Module 2 conducting a gap analysis Flashcards
Define a benefits, gap analysis
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
What are the key activities involved with determining the current state of benefits?
Conduct a baseline analysis
Conduct competitive analysis
Evaluate strategies and goals
Conduct workforce analysis
Consider workforce trends
List eight tools that assist in assessment of benefits plans
Professional advisors
Specific performance measures
Employee focus groups
Management reports
External surveys
Management feedback interviews
Benchmarks
Employee survey
Why would you use professional advisors or consultants?
They have access to many surveys
They are aware of trends and emerging innovations
When conducting a benefits assessment list some specific performance measures
Organizational management
Customer service levels
Provider network management
Clinical indicators
When conducting a benefits assessment why is it important to use focus groups?
Provides an opportunity for qualitative versus quantitative information
Does not include content experts
Uses an external facilitator
During the benefits assessment, what management reports are important
Utilization management reports
Track and report quality, healthcare delivery indicators HEDIS
Customize and timely data reports
When conducting a benefits assessment, why are external surveys valuable?
Consulting firms have annual benchmark surveys
Trade associations and employer associations
Research surveys done specifically by organizations that provide services within that particular field
During a benefits assessment, what’s the purpose of management feedback interviews
Established priorities
Educational process
Identify sensitive issues
During a benefits assessment, why use benchmarks
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
What’s the primary means of getting employee feedback during a benefits assessment
Employee survey
What considerations are included in a baseline benefits analysis
Cost
Utilization
Vendor performance
Employee satisfaction
Vendor contracts
Establish baseline measurements
When conducting a baseline benefits analysis, what are potential costs that must be measured
Cost include claims, administration, premiums, and internal costs
It’s important to monitor benefits, plan, expenses versus budget
During competitive benefits analysis, what are some factors used to define the peer group?
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
During competitive benefits analysis, how do you acquire peer group comparison?
Databases
Survey
Direct contact
Consulting groups
When conducting a competitive benefits analysis, how often should an organization benchmark?
Conduct an analysis frequently
Quarterly, biannually, etc
When assessing the workforce in a benefits assessment, what are important things to look for
Examine information for trends that may determine a modification in benefits, offered changed or eliminated
Cost
Participation levels
Level of appreciation
Utilization extent
Seven things that a benefits cap analysis should cover
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
During a evaluation of strategy and goal setting, what are three key things to focus on as benefit goals are developed
Organization, vision, mission, values
Goals must be specific and measurable
Correlate to the main purpose for providing employee benefits
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
Conduct both baseline and competitive analysis
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
Conduct both baseline and competitive analysis
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
It helps to determine how our plans are operating and what changes are enhancements are needed to keep you competitive
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
Determine who you’re competing with for talent
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
Cost, participation levels, level of appreciation and utilization rates
