A recent article from CGMA Magazine highlighted a survey of CFOs that was released earlier this year. According to the study, seventy-five per cent of CFOs expect to see higher revenue in 2014.
Well, as the number of months remaining on the calendar dwindle, it’s certainly critical to analyze how your company is doing when it comes to achieve its goals.
The article highlighted four themes that CFOs thought would help them succeed. To help your company achieve its financial growth goals over the rest of 2014, we’re going to take a deeper look at two of those themes.
Finding and Engaging the Right Talent
While many of the CFOs responding to the survey expressed that they would be increasing their spending on wages and benefits, there are a number of additional factors that may help you to improve employee recruitment and retention. Here are some ideas that your company may be able to put to use:
- Improve your Interview Process: If you are bringing in employees from multiple departments to assist in the interview process, it’s important that they feel prepared in terms of the questions that they should ask, as well in how they should provide their feedback. Our online “Interview Question Builder” tool has enabled many companies to do that successfully.
- Expose the “hidden paycheck”: While some employees may simply take their wages and benefits for granted, others may truly not know the value of what an employer is provided to them. One way to address both of those groups is through the use of Total Compensation Statements. These documents enable your company to tell a powerful story that may touch on its culture, its overall goals, and of course, the value being delivered to employees across the full spectrum of wages, health and welfare benefits, and more.
While companies may know that they need to upgrade their technology, those investments must be aligned with the company’s goals. Here are a couple of areas where technology investments can reap financial rewards for you as an employer and also deliver tremendous value to your employees:
- Reduce benefits administration and streamline open enrollment: While some companies hesitate on changing the internal processes of their Human Resources department, others are finding ways to utilize technology to reduce their administrative tasks and save money. In addition to implementing an online, mobile-friendly Benefits Administration system, employers may find that introducing an online open enrollment system can not only reduce paperwork, but it can also better educate employees on their available benefit plan options.
- Improve employee education and engagement with video presentations: Whether it’s due to busy schedules & deadlines or an ever-growing amount of communication channels, some employers have found it difficult to engage their employees, specifically when it comes to educational efforts. One way that technology can assist in this effort is by changing how employers distribute materials to their employees. For example, video presentations enable companies to create dynamic, interactive messages that can easily be distributed via email, an intranet, a social network, a text-message, or other methods.
- Utilize claims analysis data to improve your benefits plan and reduce costs: As healthcare costs continue to rise, CFOs must find ways to better manage their company’s current situation as well as strategically plan for the years to come. Technology can play a significant role in this regard through the use of Claims Analysis tools. By putting your data to use, these types of solutions can help you to identify cost-drivers within your company and its plans. In addition, they can identify action plans that will help your company address those issues.
I hope that you find these ideas and strategies helpful as you seek to achieve your company’s financial goals in the months to come.
If you have any questions, please contact our team at 877-332-6387 or at info@CBGBenefits.com.