Let’s face it – a “one size fits all” approach to employee benefits is no longer appropriate. Today’s diverse workforce demands flexibility. Drug costs continue to eat into 60% and 80% of the budgets of health plans. Companies are wondering whether or not they can continue to provide this coverage to their employees.
Yet consultants and providers have warned that reducing health benefits can have a negative impact on workforce morale and productivity. For some small businesses, cutting back on benefits means staying afloat and keeping everyone employed. And the smaller you are, the less flexible it becomes.
What’s your challenge? How can your company enhance or maintain the value proposition for your employees while staying within your employee benefit plan budget? What can you do to ensure you don’t wind up in the same position next year? You have a plan. What do you want it to accomplish?
It is not to wait and see what the health renewal looks like next year. You need to have a well-thought out two-to five year strategic plan. The length of the plan depends on where the company currently is and where it wants to end up. That is why it is fundamental for consultants to understand their client’s philosophy and culture, to understand its short and long term goals and assist them in aligning their benefit plan with their overall corporate strategies.
At the same time you must be uniquely positioned to recruit retain and engage the very best. So how can your company demonstrate the value of its benefits package to key employees? It’s important that the investment your company makes in its employee benefit package as part of overall compensation is well understood. Perception is very high when the plan purpose is properly communicated. So what is your plan purpose?
At M Bacal Group we use a unique consulting approach that enables companies to articulate its plan purpose. Through intelligent plan design and tax efficiency we assist companies in maximizing the value of their benefit plan investment.
By introducing creative and innovative solutions we enable companies to better manage their benefits, control costs and enhance the value proposition for their plan members so they become an employer of choice.