External pressures driving benefits strategy:
- cost of providing benefits and healthcare coverage
- competition for skilled labour making the focus on benefits packages more critical
- compliance requirements
Best-in-class strategies:
- use benefits offerings to attract / retain quality talent
- shift costs via high deductibles, more contributions
- expand the range of benefit choices
- automate or further automate workflows
To achieve best-in-class performance, companies must:
- automate enrollment and communication processes
- seek feedback from employees on enrollment process
- empower the employees by providing visibility into benefits plans and surveying them to determine satisfaction with offerings
