 |
|
PeriscopeBENE™
Employee benefits constitute typically 20 to 35 percent of total compensation costs, depending on the company's size and location. These benefits can run into the tens of millions of dollars for mid-size companies and into billions of dollars for large companies. Although companies spend considerable time and money managing salaries, the benefits, for a variety of reasons, escape the same scrutiny. As a result, employees consider benefits to be cost free, and employers consider them to be substantially beyond their control.
In reality, nothing could be farther from truth. Every dollar that goes into an employee benefits program comes from the total compensation budget, and every dollar that employees receive in the form of benefits that they do not value as part of their compensation is essentially wasted. Employers need to make sure that their employees not only understand the extent of their benefits, but also value every dollar of their benefits as equal to their salary.
Under a scenario where each employee receives the best value for every dollar of benefits, and the employer is aware of what the value equation is for each employee, the results can be transformative. Employers realize considerable savings in benefit costs; and employees are more satisfied that their needs are met. A high percentage of large companies have instituted Cafeteria-style plans to allow employees to select a bundle of benefits, but such plans are often restrictive, and company management rarely create value models prior to setting up this type of plan. Further, a large majority of employees are still covered by standard employer-determined plans that typically allow no room for employee input.
PeriscopeBENE, using customized assessments and value modeling algorithms, allows organizations to determine awareness and value of current and proposed benefits among employees. The value profiling includes value modeling across various employee segments that are characterized by demographics, region, function, and industry characteristics. The assessments are deployed over the web using the PeriscopeIQ technology platform, and the results are available in near real time. The costs of using PeriscopeBENE are a fraction of the hard dollar cost savings realized from deploying the solution. And, the tangible and intangible benefits of enhanced employee satisfaction significantly add to the return on investment.
For more information on PeriscopeBENE, please send an email to info@periscopeiq.com or call 610-866-6001.
|
|
|
