A privately-held chemical manufacturing/distribution conglomerate
with 2,400 U.S. employees had a fragmented health and
welfare program that featured multiple vendors and funding
arrangements. The company's ancillary benefits were "sub-par"
in terms of competitiveness with industry standards. Its
human resources staff was significantly challenged trying
to manage the many benefits and vendors associated with
completed a comprehensive diagnostic analysis that measured
the competitiveness and efficiency of the company's existing
benefit program. We also helped implement new programs.
Subsequently, the firm retained us to provide ongoing
plan management services.
identified how the firm could reduce its expenditures
and avoid additional costs by 10 percent (approximately
$2.3 million). The company reinvested a portion of its
savings toward the improvement of its life and disability
programs. It streamlined benefits administration and outsourced
some programs for greater efficiency and effectiveness.
employees enjoyed a more comprehensive benefit plan offering
more plan choices, and improved life and disability plans.
owners reduced expenses associated with their plan and
human resources staff started overseeing a streamlined
program with fewer vendors, and found the improved benefits
gave the firm a recruiting advantage.
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Ransom, Senior Consultant
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