Measuring the ROI on benefits plans

Would you splash out on an award-winning benefits plan?

Measuring the ROI on benefits plans

According to recent research from EBRI, 80% of employees who claim to be satisfied with their benefits plans also rank their overall job satisfaction as extremely high.

And whilst this is compelling evidence in itself, is it enough to convince employers to spend big bucks on benefits?

Essentially, is it ever really possible to measure the ROI on a good benefits plan? HRD spoke to Gisela Carere, president of Benchmark Benefit Solutions and speaker at the upcoming webinar: Multi-generational benefits: Implementing a hyper-personalized benefit program, who shed some light on the issue.

“I wholeheartedly believe you can measure the return on a good benefits plan,” she prefaced.  “All companies have a mission – they have a vision. The only way any successful organization will be able to grow is through a strong, healthy and engaged workforce.”

 “Companies need only look at the goals they set at the start of the year and see whether or not they’ve been met. That’s a very simple way of measuring the ROI on benefits. Disability claims will be lower, health claims will sit within national benchmark. Claims which are associated with an unhealthy lifestyle, such as cholesterol problems or alcohol issues, will be minimal.”

Gisela revealed that right now, in Canada, there’s a major talking point in organizations around what can be done to keep employees mentally well in the workplace. How can employers keep them engaged in the office? How organizations foster an authentic work-life balance in staff?

“If you see that you have employees present at work, your claims are within benchmark, your growth as a company is right where you need it to be – that’s your return on investment,” explained Gisela. “You’re keeping your workforce healthy to bring your company to the next level. After all, without people working as a team, healthy and engaged, the organization will not prosper. This is your return as an employer.”

To find out more top tips on crafting the ideal benefits plan, make sure you sign up for our webinar here.  

 

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