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.