corporate

corporate employee benefits - (CEB)

Step 1   Establish the objectives and benefits, or review existing employee programmes
    For new CEB schemes, it is important to establish the objectives and identify the benefits to be provided to the employees. Such CEB schemes are usually designed with the aim to retain good employees and to improve their productivity as part of the corporate responsibility toward the employees.

The success of a CEB scheme and the strategy depends very much on the objectives, while the type and level of benefits will determine the overall cost. For existing CEB schemes, establishing the reasons for the review are important to the successful implementation. The reasons for the review may include

i) Cost overrun of existing scheme
ii) Inadequate benefits, or improperly designed benefits
iii) Insufficient support and advice from providers
iv) Upgrading of existing benefits
Each of these reasons may give rise to different solutions.
     
Step 2   Analyse needs of employees and the financial commitment of the corporation

A successful scheme is dependent on meeting the needs of the participants who are the employees. When their needs are met they are more receptive to the corporation. Our recommendation will try to achieve this while keeping the corporation’s budget in mind.
     
Step 3   Designing the scheme to meet the objectives

In order to design the scheme, it is advisable to include the services of providers and advisers, as this would involve the intimate knowledge of the products, its features and benefits, and, the cost. Various combinations of products and benefits may need to be adjusted to achieve the desired outcome.

Occasionally, it may require additional programmes other than products to achieve the objectives, eg, Incentive programmes, re-training of employee mind-sets, healthcare or financial workshops, etc.
     
Step 4   Providing employee de-briefing exercises to communicate the scheme

Once the proposal has been worked out, it would be worthwhile to communicate this to the employees and possibly solicit some feedback in the form of employee briefings.

It is also necessary to brief the management team responsible for implementing and overseeing the scheme.
     
Step 5   Continuous monitoring and servicing

In order to ensure the smooth flow of the CEB scheme, it is necessary to provide ongoing monitoring and servicing. Reports and regular updates through meetings can help to iron out

or reduce problems and bottlenecks. Continuous communication is the key.