Benefit Strategy & Process
Building a strategic benefits plan requires a two-phase strategy that continues over multiple years
Phase I: Strategic review, benefits analysis,
and plan design
Phase II: Communication, Enrollment, and Implementation
Step 1: Discovery:
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We will interview critical leaders to learn the history of benefit changes, and discuss pain points and initial hypotheses for improvement. We will also survey employees to gauge the end users' feedback on the product and process. We then coordinate team activity and involve key sponsors including finance, HR, leadership, and external advisors if needed.
Step 2: Strategize & Analyze
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Analyze relevant census and benefits plan information data. Conduct any relevant benefits diagnostic services: health care reform check-up, claims/loss review, cost forecasting, or competitive benchmarking, as appropriate. Summarize results from analysis and discovery, and share initial hypotheses for improvement.
Step 3: Consultative Plan Design
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Once the analysis is complete, we will translate ideas into structured recommendations.
Based on initial recommendations, we will build out recommended plan design across three critical dimensions:
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Product Value / Choice
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Employee Engagement
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Technology / Administration
Finally, we present a written plan and multi-year road map and secure executive approval.
Step 4: Marketing and Implementation
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Upon completing the marketing and coming to an agreement on the selected plan designs and benefit options, we prepare and execute our communication, implementation, and open enrollment strategy. Finally, we initiate project management steps to ensure a smooth enrollment experience.
Step 5: Measure Impact and Health Value
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At the end of the first year, we will evaluate milestones of success and impact, plan improvements for next year, and deliver regular stewardship reporting updates. We will also conduct off-cycle employee research surveys to assess the impact and manage ongoing service and communication needs.
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By following this process, you can expect to achieve
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Predictability and consistency in benefits management (2) Accurate cost forecasting, and contingency plans for unexpected changes (3) Benefits that clearly tie to overall human capital objectives (4) Smooth implementation – with backup plans, if needed and (5) Human Resource team that is viewed as strategic business partner internally.
Signia Benefits Consultants….A Better Way to Manage Health & Wellness
Corporate Wellness
Employers can play a role in managing the cost of healthcare by incorporating wellness programs that provide a demonstrable return on investment. The benefits of offering customized and comprehensive wellness benefits include a healthier, happier, and more productive team of employees. We provide solutions that will engage and reward your employees for improved wellness behavior based on metrics.
Signia Benefits Consultants will help you develop a wellness strategy and create an internal wellness team.
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We will take advantage of the wellness programs and dollars offered by your existing carrier and provide the following services:
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Sourcing & Vendor Management
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Implement & Facilitation Wellness Program
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Coordinate Health Fairs & Health Screenings
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Assist in Creating Wide Contests & Challenges
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Plan Sponsored Lunch and Learns
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Support in Developing Creative Incentive Programs
