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Actions Insights for Optimizing Your Employee Benefit Program
Key Takeaways
- There are strategies employers can implement to make the most of their employee benefit program investment.
- Key areas to optimize: satisfaction, productivity, recruiting/retention, and retirement readiness.
- Data analytics can provide insights to employee behaviors and improve plan design.
Benefits optimization is an approach to designing a portfolio of employee benefits that maximizes desired workforce outcomes against a given benefits budget. In other words, benefits optimization strategies help employers get the biggest “bang for the buck” in terms of the investment they are making in their benefit programs. How that is defined can vary from employer to employer. Employee satisfaction, productivity, talent attraction and retention, and retirement readiness are just some of the many critical outcomes employers may wish to optimize.
As benefits optimization has emerged as an area of focus for employers, many benefits brokers and consultants have established comprehensive benefits optimization frameworks that span group benefits, health and wellness, retirement, and compensation.
Complementing these existing frameworks, Prudential offers unique insights for employers and their consultants or advisors to consider as they develop their own benefits optimization strategies.
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For more insights related to customizing the design of benefits plans and programs read Insights for Optimizing Your Employee Benefit Program
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Oct 08, 2020
Oct 08, 2020
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