Implementing Employee Benefits Programs

Posted on April 3, 2020 by admin
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Are you equipped with an effective, well-managed benefit program? Employees are a business’s most valuable asset, so many employers feel compelled to reward employees and to improve retention and recruitment by offering some form of an employee benefits program. Experts are then called upon to execute these plans effectively. When deciding what to offer, consider factors such as employee interest, costs, and steps for implementation.

Selecting and Implementing Employee Benefits Programs

There are a variety of aspects to consider when implementing an employee benefits program. Managing a complex set of benefits and programs requires time and expertise, and the administration of such programs should create a positive impact for both the employees and the employer. With their resources and knowledge, experts can help businesses of any size utilize and manage these programs. Services to consider in the process of establishing your program:

  • Claims Analysis, Funding Alternatives, and Utilization Analysis
  • Strategic Planning and Evaluation
  • Plan Design Evaluation
  • Benchmarking
  • Designing and Evaluating Employee Surveys
  • Executive Benefits Resources and Capabilities
  • Regulatory Communications, Compliance, and Implementation
  • Facilitating Employee Communication Mechanisms
  • Coordinating and Participating in Employee Group Meetings
  • Conducting Employee-based Focus Groups
  • Support to the Human Resources Staff
  • Consulting

Costs and Usage

Gaining insight into employee benefit cost-effectiveness is another important consideration. For instance, if you’re thinking about implementing a wellness program, this may be evaluated based on overall long-term positive effects and cost savings through healthier employees, rather than on immediate or short term savings. One short-term factor that can be used to evaluate benefits is to consider plan utilization, understanding what parts of the plan your members are and are not using. Customized reporting capabilities around this can provide valuable information for your overall budget.

Non-Traditional Benefits

Offering benefits and incentives that are unique to your business can reinforce the culture and offer something that can set you apart from competitors. This is a great chance to get creative and then evaluate each benefit’s role alongside your other offerings. The SHRM HR People + Strategy post suggests some great non-traditional benefits. These include:

  • Identity theft protection
  • Tuition assistance
  • Student loan repayment
  • Gym memberships
  • On-site childcare

You Are Not in this Alone

The importance of using an expert with thorough knowledge of the employee benefits marketplace cannot be stressed enough. Trends in both regulatory considerations, as well as the evolving nature of the employee healthcare delivery system all, make a significant difference when it comes to making thoughtful decisions for your program. It is in your best interest to provide employee benefits that stand out in a competitive marketplace. There is a great deal of strategy that goes into implementing an employee benefits program. Rooney Insurance strives to be a leading solution for businesses of any size and any industry. Learn more about Rooney’s Oklahoma employee benefits programs.

About Rooney Insurance Agency

Rooney Insurance Agency, established in Tulsa, Oklahoma in 1960, has provided customized business and personal insurance and employee benefits solutions to individuals and businesses in the state of Oklahoma and throughout the United States. We work to ensure that each client’s insurance coverage fits their specific needs, addresses their key risks, and protects their valuable assets. For more information on how we can help you today, contact us at (918) 582-0565.