After establishing a benchmark for employee expectations, you need to understand the role and cost of providing or changing the employee benefit plan coverage you provide. Answering a few basic questions can help:
- What is the reason you are offering or plan to offer an employee benefits plan?
- What will the program’s primary goal be? (Competitiveness, attract and retain talent, increased productivity, provide protection to employee)
- Will/does coverage meet your current employee needs?
- Will coverage meet the emerging and changing needs of future employees? (Demographics, health needs, age, diversity, expectations)
- What should your annual budget be for providing coverage?
- Do/will employees understand their benefits and what is being offered to them?
- How often should plan design/cost be reviewed to ensure that it meets the needs of a changing work force and rising health care costs?
While some of the answers to these questions may require the assistance of an advisor, this exercise will allow you to start developing an employee benefits strategy today.
