemslegislationaffectingbenefitsiscontinuallyevolvingmakingcompliance
thatmuchmoredifficult.Itcouldbesaidtheemployeebenefitslandscapeisonefilledwithlandmines.
It’sbusinessasunusual intoday’scomplexanddelicateeconomy.Everyoneisstrivingtodomorewithless.Thismeans
eachfunctionofanorganizationmustbehyper-focusedonsupportingthecorebusiness.Companiesthatwanttoremain
competitiveunderstandtheycannolongerallowthemselvestogetboggeddownwithtransactionaloradministrativeduties
unrelatedtothemission.Allresources– bothhumanandfinancial– mustalignwiththeprimarystrategy.Alldepartments,
includingHumanResources,mustchallengethemselvestoidentifyopportunitiestostreamlineprocessesandreducecosts.
Partneringwithanadministrationand
consultingfirmcanhelpyoudothisandmore.
Astrong,externalpartnercanhelpyour
organizationlowercosts,increaseemployee
engagement,andimproveproductivitywhile
reducingtheadministrativeburdenonyourHR
teamandmanagement.Withallpieces
workingtogethertryingtocreateanefficient
andeffectivestrategyastreamlinedprocessis
rightdowntheroad.
STREAMLINED BENEFIT ADMINISTRATION
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Here is a Small Sample of the Services that Can Be Consolidated
• InvestmentGuidance
• FSA,HRA,&HSAAdministration
• FullServiceCOBRA
• ComplianceGuidance
• HRConsulting
Cutting Costs with Consolidation
Easing the Complexities of Employee Benefits
Workingwithmultiplevendorstoadministeryouremployeebenefitsisnolongeraneffectivewaytodobusiness.A
single,full-serviceprovidercanhelpyourorganizationreduceoverheadbyofferingacomprehensiveapproach.By
consolidatingandoutsourcingserviceswithasoleprovider,businessescanlowerandsometimeseliminatecostlyfees
associatedwiththeadministrationofbenefits.
Findingaproviderofferingabroadspectrumofserviceseliminatestheneedformultiplevendors;thereby,lowering
overheadandrelatedcosts.BenefitAdministrationCompanyLLC(BAC)doesthisbyofferingablendofstrategic
consultingand administrationservices.
• HealthBenefitsFinancingArrangements
• Full-serviceEnrollment
• ConsolidatedBilling
• CommunicationCampaigns
• RetirementPlanAdministration
Yourcompanywillbenefitimmediatelyfroma
partnershipwithacompanythatcanofferothervalue-
addedservices.Oneequippedtoofferafullsuiteof
customizedbenefitservicesbasedupontheuniqueneeds
andgoalsofyourorganization.
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“Throughthesecoordinatedeffortstoconsolidateandsimplify,yourorganizationwillstreamlineHRprocessesandimproveefficiencies”
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Unleashing the Potential of Human Resources
Traditionally,ithasbeenincumbentontheHR
professionaltodevelopandmanageabenefitpackage
thatbalancestheobjectivesoftheemployerwiththe
desiresoftheemployee.Theendgoalbeingtohelp
attractandretaintalentwithintheorganization’s
financialmeanswhileensuringregulatorycompliance.
Easing the Complexities of Employee Benefits
Asnotedabove,HRteamsareleanerthantheyhave
everbeen.In-houseaccesstothishighlyspecialized
skillsetisaluxurymostbusinessescannotaffordin
today’scompetitiveclimate.Iftheydo,it’sunlikelythat
theindividualhasthetimetocontinuallymonitor
marketchangeswhilekeepingabreastofchanginglaws
andregulations.
Therefore,businessesareincreasinglyturningto
externalpartnerstohelpaccomplishthisobjective.A
singleprovidercantaketheleadindesigning,
implementing,andadministeringabenefitplanthat
alignswithyourorganization’sstrategy(andbudget).
Throughthesecoordinatedeffortstoconsolidateand
simplify,yourorganizationwillstreamlineHR
processesandimproveefficiencies.Thiswillgreatly
reducethetimespentontransactionaldutiesand
increasetimeformorevalue-added,impactful
projectstobettersupportthecorebusiness.Thiswill
unleashthepotentialofyourHRdepartmentasa
strategicpartner.
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Improving Employee Engagement
Withhigherthannormalunemploymentrates,onemightthinkthelabormarketisfilledwithavailabletalent,right?
However,severalstudiesandmediareportssuggestongoingtalentshortages.Itseemstheremaynotbealaborshortage,
butashortageofskilled labor.Accordingtothe9th AnnualStudyofEmployeeBenefitsTrends(MetLife2011),morethanone
inthree(36%)surveyedemployeeshopestobeworkingelsewhereinthenext12months.
Frustrationwithstagnantsalariesandreducedbenefits
appeartobeacouplereasonsemployeesareactivelytesting
thejobmarket.Withoneinthreeemployeesexploring
externalopportunities,thismaybechanging.Despitehigh
unemployment,toptalentremainsinhighdemand.Inthe
wordsofCarlCamden,PresidentandCEOofKellyServices–
“Thewarfortalentisover:Talentwon.”
So,thequestionis,howwillyourcompanyfighttoretainyourbesttalent?Amorerobustcommunicationplanshouldbea
weaponinyourarsenaltobetterengageyourworkforceandpreventmassattrition.Employeeeducationisavitalpartofthe
benefitprocess.Employersshouldlooktodevelopacommunicationstrategythatextendsbeyondnewemployeeorientation
andopenenrollment.Avarietyoftoolscanbeleveragedtoeducateyourworkforceonthevalueofthebenefitspackage.Self-
servicetechnologiesandemployeeself-serviceapplicationsofferenhancedaccessandimprovedunderstandingofthebenefits
availabletothem.
Usingthesetoolsempowersyouremployeessotheycanmakethebestdecisionsforthemselvesandtheirfamilies.Italso
reinforcesthevaluetheiremployerplacesonthem.Improvedbenefitcommunicationgenerallyresultsinincreased
employeesatisfactionwiththebenefitpackageitself.Thiscanthenleadtoincreasedjobsatisfactionandreduced
turnover.Don’tletyourmostvaluedemployeesleaveduetoalackofunderstandingaboutyourbenefitspackage.Usean
enhancedcommunicationstrategytohelpretainyourtoptalent.
7Easing the Complexities of Employee Benefits
Increasing ProductivityWorkplaceproductivityisatermusedtodescribehowmuchisaccomplishedintheworksettingincludinghowefficientlyemployeescompletework.Theoverridingobjectiveofallorganizationsismaximizingtheoutput
ofitsemployeesinanefforttomaximizeprofits.
Manyfactorsimpactproductivity.Somearecontrolledbytheemployerandcaninclude:processdesign,tools,training,andguidanceorinstruction(leadership).Flawsorweaknessesinanyoftheseareascannegatively
impactproductivity.
Forexample,non-valueaddedstepsinaprocessresultinwastedmotion,whichlowersproductivity.Insufficienttoolsandmaterialscanslowtheexecutionofjobdutiesordecreasequality;therebyrequiring
rework.Thequalityandproductivityofpoorlytrainedemployeesislessthanthoseoftheirproperlytrainedcolleagues.Inadequateguidanceorinstructionfrommanagementcanproduceconfusedandfrustratedworkers.
Thisfragmentedapproachoftentimesincludestoolsandmaterialsscatteredacrossmultiplevendorplatforms.Subsequently,trainingandguidanceregardingoptionsiscomplicatedandtheindividual’sabilitytorecognizeand
maximizethevalueofthebenefitpackageiscompromised.
Lackofacomprehensive,singleresourceforbenefitsadministrationcanconfusebothemployeesandHRstaff,astheystruggletonavigatetheprocesstogether.Withtheuseoftechnologicaltoolsandimprovedcommunication,
organizationscansimplifyandstreamlinethebenefitsprocessforHRstaffandemployeesalike.
Withconsolidation,youremployeesbecomebettereducatedabouttheiroptionsandmoreconfidentinmakingtheirselections.ThisimprovededucationreducestimespentengagingtheHRstaffwithquestions.TheHRstaffin
turnfieldsfewerquestionsandspendslesstimeonadministrativeduties.ThisapproachbettersupportsemployeesandHRalike- allowingthemtofocusonperformingdutiesbetteralignedwiththecorebusiness.Theendresultisamoreproductiveandengagedworkforce.
Creatingaclear,simplifiedprocessforenrollmentbecomesincreasinglydifficultwhenworkingwithmultiplevendors.
Thisconfusioncreatesuncertaintyandhesitationaboutthebestwaytoperformtheirduties.Youguessedit,thistoolowersproductivity.
Acompanyusing5or6vendorstoadministerbenefitsmaybeexacerbatingsomeofthesethreatstoproductivity.
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Tips for a Cost- Effective, Competitive Benefits Program
Thefollowingtipscanhelpyourorganizationdesign,implement,andmanageacost-effective,comprehensivebenefits
programthatfitswithinyourorganization’sbudget.
1.ConsolidateVendors
Choosingoneproviderwillhelpyourcompanystreamlineitsprocesses.Thiswillhelplowercosts,reduceconfusionamong
employees,andlimitoversightrequiredbyHR.
2.SelectaStrategicBusinessPartner
Benefitsshouldbeviewedasastrategicinitiativethatsupportsbusinessobjectives.Afull-serviceprovidershouldoffer
planningservicesincludingtheongoingevaluationofallyourplan’scharacteristics- suchasaccess,service,andprice– to
ensureaproperbalanceisachieved.Strategicplanningalsoshieldsyourplanfrombecomingobsoleteasnewtrendsand
marketfactorsemerge.
3.CustomizeAdministration
Thebenefitspackageshouldbedesignedwithyourorganization’smission,values,andcultureinmind.Administration
shouldthenbecustomizedandintegratedwithinyourexistingprocesses.Auser-friendlyon-linemanagementsystem
withacustomizableplatformwillensureallemployee-relateddataisproperlyhoused.
4.DevelopaRobustCommunicationPlan
Employeeeducationisavitalpartofthebenefitprocess.Withthatsaid,itisaprocessthatmustextendbeyondnew
employeeorientationandopenenrollment.Communicationshouldbeongoingtoregularlyremindemployeesaboutthe
valueoftheirbenefits.
Considerusingbothhigh-techand“low-tech”methodstoeducateyourworkforce.Communicationoptionsmayinclude:
periodicemployeemeetings;onlineandtelephoneaccountaccess;intranetresources;atoll-freehotline;totalrewards
statements;brochuremailings;power-pointpresentationsandmulti-mediacampaignsincludingvideo.
9Easing the Complexities of Employee Benefits
About Benefit Administration Company, LLC
TimHill,Founder&ManagingPrincipal
Establishedin1980,BenefitAdministrationCompany(BAC)isaSeattle-basedemployee
benefitsadministrationandconsultingfirmservingover600clientrelationshipsthroughoutthe
WestCoast.WithourcomprehensiveapproachtoBenefitsManagementandConsultingweare
abletotailorourservicestofitclients’specificneeds.
BAChasbeenprovidingplansponsorswithadministrativeandconsultingservicesformore
than30years.Workingincooperationwithourclient’shumanresourceprofessionalsand
professionaladvisors,weproactivelyparticipateinthedesign,implementation,and
managementofinnovativeclient-focusedbenefitsolutions.
BACpridesitselfonprovidinginnovativeemployeebenefitsolutionstoitsclients.Weofferafullcomplementofweb-based
applicationsandtoolswhichcanbeusedtoautomatethedeliveryofemployer-sponsoredbenefits.Ourexperienceand
dedicationtocustomercareallowsBACtoofferatrulyuniqueperspectiveinthedevelopmentofacomprehensivebenefits
plan.
Formoreresourcestohelpyouimproveemployeecommunicationandcustomizeadministration,visitourwebsiteat
www.baclink.com ortospeakwithoneofourexperiencedconsultantsregardingconsolidationpleasecall 800.967.3709or
206.625.1800.