In today’s economy, attraction and retention of key talent is becoming increasingly challenging, and competitive compensation and thoughtful employee benefits programs are critical to securing top-level talent and assuring ongoing business success. Of these, employee benefits programs may be the most complex and costly for HR professionals to deal with. The ever-changing regulatory environment and rising program costs (particularly healthcare) are forcing companies to do more with less, and there is often a mismatch between investments made in benefits and the perceived value of those benefits by employees. Getting this balance right can mean higher employee engagement for lower total spend – a critical goal for maximized productivity and organizational performance.
Our proprietary Benefits Value Comparison methodology evaluates dozens of benefits plan details, including vesting rules, matching contributions, co-pays and deductibles. This process allows us to help our clients understand employee preferences, design benefits programs that balance the needs of the organization and its employees, ensure that available dollars are spent wisely, and deliver maximum return on the employee value proposition. And each program is specifically catered to suit the organization’s unique strategy, priorities and culture - and optimize their competitive position by striking the perfect balance between cost and value to employees.
WHY KORN FERRY?
- We have a wealth of experience. We have provided benefits consulting to organizations of all sizes across the globe for over 70 years.
- We retain our independence. Our consulting advice is unbiased and always guided by our clients’ best interests. Our fees are 100% transparent, and our advice is never compromised by financial relationships with insurance companies or vendors.
- Best-in-class methodologies. Our advice and analytics are grounded in best-in-class methodologies, enabling valid comparison of your plans with the broader marketplace.
- Our benefits benchmarking data is deep. Our global compensation and benefits benchmarking database is world-class and allows analysis of total compensation and benefits values by job size or other variables.
- We do what’s right for you. Best practices are not always the right practices for all organizations; we provide customized solutions to match the unique requirements of your organization.