Experience tells us that every client is seeking to meet three success pillars. So, what are these pillars?
Financial Due Diligence
Financial due diligence is an important aspect for every business.
It is prudent to intermittently compare all available options against industry benchmarks and calculate your total cost of ownership. A regular review of your employee benefit providers is a critical step to ensure they are delivering your expected quality and value.
Financials are not the only decision-making factor. Financial due diligence must be balanced with employee engagement and governance/risk mitigation.
Employee Engagement
You may have low and predictable fees while adhering to stringent policies and procedures, but if you have poor employee engagement your benefits programs may not be successful.
There are many ways to increase employee engagement by using the right combination of communications, counseling, and technology.
Governance & Risk Mitigation
Well-grounded governance includes documenting your decisions and uniformly applying policies. It also incorporates ways to best manage employee benefit relationships, including ensuring that you are paying the right amount for contracted services. Governance is often overlooked but is critical to your success.
Employers are aware that benefit programs are inherently risky – with so many moving parts (design, administration, investment results). Employee benefits management requires detailed plan requirements, procedures, audits, and policies.
Balancing the Three Pillars
Your benefit plans should be as unique as your organization. There is no “one right way” to balance these three pillars. That’s why we begin every project by understanding your needs, your issues, your priorities and the outcomes that are most important to you. We help you stay aligned with your organization’s values and priorities.
When you evaluate your benefit program using this framework, your discussions will be based on evidence.