As an employer, do you have a set of reasons why you offer a particular benefits plan? Do you have goals for the plan?
When we asked Canadians these questions in our Fresh Perspectives on Group Benefits report, we were surprised to find that just 31% of plan sponsors said yes.
An Opportunity for a Better Plan
This could be a missed opportunity for those without a plan charter, as clearly thinking through and setting out reasons and goals—and measuring against those goals—can help ensure that a group benefits plan meets its purpose and remains valued by employees, both now and in the future.
Employers offer a group benefits plan to employees for a variety of reasons, and it’s important to view any research findings of interest through the lens of your organization’s specific reasons and plan goals.
How can plan sponsors Take this opportunity?
Plan sponsors can create a written group benefits document or "charter" that sets out their reasons for offering a plan and their goals for the plan. At the end of each year, employers can evaluate the success of the plan and establish how valuable it has been to employees.