This course puts fundamental knowledge around health and welfare benefits into play by addressing advanced concepts around how to evaluate, select, design, cost, and fund health and welfare programs. Topics include strategic assessment, conducting a gap analysis, plan selection and design, costing benefits plans, funding arrangements, gaining management approval and implementation of the new and proposed benefits plan.

• Evaluate how the overall organizational strategy, human resource strategy and total rewards strategies work together to guide benefits decisions.
• Conduct a gap analysis to determine the current state of benefits offerings versus the desired state, while keeping a realistic view on potential barriers.
• Analyze benefits selection and design considerations to determine if your current design is meeting the needs of your organization and decide whether these offerings are still an appropriate fit for your organization.
• Examine costing considerations and estimate the costs of existing and proposed benefits plans.
• Consider the different types of funding mechanisms and discuss which approach will work best for your organization.
• Examine how to gain buy-in and support for the proposed plan by creating and presenting the business case for senior management.

Who Should Attend

This course is recommended for mid-level benefits practitioner or individuals who would like to broaden their total rewards perspective.

What You Will Learn

Strategic Assessment

• Understand the different levels of strategies within an organization and their affect on strategic benefits design
• Describe the components of a benefits strategy
• Discuss the goals of a benefits strategy
• Examine internal and external factors influencing a benefits strategy

Conducting A Gap Analysis

• Discuss key activities when developing or updating a benefits strategy
• Identify tools available for assessing your benefits offerings
• Assess the current workforce
• Identify assessment tools
• Conduct baseline, competitive, and workforce analyses
• Identify workforce trends affecting benefits plan design
• Review current benefits plan goals

Plan Selection and Design

• Identify scope and depth of the benefits plans
• Examine considerations for medical programs and other health and welfare programs
• Determine plan design specifics
• Evaluate the feasibility of proposed plan

Costing Benefits Plans

• Assess current costs and proposed design costs for medical programs and other health and welfare programs
• Explain the common pricing methods and models

Funding Benefits Plans

• Funding methodology
• Advantages and disadvantages of funding arrangements
• Determine funding of new or proposed plans
• Select funding arrangements and employer/employee contribution levels

Management Approval and Implementation

• Creating a business case for proposed plan
• Presenting a business case for proposed plan
• General plan implementation and administration considerations