AQ Group Solutions is proud to present The AQuity 360 Blog Series as part of The AQuity 360 Program™, helping you to avoid The Reactive Decision Trap™. Read this series to see how your organization can build a human capital strategy that proactively aligns with your business strategy and goals.
Part 9: What Roadblocks are Preventing your Benefits Plan from Evolving?
We understand how daunting the prospect of researching and executing a change in your employee benefits plans can be. However, in order for a plan to retain its value and remain relevant, it is crucially important that as human capital demographics, pharmaceutical and health environments change, so should employee benefit plans change.
An effective strategy is to ensure that a baseline of organizational health has been established and that your benefits programs are designed to help reduce health risks. Integrated data provided from multiple sources including the underwriting insurance carrier(s), disability and WCB data, HRIS systems and any available data from a Plan Member Advocacy service will provide a comprehensive view of your program and ensure you can measure the impact of change moving forward.
Often, there are a number of perceived roadblocks to successfully executing this strategy:
As a decision maker, you likely face competing priorities with limited time and may not have the necessary support or resources to effectively execute a benefits strategy. Unfortunately, this is how so many organizations end up in a vicious circle of chasing elusive value while combatting increasing premiums for plans that don’t seem to be hitting the mark. Building a philosophy and strategy and successfully executing them requires a consulting partner who understands your vision and works collaboratively with you while allowing you to own your own benefits plan.
Changes in an organization’s benefits plan are often seen as an exponential expense creating polarized value perception between human capital objectives and the finance team. Your plan should be aligned to your budget requirements and focused on the organizational health metrics determined by hard data.
- Reluctance to change
Making changes to a plan might be viewed as a risk in terms of employee perception. Employees can see any change as a take away, and may be suspicious if there have been no changes made to your plan for an extended period of time. Employees can also feel frustrated if they have provided feedback through employee surveys or have vocalized a desire for change to management with no results. The key to effectively managing employee expectations is to first ensure that proposed changes are driven by hard data followed up with implementation of an education and communication strategy that offers transparent information as to why the plan is changing and how the changes are intended to affect positive change moving forward.
Investing the time in a discovery meeting to ensure that your consulting partner has a thorough understanding of your objectives and the ability to facilitate the required data collection and analysis as well as a collaborative approach to the design and execution of the required changes is an excellent investment and a great first step to developing positive change. The benefits of a plan that is properly aligned to corporate and financial objectives, designed with intent to reduce risk factors and purposefully serve the needs of your employees by far outweigh the initial investment in time and money.
At AQ Group Solutions we believe that every successful organization requires a human capital strategy that proactively aligns with their business strategy and goals. We created The AQuity 360 Program™ to help you avoid The Reactive Decision Trap™, save time and make more money, attract and retain more great people, and achieve your business goals.
Your business decisions require strategic planning and precision alignment to your overall objectives. Why should your benefits be any different? Call us to find out how you can strategically align your benefits to your corporate and financial objectives.