While there are many variables to consider when reviewing your benefits plan, we believe the following 10 questions will help guide you towards designing the right plan for your organization:
- What is the “Purpose” of the Plan?
- Do the benefits align with your company’s overall mandate?
- Does your company have a Benefits Philosophy?
- How is your benefit plan perceived by employees?
- Do you educate your employees about the objectives of the plan and factors influencing design?
- Can you afford to offer the same level of benefits into the foreseeable future?
- Have you introduced cost containment measures?
- How do your benefits impact your company’s human capital requirements?
- Can you make your benefits plan more flexible while also controlling escalating costs?
- Are you receiving the best return on your benefits plan investment?