Is Your Benefits Strategy Aligned with Your Business Goals?
In most cases, the answer is no. Business owners often view benefits as an expense and only focus on lowering their monthly cost. This is understandable because benefits can be expensive and may feel out of control. As such, it seems wise to negotiate lower rates.
While we can help you to get lower rates, we’ve learned that rates are not the most important issue and that focusing on them could cost you more money in the long-run. Rate negotiations often result in reducing the quality of your coverage or changing suppliers, which undermines the perceived stability of your plan in the eyes of your employees.
These changes could even cause a valued employee to leave your company for better benefits with a competitor. Losing an important employee can be extremely disruptive and could cost you a lot of time and money. There is also the problem that your benefits may no longer be attractive to potential employees. These are some of the hidden costs of focusing on price and missing the big picture.
That's why we recommend that you view your benefits program as a strategic tool that can help you:
- attract and retain better employees,
- boost morale,
- improve productivity,
- and help you achieve your business goals.
By understanding what you expect your benefits to accomplish we can focus your budget on achieving those results.
We have created a special program called The Strategy Alignment Process ™. It’s a step-by-step process that helps you align your benefits strategy with your overall business goals.
- Assessing your current situation is the first step:
- What do your employees think and feel about your plan?
- How does it compare to your competitors' plans?
- And does it give you a competitive advantage?
- corporate culture,
- workforce advantage, and
- cost advantage.
We have learned that this strategic approach can help you:
- save time and money,
- attract and retain excellent employees,
- and achieve your business goals.