Employee Benefit
Case Studies
Case Study - Employee Benefits: Not Competitive with the market
Background
Mortgage firm had approximately 300 employees based in San Francisco, CA with operations across the U.S.
Situation
● The company did not have benefits that were competitive with their market.
● Benefit programs were not in compliance with legal requirements.
● Costs were not well monitored, understood or modeled.
● Employees did not have a good understanding of their benefits and the structure was excessively complex with numerous vendors offering duplicate coverage.
● The company hired a new vice president of HR who engaged IBP.
Solution
● The process began with an extensive analysis of the current plans and benchmarking of their benefits to the marketplace, followed by a review of their policies, procedures and vendor networks.
● A multi-year strategy was developed to incrementally bring the company’s benefit programs up to speed.
● The company’s plan offerings were adjusted to be competitive in the marketplace based on the benchmark to their peers.
● Numerous duplicative vendor relationships were consolidated into a single network, and IBP negotiated substantial discounts on behalf of the company.
● New procedures were established to improve administration and monitor costs.
● A proactive and continuous communication campaign served to educate employees on how to utilize their benefit programs.
Case Study - Global Benefits back
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Background
A leading technology design firm with 500 employees worldwide faced a need to control costs and consolidate their one off (by country) employee benefit program for over 20 countries to one unified globally strategy.
Situation
● The organization was operating 24 costly cost benefit plans that did not align with the changing organization or the changing workforce.
● The international practice at IBP led a project team to evaluate the alternatives available to the organization.
Solution
● The IBP team recommended that the organization consolidate global coverage with one vendor.
● The new and improved program resulted in a consistent global offering with annual savings in excess of $250,000 per year.
● These savings will help the organization remain competitive in a cost-conscious global marketplace.