The Challenge
The employees have physically demanding jobs which results in greater pressure on certain parts of the benefits plan. In order to ensure that employees remain healthy and happy, management wished to revise the plan to ensure the health benefits needed most could continue without putting too much pressure on future costs. They wished to ensure the long term sustainability of the plan and for their organisation to remain an industry leader.
Their secondary goal was retention of staff.
Our Approach
We provided an in-depth review of their compensation strategy and budgets. We examined plan utilization and identified the benefits most important to staff for daily health, as well as those benefits that provide peace of mind and are important to their long term financial health.
Our review led to some material changes:
- The plan design was enhanced for benefits that help protect the long term health of employees with physically demanding jobs.
- A layer of flexibility in coverage was added to enhance benefits important to the employees
- Ensured appropriate coverage in place for employees travelling for competitions
- An employer sponsored retirement plan was added to help improve the financial health of the team and to provide incentive to remain with the organisation over the long term.
- Semi annually we provide support to the HR team with resources, education and reports.