obtaining the benefits from benefits june 2012
Post on 10-Jun-2015
259 Views
Preview:
DESCRIPTION
TRANSCRIPT
Obtaining the benefit from benefits
by Toronto Training and HR
June 2012
Page 2
Contents3-4 Introduction to Toronto Training and HR5-6 Drill7-10 Categories of benefits11-12 Work-related benefits13-16 Common measurements of benefits
effectiveness17-19 Comparing dental benefits20-21 Calculating return on investment22-23 Strategic perspectives on benefits24-25 Workplace benefits fraud26-27 Non-cash benefits28-29 Flexible benefits30-31 Alternative approaches32-33 Driving behaviour through benefits34-35 Different strokes36-38 Factors to consider when designing a
benefits package39-40 Successful reward strategies41-52 Case studies53-54 Conclusion and questions
Page 3
Introduction
Page 4
Introduction to Toronto Training and HR
• Toronto Training and HR is a specialist training and human resources consultancy headed by Timothy Holden
• 10 years in banking• 10 years in training and human resources• Freelance practitioner since 2006• The core services provided by Toronto Training and HR
are:- Training event design- Training event delivery- Reducing costs- Saving time- Improving employee engagement &
morale- Services for job seekers
Page 5
Drill
Page 6
Drill
Page 7
Categories of benefits
Page 8
Categories of benefits 1 of 3
SEVENPensionsPersonal securityFinancial assistancePersonal needsCompany cars and gasOther benefitsIntangible benefits
Page 9
Categories of benefits 2 of 3
FOURPersonal security and healthJob, status and seniority-relatedFamily-friendlySocial or lifestyle benefits
Page 10
Categories of benefits 3 of 3
THREEFinancial securityFinancial assistancePersonal needs
Page 11
Work-related benefits
Page 12
Work-related benefits
AccommodationMortgage assistance, loans and discountsRelocationTravel and subsistence
Page 13
Common measurements of
benefits effectiveness
Page 14
Common measurements of benefits effectiveness 1 of 3
Benefits as a percentage of payroll (pattern over a multi-year period)Benefits expenditure per full-time equivalent (FTE) employeeBenefits costs by employee group (full-time vs. part-time, union vs. non-union, office, management, professional, technical, etc.)
Page 15
Common measurements of benefits effectiveness 2 of 3
Benefits administration costs (including staff time multiplied by the staff pay and benefits costs per hour)Health-care benefits costs per participating employee
Page 16
Common measurements of benefits effectiveness 3 of 3
METHODS OF GAUGING SUCCESSImproving employee satisfaction with the overall benefits programAchieving a certain set participation rate or goalReducing benefits costsAdding more benefits options
Page 17
Comparing dental benefits
Page 18
Comparing dental benefits 1 of 2
Network matchDental claim v medical claimOral surgeryTo-go featuresFamily share plansDiagnostic & preventativeFrequency of cleaningsOrthodontic age
Page 19
Comparing dental benefits 2 of 2
Balance billing-above usual and customary chargesOut of networkPeriodontics and endodonticsWaiting periods for major services and orthodontiaCredit for deductiblesClaims experience and reportingExclusions
Page 20
Calculating return on investment
Page 21
Calculating return on investment
Select a metricEstablish a baselineSubtract the baseline from the metric throughout the duration of the rewards programDivide by program costsGet the return on investment
Page 22
Strategic perspectives on benefits
Page 23
Strategic perspectives on benefits
Benefits absorb social costs for health care and retirementBenefits influence employee decisions about employers (e.g., recruitment and retirement)Benefits are increasingly seen as entitlementsBenefit costs average over 40% of total payroll costs
Page 24
Workplace benefits fraud
Page 25
Workplace benefits fraud
PreventionDeterrenceDetectionInvestigationRecovery and remediation
Page 26
Non-cash benefits
Page 27
Non-cash benefits
Childcare provisionLife assurancePaid leaveMedical checks
Page 28
Flexible benefits
Page 29
Flexible benefits
Within benefit flexibilityAcross-benefit flexibility
Problems with flexible benefits
Page 30
Alternative approaches
Page 31
Alternative approaches
Reactive approachProactive approachPreventative approach
Page 32
Driving behaviour through benefits
Page 33
Driving behaviour through benefits
Establish objectivesDesign architectureCommunicateKnow the barriers
Page 34
Different strokes
Page 35
Different strokes
Baby boomersGeneration XGeneration YGeneration Z
Page 36
Factors to consider when designing a benefits package
Page 37
Factors to consider when designing a benefits package 1
of 2Who should be protected or benefited?How much choice should employees have?How should benefits be financed?Are the benefits legally defensible?
Page 38
Factors to consider when designing a benefits package 2
of 2DECISIONS TO MAKEThe range of benefits offered to employeesThe scale of the benefits providedThe overall ‘spend’ on benefits compared to total remunerationHow benefits are allocated to employees
Page 39
Successful reward strategies
Page 40
Successful reward strategies
Recruit the right peopleInvest in themAgree clear objectivesSet standards and examplesThe payback
Page 41
Case study A
Page 42
Case study A
Page 43
Case study B
Page 44
Case study B
Page 45
Case study C
Page 46
Case study C
Page 47
Case study D
Page 48
Case study D
Page 49
Case study E
Page 50
Case study E
Page 51
Case study F
Page 52
Case study F
Page 53
Conclusion and questions
Page 54
Conclusion and questions
SummaryVideosQuestions
top related