Speaker Q&A Directory

Benefits Contingency Planning: View Benefits Strategically
Management gurus have long exhorted employee benefit professionals to "get a seat at the table" with the company's top executives. Why wait for an invitation? Beverly Beattie, founder and CEO of Selden Beattie Benefits Advisors, tells you how to summon the C-suite for a critical meeting to hammer out a long-term strategic plan for employee benefits in support of the company's overall business goals.

Q: Why is benefits strategic planning important?

A: Employers and employees are paying 30% or more for their health care costs then they were five years ago. Now that's being coupled with added pressure on premiums as a result of increased mandates from health care reform. Employers need to think and plan strategically with regard to their benefit programs.

Q: What will attendees learn in your session?

A: They'll get a six-step process for building a benefits strategic plan document to accomplish goals over the next three to five years. They will learn a proactive process for forecasting results and adjusting the program to meet their goals.

Q: What's involved in the six-step process you'll present?

A: It involves bringing together all members of executive leadership – finance, human resources, operations – for a methodical discussion about the benefit plan in support of the company's overall human capital management strategy. The team signs off on a strategic plan, including a road map for managing vendor relationships.

Q: What goes into building a three-to-five year forecast?

A: We'll look at questions such as: What are our organizational goals? Are we growing or right sizing? Are we contemplating a merger and acquisition? What is the purpose of our benefit program for recruiting efforts? We'll discuss how to make contingency plans in case program forecasts do not go as expected.

Q: Why is it important for C-level executives to participate in this process?

A: In the uncharted territory of health care reform, human resource professionals must get the attention and cooperation of the executive team. Finance executives will particularly embrace this opportunity, because benefits and compensation are a major part of a company's budget – and they have a board to report to.