- Balancing the costs with the value of the benefit
- More than just 'health care' — paid time off, disability, survivor and retirement
- Change the culture of organizations
- Unique solutions, not ''off the shelf'' products
- Design, communication, implementation and administration
- Flexible to meet organizations' changing environment
DESIGN
In today's business and employment environment, the role of benefits has gained a degree of importance not seen before. The cost factor from management's perspective may be critical to the success or failure of the organization. Protection for the employee and their family has reached an all time high in recognition of importance. Trends on costs are also of major concern to families. Managing costs, getting the value desired as well as making sure everyone understands the “ground rules” is a tall order. Consequently benefit design and management is a critical matter for today’s organizations.
P3 consultants have demonstrated experience that covers the spectrum of benefit programs. We have changed organization cultures using benefit plans and have developed unique solutions for some of the region’s most respected employers. Our experience extends beyond medical plans to integrated disability and life plans, as well as full flexible choice plans. We have addressed retirement and deferred compensation arrangements. We have developed vacation and paid time off benefits. Our clients have been senior management and board members as well as production and administrative staff. We have broad based experience.
Our methodology begins with an objective based development plan. We believe in a collaborative approach to project management, involving both organization staff, vendors and P3 staff. The starting point is to establish well defined criteria and parameters that will be the foundation for the benefit plan(s). In-depth analysis on the needs of the expected plan participants often allow for unique solutions.
Choosing the right plan and vendor is critical. Needs or objectives should drive organization choices. Some vendors may propose solutions which may not be the best solution, because of commission structure or administrative practices, giving their needs priority over the client. The P3 consultants have service based compensation – we’re paid for advice, not commissions or to sell a plan.
Once the plan design is developed and key management has had the opportunity to approve the design, the plan will be analyzed and tested as appropriate, to assure it meets the program objectives and necessary cost structure. When these goals are met, administrative tools are developed to assist with administration and legal compliance. P3 will work with the necessary vendor and appropriate counsel to assure all requirements are met.
IMPLEMENTATION
P3 takes a flexible approach to benefit plan implementation. We can play the primary role or a secondary role, or we can act purely as an advisor. The right solution depends on the culture of the client, the skills of the client staff or the circumstances under which the plan is introduced.
ADMINISTRATION
Once a plan has been designed and put in place, the day-to-day administration will often be the critical factor in the plan’s success. P3 can provide administrative as well as consulting support to assure the plan operates as intended. The appropriate role depends on the needs of the client and the type of plan.