As a company prepares for growth, the CFO plays a critical role in defining the strategy that will lead them to success. In fact, a recent report from Adaptive Insights highlights a number of the items that a financial executive would need to consider, including one’s economic outlook and profit margins.
Another key item mentioned in the report is the importance of having a strategy regarding healthcare spending.
As you plan for the future financial success of your company, here are four key items that should be looked at regarding health insurance and other employee benefits:
- Better Visibility Into Plan Utilization: As a company grows, the availability of data regarding plan utilization and claims becomes more accessible. However, without a strategy around how that data will be analyzed and put to use, its impact may be minimal. Thus, it’s important to identify the key stakeholders that will be able to take the necessary follow-up actions regarding that data, including launching employee communication campaigns and making creative plan design changes.
- Greater Control Through Alternative Funding Options: While the shift to a more consumer-directed approach to healthcare continues to gain momentum, employers must still ensure that the plans they’re providing meet the needs of their unique employee population. By investigating whether options such as a self-funded plan may work for your business, you may identify ways to provide greater choice and flexibility to your employees and also reduce your healthcare costs.
- Reduce Manual Administrative Tasks: One aspect of any CFO’s growth strategy would include eliminating wasted time and money spent on administrative tasks that are being done manually. Areas that may fall into this category could involve employee benefits administration and payroll related tasks. By moving to a centralized, online Benefits Administration system, companies may be able to streamline many tasks that are being done by hand today, thus freeing up the HR department to work on the many other items that are on their to-do list.
- Streamline Employee Onboarding: Before your company ramps up its hiring process, it must have a plan in place to onboard new hires in an efficient manner. Of course, the need for speed in this regard must also be balanced with compliance requirements (failure to do so could be quite costly). One way that companies may succeed in this regard is with video presentations. These online, mobile-friendly tools can ensure that a consistent and comprehensive onboarding message is delivered to all new hires, regardless of their location. Also, by implementing an easy-to-use online open enrollment system, companies can streamline the process of getting employees enrolled in their benefits plans.
Additional Help For Growing Companies
I hope that you find these strategies helpful as you seek to map your company’s path to growth and success.
At CBG Benefits, we have helped many emerging companies to streamline their operations and identify ways to achieve their goals in terms of finances and human capital. To learn how we can help your business, please contact us at 877-332-6387 or leave a message via our contact form.