The Best Practices Guide: Checklist for Building—and Measuring—Your Benefits Program
To make sure you get as much as possible out of your benefits investment, here are some suggestions from The Principal 10 Best Companies—2008 on ways to build and measure your benefits program:
- Do you work with a broker? Brokers help negotiate better renewals, keep you up to date on market trends and compliance issues and provide benchmark data.
- Have you established your company’s objectives for a benefit program? Knowing what you hope to achieve by offering strong benefits can help you as you make decisions about how to invest in them.
- Do your benefits align with company culture, philosophy and employment strategy? Your benefit investment will be easier to justify and be more successful if it aligns with business goals and the culture of your company.
- Are your making data-based decisions? By doing rigorous research and market analysis, you’ll help ensure you are choosing benefits that offer the most to your employees at a lower cost to your company.
- Do you look to your existing benefits provider first? By taking advantage of programs your providers already offer, you may be able to add new programs such as wellness or retirement education—without spending additional money.
- Are you viewing your benefits provider as a partner—not a vendor? Consider your benefits provider as an extension of their organization. A closer relationship can make it easier to solve problems and find opportunities.
- Do you benchmark your benefits using surveys? Surveys can be a great way to benchmark your benefits and stay current on the latest trends.
- Are you considering value, not just cost? Don’t let costs dictate quality. Picking up a lower quality plan just because it is less expensive may lessen the chances your program will help you meet your objectives.
- Do you network with other companies? Consider joining a network of companies in your same industry. You can use information from other companies, such as what they are paying for benefits, to help guide your benefit decisions.
- Are you measuring your benefits programs success? Here are the most common metrics used by The Principal 10 Best Companies—2008.
- Employee tenure
- Turnover rates
- Employee surveys
- In-person feedback
- Benefit participation rates