According to Google, Key Performance Indicators are “a quantifiable measure that demonstrates how effectively an organization, department, or individual is achieving its strategic goals and objectives. KPIs help track progress, inform decision-making, and focus attention on what matters most in achieving specific targets.”
· Strategic—revenue, market share, profit margins
· Operational—processes, timeframes, targets
· Functional—finance, sales, marketing, human resources
Where does the employee group benefit plan “fit” with these matrices to create a return on the investment of time and premium?
Strategic—Keep People Interested
Businesses that want their teams, their key talent to help increase the overall revenue, should be focused on performance measured and the tools at their disposal to ensure maximum production. This includes aligning the corporate health benefit plan to the expected outcomes.
Recognize individuals need more than technology to get the job done. They may require access to essential pharmaceuticals to be “fit for duty” healthy and performing at their optimum peak. Promoting wellness throughout the organization will ensure employees are able to take care of their hearing and visual needs while using the technology to the best advantage, which will return dividends in their ability to get the job done effectively.
Concerned about revenue, market share, profit margins, think heath spending accounts, wellness accounts, and flexible benefits.
Operational—Keep People Informed
Utilizing strategic communication initiatives to apply the Just-in-Time education moments to aligning the corporate health care benefit plan with overall expectations of human talent means people will know when and how to access their plan for best work-life balance. This involves understanding that people will only retain what is important to them in the moment.
Aligning the benefit plan options with existing safety, management, and team meetings will ensure employees know the best ways to use the program effectively. This not only serves to eliminate abuse, but it fosters engagement and appreciation of the flexibility of the benefits being offer and enhances corporate culture for “People-First” organizations.
Looking for “Best-in-Class” processes, timeframes, and meeting targets, consider how information is related to staff members. If it is a “one and done” blast where employees feel they are drinking from the firehose, then most, if not all of the intentionality of the message will be lost. Promoting expectations with effective communication results in success.
Functional—Keep People Involved
Healthy employees are safe employee—safe employees are people who are more productive. Staff who understand what is required and have ALL of the tools to perform, are profitable to the organization they serve. This is where feedback matters. Is the benefit plan an “in-the-box” solution. A “checked box” so if a potential candidate asks if the organization has an extended health care plan, the human resources and hiring team can say “yes” but they know very little about how effective the program is. If that is the case, the organization as thrown good money out the door.
Ask employees what they need to do the job better. What benefit would increase performance? Then apply what matters most according to the data points which will enhance the KPI.
If we have staff who are expected to be on their feet all day, have we promoted the orthotics, compression hose, and other items already included in the benefit plan? Teams that are expected to be a desk all may need ergonomic chairs and desks which they would be able to access via their personal wellness spending account.
When it comes to finance, sales, marketing, human resources the benefit plan KEEPS PEOPLE INSPIRED to get the job done. By investing in the tool already at a corporation’s fingertips, productivity and hence profitability can increase, creating effective return on investment to the benefit plan.
These are the most important KPI’s of any organization.
Let’s have a conversation.
Reach out if you would like to explore your corporate benefit options, like:
· Health Spending Accounts
· Employee Wellness Programs
· Extended Health Benefits
Note: this was written without the aid of Artificial Intelligence (AI)
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