Fundamental to the philosophical framework at Benefit Partners is that our recommendations are always based on a thorough knowledge of our client’s business and the industry within which it operates. Our philosophy is based on the fact that business risk is found everywhere within an organization; including both financial and non-financial assets. With respect to non-financial assets, one of the greatest assets in any organization is its people. Accordingly, the area of human resources management and development is key to the success of any organization. The challenge is working through the complex maze of issues that surround the human resource function.
Employee benefits form a key component of human resources management and the entire compensation equation. If issues related to benefits are not properly handled, they can have serious implications from a financial as well as a labour relations perspective. Therefore, our approach is to address our client’s benefits risk issues in the context of its business. It is forward-looking and we add value to our clients’ programs by offering a prospective view of potential challenges and their remedies, in many cases before issues arise.
Our approach offers the following benefits for each of our clients:
Our approach involves examining all key components of the employee benefit programs in place to assess how they are performing in order to identify opportunities for cost savings/controls as well as to identify synergies and strategies for rationalization and consolidation.
We work with all stakeholders to develop an in-depth understanding of your operations. Our consultants are able to identify and suggest remedies for potential business and HR risks, which if left unmanaged, could result in financial and labour relations issues.
Our approach is a holistic one, which focuses on the various components of the employee benefit program. We will look for efficiency opportunities and synergies in the following components of the program:
- Financial Management from both a pooled and cash flow benefit perspective.
- Health Care & Wellness Management (including drug benefits management) in order to manage the health of the workforce, since a healthy and productive workforce has a direct correlation to the financial health of the organization and the cost effectiveness of the benefit program.
- HR & Labour Relations Management in order to manage and mediate through the complex issues in both a unionized and non-unionized environment.
- Disability Management from the perspective of identifying the underlying causes of claims and then implementing programs such as attendance management/return to work to get individuals back to their place of employment.
All of these components require specific expertise and need to be fully integrated in order to provide for the cost efficiencies that realize the highest return on investment in programs.