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:
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Productivity Loss
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Cultural Impact
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Lost knowledge
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Disengaged Employees
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Recruiting
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Training
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On-Boarding
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Off-Boarding
Our Process
We developed a proposal to revamp the organization’s benefits to make them an attractive and competitive employer.
We started by interviewing the management team and employees to assess the situation.
We conducted a careful review of their existing policies to determine what was and was not working.
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.
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.
![dollar.png](https://static.wixstatic.com/media/994e57_b5689fae39984362958114aedb862459~mv2.png/v1/fill/w_156,h_156,al_c,q_85,usm_0.66_1.00_0.01,blur_3,enc_auto/dollar.png)
50 percent more employees added their dependents to their health plans due to it becoming more affordable.
![dollar.png](https://static.wixstatic.com/media/994e57_b5689fae39984362958114aedb862459~mv2.png/v1/fill/w_156,h_156,al_c,q_85,usm_0.66_1.00_0.01,blur_3,enc_auto/dollar.png)
Employees received an increase in net pay due to the lower employee contribution cost.
![icons_smile.png](https://static.wixstatic.com/media/994e57_85bb70eb603b4ca7b20fa3eb4cccbd2d~mv2.png/v1/fill/w_128,h_128,al_c,q_85,usm_0.66_1.00_0.01,blur_3,enc_auto/icons_smile.png)
Crisis Averted
Increase in Employee Retention and a dramatic increase in organization-wide employee satisfaction.