Benefits Partnership Plus
Health and welfare benefits have been an operating issue for most companies for many years — a component of the human resource program that clearly requires careful ongoing management. What’s different today? The degree of attention these benefits need — and the attention they receive in the “C” suite.
In this environment, HR executives face new challenges from three important perspectives:
- Cost control. For most employers, benefit costs are problematic, if not prohibitive, and highly visible to senior management. What’s more, traditional solutions — tweaking the health plan design, for example, by increasing coinsurance or copays — can raise unwelcome employee relation issues and ultimately fail to address the business problem: controlling cost increases over the medium to long term.
- HR efficiency. As organizations strive for competitive advantage by reducing operating expense and increasing return on investment, HR departments are leaner than ever. HR solutions must be comprehensive but streamlined, flexible but fully transparent and strategic within tight budget constraints. In this scenario, trusted partners play a key role.
- Employee engagement. With cost shifting less viable as a benefit management option, many employers are turning to employee engagement strategies to achieve better outcomes for both employees and the company — by, for example, developing education and communication programs that encourage healthy behaviors, good health care choices and full appreciation of the value of benefits. But to achieve significant positive results in this arena, investments must be carefully targeted and based on a full understanding of employee attitudes and preferences.
How We Can Help
Towers Perrin can help you address these critical issues. How? By providing the core services you need across the full spectrum of your health and welfare programs, including health, dental, disability, life and other welfare coverages. Plus, we give you the added value that comes from our years of experience, innovative tools and solutions, and in-depth knowledge of the marketplace.
Our Benefits Partnership Plus service offering gives you:
- a straightforward, efficient benefit program management service that delivers the results you want
- immediate cost savings, plus a proven strategy that allows you to control costs — beyond cost shifting — over the long term
- effective communication tools to engage your employees
- a performance dashboard that measures your results and supports reporting to senior management
- opportunities for significant cost savings on prescription drugs and stop loss coverage through powerful group purchasing arrangements, with a free up-front savings analysis
- opportunities to outsource enrollment and ongoing administration
- access to high-value Towers Perrin thought leadership and intellectual capital
- a trusted advisor and account team who give you the proactive service you need
- a three-year, fixed-fee structure — with full transparency and no surprises.
Overall, you get more value for your benefit management spend — that is, more value for the same or less cost than you’re incurring today.
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