Gap Analysis Flashcards
The difference btw current and future state is called what?
Gap Analysis
Employee surveys, focus groups, management interviews, external surveys, professional advisers, benchmarks, management reports, utilization metrics -specific performance measures.
Tools to Determine Current State of Gap Analysis
What is a baseline analysis?
- Cost
- Utilization
- Vendor Performance
- Employee satisfaction
- Vendors contracts. - termination clauses
- Baseline measurements
What is an a Competitive Analysis?
- Define our Peer Group, competitors -acquire group comparison data
- Determine and find benchmarks
- Analyze results relative to desired state
How do you evaluate your strategies and goals?
- Are they SMART?
- What was the desired outcome for these goals versus the actual?
- Why was goal not met?
- What can we change?
How do you conduct a Workforce Analysis?
- What are the costs currently, and historical?
- Participation currently and over time
- Level of appreciation for the offering
- What programs being used and how?
- Aging workforce
- Generations in the workforce
- Household composition
- Voluntary benefits
- Consumer-Driven Health Plans
What are Workforce Trend Considerations
How do you determine the Desired State for Benefits?
Develop goals and the tactics to create them.
Benefit goals for the desired state should be in line with the benefits strategy, business strategy, mission and vision (line of site)
Must be SMART
What do you need to think about when setting your desired state benefits goals?
How do we develop tactics? What needs to be considered so we know we met our goals?
What is the criteria for success?
When and how will results be measured? Plan utilization? Enrollment patterns?
Who needs to know about the results and how will we tell them?
What best describes a method for defining a peer group for purposes of competitive analysis?
Determine who you are competing for talent with.
What main areas should you examine when you are conducting a workforce analysis to determine if the benefits offering is meeting workforce needs?
Cost, participation levels, level of appreciation, and utilization rates
What is a reason why employers offer voluntary benefits?
To satisfy increasingly diverse employee needs
How will benchmarking benefit you when analyzing your current benefits state?
It helps to determine how well plans are operating and what changes or enhancements are needed to keep you competitive.
What will assist you in determining your Current Benefits State?
Conduct both baseline and competitive analysis.
