Employees increasingly view benefits as a critical component of their total rewards. For organizations, the employee benefits strategy is a valuable talent attraction and retention tool as well as an opportunity to reflect the talent strategy in a personal and tangible benefits experience.
Getting to the heart of your employee benefit strategy is complex. It requires balancing many factors such as
Furthermore, you need to find the right data for analytics to refine your employee benefits strategy. And to implement it effectively, you need the right balance of technology for benefits administration.
It’s helpful to have a framework to design and maintain an effective employee benefits program. Our Strategy Navigator (see below) outlines the five critical components of an exceptional employee benefits package:
Benefits administration and operations