Time to Re-Engage With Your Employee Benefits Strategy

As we embark on a new year, the challenges of the COVID-19 pandemic remain front and center. When the virus emerged, many companies had to pivot quickly to reposition their workforce, continue manufacturing their product, and maintain customer service – all while trying to keep everyone healthy and safe. 

While the pandemic is not over, employers are ready to turn their focus back to initiatives that did not get their full attention in 2020. Now is an excellent time to revisit your benefits strategy to determine whether the plan that was laid out prior to COVID-19 is still the right path moving forward. Employee benefits have always been critical to attracting and retaining key talent, but the pandemic highlighted just how crucial employee benefits can be to protecting and comforting the workforce. Employers should review their offerings to see if the benefits offered today match the benefits needed and expected by employees tomorrow. 

Some questions to consider as you review your benefits strategy:

• Is the plan clear, realistic, and achievable?
• Does our long-term plan allow us enough flexibility?
• Does the plan allow us to address the needs of all workforce generations and all our geographies?
• Does the plan sync with our overall organizational goals?
• Are we leveraging our own data (claims, demographics, etc.) to ensure we are meeting employee needs?
• Do we have the correct partners in place to ensure our strategy is successful?

For those interested, we invite you to check out what more than 700 other employers told us they were planning to do to see where you are aligned. For those companies that haven’t set a long-term strategy for their benefit plans, the new year provides an opportune time to begin laying the framework for a plan that will drive maximum value out of the benefit package provided to its employees.

Dan Gowen
SVP, Employee Benefit Practice Leader
Assurex Global