In a difficult economy, you have to be even more adept at creating value for your company and employees. Many firms are in survival mode, so your company needs your best counsel as a benefits professional and superior results now more than ever. From your own self-preservation perspective, you don't want to be tossed out with the dead wood that will inevitably be axed in 2009.

To deliver greater value and position yourself as your firm's human capital management adviser, you need to go beyond being perceived as the point of access to benefits product information and services and transcend expectations. But how can you do that in these economic conditions, when most are being forced to do more with less? The best way is to create a multi-year benefits strategic plan. A benefits strategic plan articulates how the benefits program will continue to support the attainment of the overall business plan and corporate objectives. It explains how the benefits component fits into the total compensation plan and provides rewards and incentives to employees to achieve the corporation's goals.

By using a strategic planning process as a tool, you will establish greater credibility and elevate your interaction with your various internal and external constituencies to that of a trusted benefits leader. And in no time, you will be wondering why you didn't start using this approach years ago.

Plotting the roadmap

For many businesses, the strategic plan is a roadmap for how the entity will conduct its affairs. At most firms, the CFO is the author and repository of the plan, and oversees the HR, compensation and benefits functions to ensure the plan is properly executed. Perhaps this is true for your organization as well.

That's why creating a multi-year strategic plan for the benefits program is such a logical fit, as it's a document your CFO will recognize and find highly relevant and engaging.

A benefits strategic plan will allow for a more proactive, holistic and analytical approach for managing the benefits program and improving overall results. Here's a winning action plan outline:

•  During the next 30-45 days, review and assess the prior and current years' benefits offerings, the enrollment process utilized and overall results.

•  Note any appropriate changes to be made.

•  Propose developing a three-to-five-year strategic plan to the decision-makers in your organization.

•  Encourage your HR/benefits' colleagues to participate. If possible, get your CFO involved in the process.

•  Consider involving your benefits adviser.

Schedule a brainstorming session, with you as facilitator, to get all ideas on the table for the specific organizational goals the plan needs to address. Potential sample topics include:

• Employee retention goals.
• Compensation and benefits integration objectives.
• Benefits options for executives, full-time and part-time employees.
• Capitation targets for premium increases for group health insurance and/or dental insurance.
• Contingency plans should those premium increase targets be exceeded.
• Plan redesign considerations.
• Identification of coverage gaps and discussion regarding how to fill those gaps.
• Consideration of implementing voluntary benefits as a method to fill any gaps.
• Improving employee benefits communications and how to pay for it.
• Leveraging technology and how to pay for it.

Encourage your colleagues to think broadly, strategically and holistically about your compensation and benefits plans. Ask open-ended questions about the business and its overall goals. Are there acquisitions expected? Plans for expansion into new markets? Will your firm be retrenching and eliminating positions? Is your culture evolving toward merit-based compensation?

Be a good listener. Take copious notes. Commit to providing all attendees copies of the notes from the session(s). It may take more than one session to get at all the issues, and possible solutions and strategies. That's OK. Ultimately, from the notes a strategic roadmap will be created.

The final written document drafted by you and your key planning participants should address:

• Overarching strategic goals - for example, establishing a capitation target of group health insurance premium increases to 8% annually or implementing high-deductible options with health savings accounts.
• Your organization's target employee-retention goals, benefits costs per employee, employer's defined annual contribution to defray benefits expenses and other financial considerations.
• Scheduling annual employee attitude surveys or employee focus-group meetings.
• What benefits actions will be taken, such as reducing medical insurance options, employing cost-shifting strategies, introducing new voluntary benefits offerings, identifying acceptable target premium increases, introducing new employee benefits communication tools and deploying technology.
• Strategies and tactical action plans that will be implemented and affect the employee benefits programs to achieve the desired results, including the benefits communications plan, enrollment resources, overall project management resources, ongoing communications during the rest of the year and off-cycle benefits (voluntary) introductions.

Finally, make sure the plan document includes a section for executive sign-off. Secure the buy-in and commitment of all relevant constituencies. Creating a benefits strategic plan document is a win-win for you and your organization. And you will have made yourself an invaluable resource to your firm. After all, you co-authored the benefits strategic plan.