obtaining the benefits from benefits june 2012
DESCRIPTION
Half day open training event delivered in Toronto.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
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Introduction
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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
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Drill
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Drill
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Categories of benefits
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Categories of benefits 1 of 3
SEVENPensionsPersonal securityFinancial assistancePersonal needsCompany cars and gasOther benefitsIntangible benefits
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Categories of benefits 2 of 3
FOURPersonal security and healthJob, status and seniority-relatedFamily-friendlySocial or lifestyle benefits
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Categories of benefits 3 of 3
THREEFinancial securityFinancial assistancePersonal needs
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Work-related benefits
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Work-related benefits
AccommodationMortgage assistance, loans and discountsRelocationTravel and subsistence
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Common measurements of
benefits effectiveness
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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.)
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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
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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
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Comparing dental benefits
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Comparing dental benefits 1 of 2
Network matchDental claim v medical claimOral surgeryTo-go featuresFamily share plansDiagnostic & preventativeFrequency of cleaningsOrthodontic age
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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
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Calculating return on investment
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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
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Strategic perspectives on benefits
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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
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Workplace benefits fraud
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Workplace benefits fraud
PreventionDeterrenceDetectionInvestigationRecovery and remediation
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Non-cash benefits
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Non-cash benefits
Childcare provisionLife assurancePaid leaveMedical checks
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Flexible benefits
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Flexible benefits
Within benefit flexibilityAcross-benefit flexibility
Problems with flexible benefits
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Alternative approaches
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Alternative approaches
Reactive approachProactive approachPreventative approach
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Driving behaviour through benefits
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Driving behaviour through benefits
Establish objectivesDesign architectureCommunicateKnow the barriers
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Different strokes
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Different strokes
Baby boomersGeneration XGeneration YGeneration Z
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Factors to consider when designing a benefits package
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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?
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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
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Successful reward strategies
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Successful reward strategies
Recruit the right peopleInvest in themAgree clear objectivesSet standards and examplesThe payback
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Case study A
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Case study A
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Case study B
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Case study B
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Case study C
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Case study C
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Case study D
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Case study D
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Case study E
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Case study E
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Case study F
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Case study F
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Conclusion and questions
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Conclusion and questions
SummaryVideosQuestions