3 Questions for Benefits Renewal
October 12, 2021

For many employers, the fall signifies many things including time to renew insurance and benefits. Some may look at benefits renewal as an interruption or nuisance while others may look at it as an opportunity to re-imagine and deliver. While the seasonal change in workflow can interrupt the "normal" activities, benefits are a key expectation by employees. Why not embrace the interruption as a chance to do some visioning and establish or validate the game plan?

“Do you know great minds enjoy excellence, average minds love mediocrity and small minds adore comfort zones?” ~
 Onyi Anyado

Three key questions get the strategic juices flowing:

  • Where have you been?
    Take an assessment of the last 3-5 years. Look for how the offering has evolved including what drove those changes. Areas to look for include reaction to rate increases; anticipating growth, needs, or changes in workforce; change in decision maker or decision maker philosophy.
  • Where are you today?
    Gathering input from key stakeholders is critical in this step. Look for the wants/needs of the organization, owners/leadership, and employees. This can be formal or informal. Informally, benefits leaders can pop-in to meetings and pose some questions or just chat at the "water-cooler". Formally, leaders can distribute surveys and interest forms. Either way, these signal to the stakeholders that their input matters, no matter if you follow each individual recommendation. 
  • Where do you want to go?
    Every business is on a certain trajectory. Maybe it's up,  down, flat, pivoting or charting a new path. Start to take steps to align how benefits can support that trajectory. For example, if the company plans an expansion into a new service and needs to recruit workforce in that area, do the benefits support attracting that workforce?

As a good friend of mine said recently, "(rethinking benefits) is like asking, 'when is the right time to plant a tree?'".

Today is always the best day to get started.

Topics: Employee Benefits Health Finance Health Insurance Healthcare Finance Wellness
Eric Hannah

Written by Eric Hannah

Eric is an employee benefits advisor at Olivier VanDyk Insurance and a catalyst for change. Through a multi-faceted, two-decade healthcare career, he developed a unique perspective on personal well-being, healthcare navigation and insurance systems. This experience inspired Eric to introduce an innovative approach to employee benefits – putting employers and employees in charge of their own care and spend. Eric believes that employee benefits should be a tool to achieve the optimal employee experience. Today, he helps forward-thinking business leaders develop strategies that create value.