How the C-Suite Should Be More Involved in Managing Their Benefits Plan
Employee benefits are becoming more and more important for companies who are competing for the best and the brightest available in this ever-changing work landscape. According to a recent article, discussions about employee benefits are under more scrutiny than ever from the C-suite and beyond.
The reasons? There are several, not the least of which is that benefits account for a larger portion of your company’s budget. Your healthcare offerings need to be competitive without breaking the bank. These are discussions that the CEO and CFO need to have as annual increases in the cost of healthcare have made balancing the budget harder.
Another reason is that your company’s CFO is uniquely qualified to speak the language of finance. He or she can direct your management team during the benefits review process, which should always include factors such as risk mitigation strategies, historical claims reviews and benefit design.
In addition, companies who skimp on their benefits, according to the article, often don’t realize the cost of a sub-par employee benefits program. Employee turnover, especially in this climate, can be more costly in the long run to a company that is always scrambling to fill vacancies.
To summarize, your Human Resources team may be experts in benefits, but your CEO and CFO are the experts in long-term financial decisions. Having active C-suite participation in your benefits package can pay off in dollars as well as in employee retention.
To learn more or discuss your employee benefit program, visit our Employee Benefits page or contact:
Brad Heter, CIC
Employee Benefits Advisor
Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.