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 6: Why does your organization need a 360 degree view of your benefits plan?
Most organizations focus on making strategic decisions that are long-term, in line with their mission and vision and center on organizational growth. These types of decisions are necessary in order to mitigate risk, harmonize organizational resources and act proactively as a company. Why should this process be any different when it comes to your benefits plan?
Traditionally organizations have been presented with limited data when it comes to their benefits plan. When companies make decisions based on data from a single source they often fall into The Reactive Decision Trap™. By making decisions based on partial information organizations are often analyzing the wrong data, adding program elements that are not appropriate for their organization’s health profile and frequently have employees that don’t understand the full value of their benefit plan. In addition, this limited information means companies are unable to address the real source of a problem and be proactive about preventing further issues in the future. Often by taking a quick review of a plan’s performance, companies are seeing the symptom of a much deeper problem that exists within the organization. Focusing on only the symptoms of a problem causes organizations to waste time and money, fail to achieve their business goals and struggle with employee attraction and retention.
By looking at multiple sources of data including your organizations benefits philosophy, information from the Insurance Company, Workers Compensation programs, human-capital data, real-time employee feedback, experience reporting and plan member advocacy reporting, organizations have the tools to effectively address the deeper issues within their organization. This 360 degree view will provide companies the ability to detect inherent health risks in their organization, determine the unique needs of their employees, and recognize how the plan is working for them as well as build greater understanding of the value of the plan to your employees. The organization may find out their benefit plan is not only failing to meet the needs of their company on a financial and strategic level but also falling short on meeting the needs of their employees. This type of proactive plan management requires powerful data extraction and integration tools that provide your organization with advanced reporting on organizational health.
The result of having a 360 degree view of your benefits plan is sustainable long term savings, improved organizational health and increased employee satisfaction. Once an organization understands their benefits plan from every angle and has the data to support their decisions, they can act proactively and strategically towards improving employee health risks, eliminating or updating obsolete elements of the plan and understanding the real needs of their employees.
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.