HR

Revamping an Organization’s Benefits

The Issue

The organization needed to take immediate action to fight off the low employee retention rate and a pending surge of employee turnover.

We were called to identify the root cause of the issue and develop a solution within a set budget.

Employee Turnover is Expensive.

The costs include:
  • Productivity Loss
  • Cultural Impact
  • Lost knowledge
  • Disengaged Employees
  • Recruiting
  • Training
  • On-Boarding
  • Off-Boarding
Our Process

We developed a proposal to revamp the organization’s benefits to make them an attractive and competitive employer.

Listen

We started by interviewing the management team and employees to assess the situation.

Review

We conducted a careful review of their existing policies to determine what was and was not working.

Analyze

Although there were other challenges, we identified the primary issue was poor health insurance coverage and a general lack of benefits.

We analyzed industry benchmarks and worked with brokers to design a robust benefits package.

Solution
Within the Given Budget We:

Added Flexible Spending and Dependent Care Accounts.

Increased short term disability coverage.

Created a 3-tier health insurance plan.

Established a Parental Leave Policy.

Setup a health care reimbursement account to aid with the employee’s deductible.

Decreased employee health contribution by over 60% and added dependent coverage.

Improved the staff’s work/life balance by overhauling the time-off policy.

Presented a proposal to the board breaking down the cost and benefits for each selection.

The Results

We developed a proposal to revamp the organization’s benefits to make them an attractive and competitive employer.

50 percent more employees added their dependents to their health plans due to it becoming more affordable.

Employees received an increase in net pay due to the lower employee contribution cost.

smile

Crisis Averted

Increase in Employee Retention and a dramatic increase in organization-wide employee satisfaction.