Module 2 conducting a gap analysis

Question 1

Define a benefits, gap analysis

Answer 1

A benefits gap analysis is the process of obtaining an analyzing information to determine the current state of your benefits, and compare them to the desired state of your benefits

Question 2

What are the key activities involved with determining the current state of benefits?

Answer 2

Conduct a baseline analysis
Conduct competitive analysis
Evaluate strategies and goals
Conduct workforce analysis
Consider workforce trends

Question 3

List eight tools that assist in assessment of benefits plans

Answer 3

Professional advisors

Specific performance measures

Employee focus groups

Management reports

External surveys

Management feedback interviews

Benchmarks

Employee survey

Question 4

Why would you use professional advisors or consultants?

Answer 4

They have access to many surveys

They are aware of trends and emerging innovations

Question 5

When conducting a benefits assessment list some specific performance measures

Answer 5

Organizational management

Customer service levels

Provider network management

Clinical indicators

Question 6

When conducting a benefits assessment why is it important to use focus groups?

Answer 6

Provides an opportunity for qualitative versus quantitative information

Does not include content experts

Uses an external facilitator

Question 7

During the benefits assessment, what management reports are important

Answer 7

Utilization management reports

Track and report quality, healthcare delivery indicators HEDIS

Customize and timely data reports

Question 8

When conducting a benefits assessment, why are external surveys valuable?

Answer 8

Consulting firms have annual benchmark surveys

Trade associations and employer associations

Research surveys done specifically by organizations that provide services within that particular field

Question 9

During a benefits assessment, what’s the purpose of management feedback interviews

Answer 9

Established priorities

Educational process

Identify sensitive issues

Question 10

During a benefits assessment, why use benchmarks

Answer 10

Helps to compare organizational benefits to competitors

Enables the organization to compare benchmark data, including

Value
Quality
Service
Cost-effectiveness
Plan design feature
Plan experience
Total compensation indices

Question 11

What’s the primary means of getting employee feedback during a benefits assessment

Answer 11

Employee survey

Question 12

What considerations are included in a baseline benefits analysis

Answer 12

Cost
Utilization
Vendor performance
Employee satisfaction
Vendor contracts
Establish baseline measurements

Question 13

When conducting a baseline benefits analysis, what are potential costs that must be measured

Answer 13

Cost include claims, administration, premiums, and internal costs

It’s important to monitor benefits, plan, expenses versus budget

Question 14

During competitive benefits analysis, what are some factors used to define the peer group?

Answer 14

Who are you competing with?

Who is delivering best in practice?

How does the organization want to compare to the competition?

Does the organization want to lead, lag, or maintain the status quo

Question 15

During competitive benefits analysis, how do you acquire peer group comparison?

Answer 15

Databases

Survey

Direct contact

Consulting groups

Question 16

When conducting a competitive benefits analysis, how often should an organization benchmark?

Answer 16

Conduct an analysis frequently

Quarterly, biannually, etc

Question 17

When assessing the workforce in a benefits assessment, what are important things to look for

Answer 17

Examine information for trends that may determine a modification in benefits, offered changed or eliminated

Cost

Participation levels

Level of appreciation

Utilization extent

Question 18

Seven things that a benefits cap analysis should cover

Answer 18

What benefits employees are aware of and value

What the employer offers now

What each current benefit cost the employer

How the current benefits compare to what is typical and what employees value

How are cost compared to what is typical

Which benefits are lacking, competitive, or generous

What is missing, what to add, and what to eliminate

Question 19

During a evaluation of strategy and goal setting, what are three key things to focus on as benefit goals are developed

Answer 19

Organization, vision, mission, values

Goals must be specific and measurable

Correlate to the main purpose for providing employee benefits

Question 20

Which of the following will assist you in determining the current state of your benefits?

Identify management cost targets

Conduct both baseline and competitive analysis

Create measurable and specific benefits goals

Determine the role of benefits as an element of total rewards and supporting the business, HR, and TR goals

Answer 20

Conduct both baseline and competitive analysis

Question 21

Which of the following will assist you in determining the current state of your benefits?

Identify management cost targets

Conduct both baseline and competitive analysis

Create measurable and specific benefits goals

Determine the role of benefits as an element of total rewards and supporting the business, HR, and TR goals

Answer 21

Conduct both baseline and competitive analysis

Question 22

I will benchmarking benefit you when analyzing your current benefits state

It offers consultants and vendors a chance to offer suggestions and solutions to current workforce trends

It provides employees in the process by giving them the opportunity to share their concerns and needs

It allows management to establish goals and priorities that align with the organizations vision

It helps determine how our plans are operating what changes or enhancements are needed to keep competitive

Answer 22

It helps to determine how our plans are operating and what changes are enhancements are needed to keep you competitive

Question 23

What best describes a method for defining a peer group for purposes of competitive analysis

Identify employers known to offer substandard benefits

Determine who you are competing with for talent

Ask your service providers for the names of their clients that offer similar benefits to your organization

Select those employers located within 25 miles of your company location

Answer 23

Determine who you’re competing with for talent

Question 24

What main areas should you examine when your conducting a workforce analysis to determine if benefits offering is meeting workforce needs

Cost, performance measures, competitive position, and enrollment patterns

Rate of cost, escalation, employee, member satisfaction, national trends, and quality results

Cost, participation levels, level of appreciation and utilization rates

Administrative, efficiencies, customer, satisfaction, clinical quality of assurance, and costs

Answer 24

Cost, participation levels, level of appreciation and utilization rates

Question 25

What is the reason why employers offer voluntary benefits?

To account for the fact that many employees do not want benefits

To provide a choice between taxable and non-taxable benefits

To meet legal and regulatory requirements for a minimum percentage of voluntary benefits

To satisfy increasingly diverse employee

Answer 25

To satisfy increasingly diverse employee needs