Setting Employee Benefit Goals
As a small business owner you know the importance of setting company goals. Your employee benefit package is no different. What what are these goals? What do you want to accomplish with this benefit package? How can these results be measurable and repeatable?
There is no way around it. Employee benefits have become a huge investment. So like any investment they need a way to prove their success, or else you are just throwing away money.
So what steps should be taken towards this end goal?
Get owners on the same page
There is often more than one person that has a say in the companies pocket book. Make sure everyone is on the same page with budget, type of coverage (HMO or PPO), Broker to use etc.
Figure out the best approach
Most brokers are only going to show you the traditional approach. This is far from it. Way the pros of doing a creative approach to saving money. Examples could be: partially self-funded, HRAs, contribution sctructure.
Set a performance indicator
This will look different depending on the approach you choose and your reason for offering group benefits. Examples could be messuring the amount of employees that leave employment if you have a retention problem.
Want to dig deeper?
Who is going to manage your plan after it is written?
Whats is your budget?
What matters to your employees?
Will any benefits be offered to part-time employees?
Speak with a Benefits Coach