Human Resources Issues for Senior Management
Issue link: https://digital.hrreporter.com/i/605961
and higher chronic conditions," says Mark. The key is to think outside of the traditional core bene ts box and to get creative, she says. One way to do that is by offer- ing a health-care spending account or taxable spending account. Both are effective methods when offering personalization and exibility. For an employer, the must-haves typically include disability and catastrophe coverage, according to Ofelia Isabel, Towers Watson's rewards and talent leader. "Employers want to make sure that if anything bad happens to people, they are protected," she says. "Those things aren't sexy for employees, but I think it gives us peace of mind." MEASURE UP "Don't forget about it once you set it up," says Isabel. "Go back and measure against your objectives, but also the things that really matter — the health of your population." For instance, if an employer's goal is to tackle stress manage- ment, it could survey employees against their pharmaceutical requirements — do employees need fewer stress-related rem- edies after the program was implemented? The responsibility to follow up also applies to workers, who too often forget about what is available to them. "Sometimes employees, they hear what they've got when they join a company and then they kind of forget about it. And they won't really appreciate or understand the true value of the contribution the employer is giving them," says Mark. 28/CANADIAN HR STRATEGY CHOOSING A BENEFITS SUPPLIER Employers looking to set themselves apart from the pack when it comes to bene t packages would do well to enlist an advisor to help suss out the best plan, according to Marilee Mark, vice-president of market development at Sun Life Financial Canada's group bene ts. This can give employers a leg-up on the competition, especially in those elds where workers are in high demand, such as oil and gas or emerging technologies. Or, it can help set an industry standard, she says. "That's one of the areas where an advisor would work with them to bench- mark their plan against other like employers, or those that you would see as leading edge or highly competitive." Ross Cristiano, Towers Watson's senior health and group bene ts practi- tioner, says the right supplier will be able to assess an employer's current or budding plan and determine what holes should be lled. "A scenario we've seen a lot and have been able to do is to look at areas where there are inef ciencies on how the programs are designed right now," he says, adding that emerging data-gathering techniques are giving suppli- ers and employers a better understanding of exactly how their money is being spent. Most bene ts suppliers should closely examine how to get the best return on an employer's investment, says Mark. "Part of our responsibility is to bring forward options that are easy for an employer to offer — low-risk, less cost — and making it easy for them by even potentially collecting the premium from the employee." that would appeal speci cally to workers in their 40s and 50s. And, increasingly, lifestyle bene ts are proving popular across all demographics. "There's a lot more interest in a lifestyle bene t from millennials, but also because we're seeing an aging workforce Human Capital is a Top Priority for CEOs Today • NiagaraInstitute.com Quote HRLEAD15 Contact us to find out how Call: 1-800-663-7305 E-mail: info@NiagaraInstitute.com We can help you strengthen your leadership talent to meet the current and future needs of your organization.