At a strategic level, the primary concern of Board of Directors and CEOs, CFOs is optimizing the money being spent on benefits to attract and retain workforce talent. In many organizations, HR has been viewed as a "tactical function" as compared to a "business partner" of other departments within the enterprise. Advancing HR and transforming this discipline to one that proactively advances business strategy is a major focus of forward-leaning CEOs.

Benefits Strategic Planning Made Easy...

We advocate a nationally recognized, six-step process that simultaneously serves as a project plan, and a springboard for future management decisions regarding the benefits program. When engaging in the strategic planning process the following themes will be emphasized:

• Clearer alignment of the total rewards strategy with the overall business strategy which is a critical key to success for all employers today. HR must play a strategic role in the organization and be the driving force behind the workforce becoming a unique competitive advantage for the company.

• A well-defined road map (i.e. - Benefits Strategic Plan) is an essential tool to ensure proactive management of the rewards program and its alignment with the business mission. This is a philosophical approach that will aid HR professionals and make their jobs easier. The absence of such a plan results in HR being relegated to a reactive role that diminishes the potential of a company's biggest asset - their workforce. 

The Benefits Strategic Plan in Practice...

Embracing the concept of the Benefits Strategic Plan will cause a long-term, positive change in the planning and management of your benefits program. 

You should expect our Benefits Consulting team to facilitate the strategic planning effort. During the planning process, our consulting team will meet and work jointly with you to strategize and develop the essential components of the Benefits Strategic Plan. At the conclusion of this collaboration, our Benefits team will produce a final document for your organization that memorializes the benefits strategic plan.

At this point, the Benefits Strategic Plan becomes the project plan for the near-term. It is the road-map for: managing benefits and containing costs, modifying plan design and introducing new benefits, enhancing or improving benefits communications, adjusting or implementing new administration processes, and levering technology.

Looking further into the future, on a semi-annual or annual basis you should use the Benefits Strategic Plan to review progress and to ensure all activities are aligned with the current business circumstances.