Benefits Strategic Plans That Align With Your Business Mission
While the cost of the total rewards package and controlling the costs associated with it remains an important issue, those concerns have been eclipsed by the need for talent management. Today, the shortage of qualified employees and motivating and retaining existing employees is the top priority for most organizations. Hilb Group builds Benefits Strategic Plans to deliver solutions that address today’s needs with a forward-thinking approach, eliminating tomorrow’s problems.
Strategic planning determines where an organization is headed over the next several years – and maps out how it will get there. A solid strategic plan results from activities that:
- Assess needs and resources
- Define a target audience and a set of goals and objectives
- Plan and design coordinated strategies
- Logically connect these strategies to needs, assets, and desired outcomes
- Measure and evaluate the process and outcomes
THE OBJECTIVE
A Benefits Strategic Plan is specifically focused on the current and future needs of a company as it relates to its employee benefits program. It articulates how the benefits program will continue to support the attainment of the overall business plan and corporate objectives while taking into consideration tactical priorities. The main objective of the plan is to strengthen the management decision-making process by recognizing and addressing key internal and external factors that affect the business and the benefits program.
THE PROCESS
Strategic planning is a collaborative effort between the benefit advisor and the client. By working together to strategize and develop the essential components of a well-defined plan document, benefit advisors gain insight into clients’ business issues to ensure a clearer alignment of the total rewards strategy with the overall business strategy. Because of each client’s unique environment – leadership, culture, business issues, management structure, and size – our strategic plans vary by client.
THE IMPLEMENTATION
Once a Hilb Group benefit advisor produces a final document that memorializes the Benefits Strategic Plan, we gain client approval – and the authority to act. At that point, the plan becomes a roadmap for the near term, governing the introduction of new products, enhancing or improving benefits communications, adjusting or implementing new administration processes, and so on. We also review each plan on a regular basis to gauge progress and ensure activities are aligned with it and update the plan as necessary.
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