With full responsibility for employee benefits resting on your shoulders, I know how hard you work to provide your employees with affordable healthcare options that are easy to use and simple to understand.

Managing employee benefits is essential to your organization’s financial health and the quality of life of its employees. No pressure, right?

So, how do I build & maintain the very best benefit package that optimizes my efforts at recruiting & keeping employees without breaking the bank?! This is what I refer to as the Benefits Dilemma.

Consider these five mindsets for Mastering the Benefits Dilemma:

1.      My mission is clear and unwavering. Benefits within my organization are seen as a benefit – Not a burden. This is a slippery slope. Yes, they’re a top 5 expense – But are critically important. Be that voice. Imagine having such sought-after benefits that your organization is an absolute magnet for the very best employees in your industry. And, when recruiters call, they simply ignore the call. This can be your reality. This is the mission you’re on and benefits are the catalyst.

2.      Success is directly proportionate to the time I invest. As you know, employee benefits come with fires to put out, daily. It often can feel like a pressure cooker. In order to implement change though within your organization, you simply need the time to plan and execute. If you don’t have the time and are stuck dealing with tasks and have little time to think strategically, fix it.

3.      Metrics are absolutely critical. Get a baseline, a snapshot of the health of your people. If you don’t have this you will be taking a shotgun approach-Wasting your time and resources on employee engagement that misses the mark. Standard education is just that, standard. Needed, yes, but standard. Rather than only general messaging, it’s better to engineer engagement campaigns for those that need it the most and help them understand why it’s important to get back on care path & where they can get help. Beyond doing the right thing, the added benefit is that if you do this correctly you can position yourself to prevent catastrophic claims before they increase your costs.

4.      When it comes to pharmacy benefits, don’t stop asking questions. We’ve been conditioned to think about rebates. It’s much deeper than just rebates – It’s the contractual language that either is or isn’t in your contract. There’s a good chance you’re sitting on 20-30% savings and not even know it. Hidden money. Buried money that could be used elsewhere within your organization. Point is, if you haven’t read and understand your pharmacy benefit manager contract, start today. And, don’t stop asking your advisor questions until you understand every component. After all, pharmaceutical drugs, particularly specialty are sky-rocketing in cost – You can’t afford to leave them unattended. Again, curiosity is key.

5.      Benchmarking drives strategy. Your fellow leaders are turning you to understand how you stack up against competitors. Complete a comprehensive benchmarking study of all your plans annually. Sourcing talent is tough. No two ways about it. You need to know the perception that your candidates have of what you have to offer. Like it or not, candidates form opinions quickly.