Benefits analysis is a key service we offer at Compensation Works. This involves evaluating an organization’s employee benefits program to ensure it’s competitive, cost-effective, and aligned with its strategic objectives.
Our process typically involves the following:
- Benchmarking: We start by benchmarking the organization’s current benefits program against other companies in the industry or region. This gives us a sense of what benefits are standard, what benefits could give the company a competitive edge, and where there might be gaps in the current program.
- Cost Analysis: We thoroughly analyze the costs associated with the current benefits program. This includes the direct costs of providing the benefits and any administrative or indirect costs.
- Employee Needs Assessment: We gather input from employees to understand what benefits are most valuable to them. This could involve surveys, focus groups, or other methods of gathering employee feedback.
- Plan Design: Based on our analysis, we design a revised benefits program that aligns with the company’s strategic objectives, is cost-effective, and meets the needs of employees. This could involve adding new benefits, eliminating underutilized benefits, or renegotiating with benefits providers for better terms.
- Implementation and Communication: Once the new plan is designed, we assist with implementation and communication to ensure employees understand and appreciate their benefits.
Our goal with benefits analysis is to help organizations maximize the value they get from their benefits program, both in terms of attracting and retaining talent and managing costs effectively.