Aging Workforce Solutions

Supplemental Benefits

The existence of a multi-generational workforce presents employers with a challenge unheard of in the 20th Century: an assortment of constituencies that ,maintains disparate paradigms and goals for their career objectives.  Keeping all three groups - Boomers, Gen Xers, and Millennials - on functional career paths within a company requires thoughtful coordination between human resources, management, and benefits administration.  It is especially important that benefit plans offer options and choices that address needs and wants AND incentives to all three demographics - and potentially Generation Z, the "next Generation" - on their own terms.  Thus, the role of what we know as traditional "group benefits" may be limited as a sole incentive for employees to identify and maintain a career path within an organization.  However, supplemental benefits can foster a supportive culture that enables employees to address personal issues while balancing career commitments and goals. If structured and delivered correctly, relevant and attractive benefits can often keep employees focused at work, reduce stress and save money.
When we engage with a company that believes it has employee cultivation and or retention challenges, we address issues that include, but are not limited to the following:
1) Assessing the company's demographic profile; ages, job descriptions, potential growth areas within the company and industry, relative to short, mid-, and long-term plans;
2) Evaluating areas of strengths and weaknesses: past, present and future;
3) Analyzing how well the company has accomplished hiring and retention goals across essential areas relative to the business plan;
4) Uncovering outright challenges in competing for new hires. If hiring is easy; after training is provided, do competitors easily poach your people away? Do older employees delay retirement, limiting upward mobility for younger talent?;
5) Evaluating the cost of replacing an essential employee: identifying and narrowing down candidates, onboarding and training, and/or replacing when they leave. (A common standard is a factor of the targeted employee's compensation, but what metrics are being used to tally up the real costs?);
6) Identifying cost centers in the company's business model that can be reduced, or turned into profit centers with appropriate support. (For example, healthcare related costs are a visible target in most companies);
7) Determining which and how well current benefit offerings are being implemented to cultivate and or retain employees. How have they been measured relative to supporting human resource objectives?;
8) Creating a budget appropriate for implementing these programs, as well as identifying and recruiting personnel to design them;
9) Determining who will measure outcomes; how they will be measured ; and whether administration will be done in house or outsourced; and
10)Reviewing the training models currently in place to categorize, archive and disseminate essential knowledge to employees "climbing up the career path", by asking: Are the career paths clearly defined? Are metrics in place to allow both employee and management to evaluate progress?Will the trainers or mentors be chosen from within the company? Will training roles conflict with their job descriptions? If outside entities are involved, will they have sufficient insights into company culture to be effective?
Once these issues are addressed, we will prepare a summary report, and will begin the process of identifying just where fundamental problems are in the company's system and whether or not the challenges they present have potential for resolution. our analysis will identify opportunities where supplemental benefits may provide a functional "carrot" to offer relevant demographic groups  - leading to better job satisfaction and higher retention rates.
Our recommendations will be categorized according to the resources needed to implement and evaluate, including but not limited to:
Out of pocket costs
Administration, distribution and or communication tactics
Regulatory oversight
Opportunity costs relative to measurable "alternate choices"