31 Jan Benefit Strategy vs. Benefit Policy
All too often we find employers that allow their benefit policy dictate their benefit strategy. It may seem obvious, but this definition can often result in that “Aha!” moment as you make the journey towards creating a benefit program that will bring a return on your investment.
Policy def: A proposed or adopted course or principle of action.
Strategy def: the art of planning and directing overall operations to achieve a major or overall aim.
Developing a sound benefit strategy can be the difference in realize a return on your benefit investment as a corporation or simply viewing the cost of company benefits as a necessary evil. However, as noted in the definition, development of a strategy is a true art form.
As with any other art, the artist usually requires years of experience to develop their technique. There is a unique quality, a passion and a drive behind what they do. Artists normally create for the benefit of others. Most art is intended to be viewed and interacted with in one way or another. Finally, art is designed to entice an action or emotion.
We talk about policy when we are defining known principles of our strategies that work. Policies are our standards, our rules of thumb and serve to keep us on track and focused. Strategies are intended to be explored, research and create a flexible roadmap accounting for past, present and future.
Most employers have only ever been introduced to Benefit Policy. Benefit strategies take more time and dedication to research the best avenues for the client on behalf of the Benefit Advisor. However, for every moment spent evaluating a well thought out benefit strategy is value created for your benefit policy.
Get started developing your benefit Strategy today and enlighten your employee population!