Customized Employee Benefits Re-engineering

Key Problems:

• Increasing medical costs will continue to absorb resources that could go to salaries, retirement savings, and firm growth.
• Unmet employee needs for wellness that employers generally do not know how to provide. Future social security beneficiaries will not receive the same benefits in real dollars as their parents.

What Should You Expect From Employee Benefits Planning?

Criteria For Cost Effective Employee Benefits

	How Well Do Your Benefits Programs Support Your Business Goals? Is each benefit (e.g. Medical, Dental, LTD, Paid Time Off, and Retirement) aligned to support your business goals and your employee’s needs? Are high or low performers rewarded? Is each benefit analyzed for cost effectiveness and impact on employee motivation? Are benefits fragmented, with incentives and advisors in conflict? Do competitive bids address key issues impacting plan costs?

	Are Your Service Providers Giving You the Service You are Paying For (& Employees Expect)? Do you receive analysis of data, clearly identifying claims and cost trends for future plan changes? Do providers meet employee expectations and do financial guarantees reinforce sales promises? Do providers assist you in reducing HR burdens (paper/time) in an innovative and responsive manner?

	How Do Your Benefits Costs Compare to Industry Averages? What Re-engineering Options Exist? Do you receive assistance doing “What If” projections to determine savings from re-engineering benefits? Is there a well-defined merged acquisitions process?

	Do Your Employees Perceive the Same Value in Their Benefits That You Do? Are employees regularly surveyed to evaluate how they perceive what you provide? Are enrollment materials, and benefits statements outlining employee choices clearly designed and presented? Are salary redirection forms customized to save HR time? Are electronic (Internet/ Intranet/ video) services provided which empower employees to find information directly?

	Is a timeline for completing each step presented, followed?

Our Solution

Based on hundreds of hours of consultation with clients and research analysis, we developed our “Benefits Performance Snapshot ^SM”. It measures “actual benefits performance” vs. “desired benefits performance” in relation to strategic business objectives. Based on “performance gaps” identified, we provide the client with a list of action items that will improve benefits performance while reducing costs.

The “Benefits Performance Snapshot ^SM” is a fresh look at what you are doing. It includes:

• an Interview with corporate management (typically representatives from Human Resources, Employee Benefits, and Finance) to achieve the goal of identifying answers to key questions in each of the 5 issue areas identified above (How Well Do Your Benefit Programs Support Your Business Goals?);
• an analysis of key agreements (Self-Funded, others) with providers;
• an evaluation of claims and costs trends, implications for plan design options and changes, and a discussion of employee perceptions and needs; and
• financial implications of alternative choices and strategies for the employees.

Our “Benefits Performance Snapshot ^SM” establishes a baseline and directs attention to what top management has identified as critical key priorities including:

• Re-engineering all employee benefits and incentives
• Rebuilding Medical Coverage
  • Fully Insured, Self-Funded, HMOs, PPOs, MSAs
• Group Life, Dental, Disability, Vision, Employee Assistance Programs
• Retirement Plans
  • 401(k), Profit Sharing, Deferred Compensation
• Paid Time Off
  • Sick Leave, Vacation
• Wellness Promotion
• Section 125 Cafeteria Plans
• COBRA & HIPAA Compliance
• General & Professional Liability
• International Benefits

Our “Client Customized Benefits Department” provides H.O.P.E. for over burdened HR staff and facilitates your success by:

Helping with compliance issues (ERISA, COBRA, HIPAA, 401(k), 401(a)(4) rules, FMLA) and reducing HR burdens, paper work & costs.

Overcoming the problems of fragmented benefits and multiple vendors to deliver cost-effective benefits.

Providing integrated communications and on-line benefits information available 24 hours a day.

Empowering individual employees to plan their financial futures by building upon the “core benefits” provided by the employer.