Health & Welfare and Fringe Benefit Assessments
Competitive benefits are an essential component of any successful total rewards strategy. Today’s employers are going beyond traditional benefits, such as health insurance, retirement contributions, and paid time off, and finding new ways to support and engage employees, such as performance bonuses, company-sponsored training and development programs, and workplace flexibility options.
Benefits are key to recruiting and retaining top performers. Strategic Compensation can assess the competitiveness of your program offerings, whether they align with your culture and values, and how the employee’s cost for those benefits affects the competitiveness of cash compensation plans.
Our process includes:
- Assessing quality and availability of healthcare and other benefit offerings and relative cost to employees for those benefits.
- Evaluation of fringe benefits and perquisites.
- Identification of opportunities to expand offerings and implement supplemental programs.
- “Benefits Equity” analysis – does the organization provide equal coverage for highly compensated employees and executives or are they shortchanged by policy caps?
Fringe Benefits & HR Policy
As we collaborate with clients to develop compensation strategies and total rewards solutions, we are often asked to provide guidance on related matters, including:
- Executive employment agreements, including change of control and non-compete provisions.
- Telecommuting & remote work policies.
- Performance management systems, including supervisor training and goal setting.
- Succession planning.
- Skills development: identification of needs and resources required to meet those needs.
- Non-compensation strategies to address high turnover positions.
We are fortunate to have long-standing relationships with many clients and take pride in being a go-to resource for compensation-related issues and beyond.