Risk & Business Magazine General Insurance Services Spring 2020 | Page 31

BENEFIT PLANNING
What Is A
Strategic Benefits
Plan?
C
ompetitive employee benefits
packages are essential for
attracting and retaining quality
employees, but continuing to
offer them can be tough with
the rising cost of health care squeezing
an already tight budget. Cutting benefits
may seem like a necessary reality for some
companies, but it could have serious long-
term consequences.
Retaining top talent is crucial in order for
your company to remain competitive and
favorably positioned within your industry.
One remedy could be implementing a
strategic benefit plan, which will help you
find ways to contain or even cut costs while
still offering competitive benefits.
WHAT IS A STRATEGIC BENEFIT PLAN?
A strategic benefit plan is a three-to-five-
year plan that outlines goals, strategies, and
action plans with regard to your employee
benefits program. In creating the plan, you
and your broker will strategically analyze
ways to contain costs through various
plan improvements. This approach is a
methodical and logical long-term approach
to benefit planning, as opposed to making
decisions year to year, and will provide a
well-thought-out road map for your future
benefits.
WHAT ARE THE BENEFITS OF
IMPLEMENTING ONE?
At the company level, creating a strategic
benefit plan will help greatly with
internal budget planning and can also be
incorporated into your corporate strategic
plan. This will bring HR and employee
benefits into larger strategic conversations
and ensure that a competitive benefits
package continues to be available.
Employees will also see the benefit of a
strategic benefit plan in many ways. First
of all, by finding ways to cut and contain
costs for the company, the employee
will likely reap some of the savings as
well. In addition, this type of plan will
provide assurance for employees worried
about their benefits. Next to job security,
employees worry most about their benefits
and compensation, namely that they could
be reduced or cut at any time.
BY: CANDACE ARVIN,
EMPLOYEE BENEFITS ADVISOR,
GENERAL INSURANCE SERVICES
Studies have shown that workplace
morale is strongly linked to the quality
of employee benefits, so reassuring
employees that their benefits will continue
is a beneficial move for companies. The
strategic benefits plan can include an
employee communication initiative, which
will keep employees informed and assured
on the future status of their benefits
package. +
Candace Arvin was born and raised in
Chesterton, Indiana. After graduating
college with a degree in Business
Administration, she spent five years
working in the healthcare industry where
she gained a multitude of experience
serving populations ranging from
pediatric to geriatric. She has been
a member of the Chesterton-Porter
Rotarian Club for many years and
also serves on the Hobart Chamber of
Commerce board of directors. Candace
still resides in Chesterton with her wife,
Gabrielle, and their four children. In her
free time, she enjoys visits to the beach,
kayaking, reading, and spending time
with friends and family.