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Vantage Benefits can help!
VBA's solution provides independent advisors with the expertise and support needed to
guide your company through the design, implementation and administration
of a complete benefits package, with our focus being to control costs and
educating the employees as to the value of the overall package being
delivered to them.
VBA's Employee Benefits Procurement Services emphasize proactive plan
management broken down into five phases: Analyze, Design, Source,
Implement and Manage. In each of these phases, expert benefit advisors work with you
to define your objectives, deliver results and provide ongoing support.
VBA utilizes the five-step process to assist our clients in implementing
a cost-efficient, highly-valued employee benefit program.
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Analyze
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- Analyze
all employee benefit coverage looking at cost for employer, cost for
employee, contribution strategies and scope of benefits offered.
- Benchmark
analysis to determine position in marketplace when compared to
similarly-situated employers.
- Perform
an employee survey to determine perception of current benefits being
offered.
- Evaluate
and measure the return on investment of benefit programs.
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Design
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- Identify
current business initiatives, goals and objectives, and develop an
employee benefit program that supports similar outcomes.
- Conduct
gap analysis on current offering and design program around
fulfilling expectations within the stated financial budget.
- Build
a program around providing access to a range of benefits, choice for
employees to select the benefits they need and want, affordability
by targeting a percent of pay range and quality so consumers feel
their investment is well-spent.
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Source
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- Develop
and send RFP to Vendors
- Review
Vendor Responses
- Negotiate
and select vendors
- Design
package with saving administration functions
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Implement
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- Create
an exciting “branded” communication strategy that
positions benefit program in a positive light with employees.
- Communicate
to employees with an emphasis towards consumerism and building
financial literacy. Outcome is to build a partnership with employees
to control future cost and manage changes more effectively.
- Leverage
technology systems and tools to provide employees with real time
access to data and information, allowing them to get more value out
of the benefit program.
- Utilize
an “ease of use” enrollment process so employees can
easily enroll and walk away from enrollment feeling positive, not
frustrated.
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Manage
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- Ongoing
customer service with HR and participants
- Provide
HR and participants with daily administrative support
- Provide
periodic administrative/demographic reports to HR
- Review
semi-annual cost analysis and employee survey with the company and
providers to track the success of stated objectives for the benefits
package i.e. employer/employee cost and employees perceived value.
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