Benefits + Analytics? You Betcha!

I recently designed a new project for a large client that I am proud of and thought it might interest others. Have a look!

My client is concerned that they are not getting the requisite “bang for their buck” when it comes to employee benefits and want to explore the issue.

The goal is to capitalize on the benefits that are most valued by their employees, while crystalizing the employee value proposition at all levels.

Here are the steps we will be taking:

1. Collect benefits information (programs offered; employer contributions; actual participation rates; total spend, by program) from across the health system, which has grown rapidly through acquisition
2. Collect custom benchmarking information from selected peer group, who will each be offered a free copy of the summary report in exchange for participating
3. Analyze the data to determine richness / prevalence of each benefit offering, relative to market, and make initial recommendations to get them to “par”
4. Leverage our proprietary, ipsative (forced-choice) survey to pit each benefit program against the others (as well as several benefits not currently offered by the health system, but “in the realm of possibility” and offered by some competitors) and collect demographic information from each [anonymous] respondent
5. Analyze the data to determine which benefits were most valued by specific employee groups (e.g. Location A vs. Location B; Millennials vs. Baby Boomers; men vs. women; etc.)
6. Compare stated preferences with actual enrollment data to validate that employee behavior matched their responses (it rarely does)
7. Apply advanced statistical analysis to model the optimal mix of employee benefits and reimbursement / matching levels, by employee group & career level, given the foregoing (benchmarking information, stated preferences, actual enrollment information)
8. Facilitate executive strategy sessions to clarify the intended employee value proposition for each employee group, at each level
9. Modify both the mix of benefits offered and the levels of reimbursement, improving employee satisfaction with the benefits offered while reducing overall spend

 What do you think? Would this type of insight be valuable for your company?