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18 August 2016

Data analysis helps employers pinpoint impact of benefit programs

In a world of escalating expenses, employers can curtail costs while building employee benefit plans aimed at specific outcomes, such as increasing employee satisfaction or productivity.
 
By using data analysis to optimize their benefit portfolios, companies can design a portfolio of employee benefit offerings that gets the best bang for the buck, according to the report, “Insights for Optimizing Your Employee Benefit Program.” The report provides guidance to employers about rethinking their benefit offerings.
 
“Employers want to draw the best talent and keep existing employees committed and productive, but they are also facing real pressures to control costs,” says Andrew Sullivan, president, Prudential Group Insurance. “Drilling down into benefit offerings to more finely target their impact can bring those goals into better balance.”
 
According to the report, employers need to balance the benefit levels of their plans to successfully drive the desired behaviors among specific employee segments. Those desired behaviors vary from company to company, and include actions like employees retiring when they wish or returning to work after an injury or illness.
 
“Employers have multiple levers they can activate to create more favorable outcomes,” says Christine Marcks, president of Prudential Retirement. “For example, you can fine-tune your disability program to avoid early withdrawals from a retirement plan to cover out-of-pocket medical expenses.”

Want more information? Read the report. Want to talk to Christine or Andy? Contact Sheila Bridgeforth.
 
Group Insurance coverages are issued by The Prudential Insurance Company of America, Newark, NJ.
Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company, Hartford, CT, or its affiliates.
 
0295556-00001-00

 

Contact(s):
Sheila Bridgeforth
phone: 973-802-6852
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