For years, it has been a desire of mine to write a book. I’m happy to report that I’ve finally accomplished it. In February, my book “Advisor or Vendor: Change your perception; change your outcomes,” was published.
I’ve described the process we use here at ISG Advisors many times. So deciding on the subject of my book came easy. And actually outlining the content turned out to be a great exercise in defining the ISG process, as well as identifying how employers can really use employee benefits as a business strategy.
Over the last 30 years of working in the employee benefits field, I have been surprised to see so many organizations providing benefits to their employees without any real benefit strategy. Meaning – a strategy that aligns with the overall goals of the organization. So when I ask, "What is it you'd like your benefit plans to do for you?" or, "Why are you doing it this way?" Most often, the response I receive goes something like this: "We have to provide benefits, because that's what everyone else does." or "This is the way we have always done it."
Let's face it; the investment an employer makes in the staff should produce a desired result! And, for most organizations, the overall objective is to improve margins and maintain a healthy bottom line. One of the best ways I know to make that happen is to have a staff of highly talented, happy, and satisfied people who not only love what they do, they love who they are doing it for! Passion!
Without passion, productivity can't possibly be at optimal levels. And, if someone is not passionate about what they are doing and for whom they are doing it for, it’s likely they will not be a long term employee. Turnover is not only a drain on time but also on the bottom line of any organization.
What is your annual (all in) cost of turnover? Think about the lost productivity, vacancy during recruitment, recruitment costs, and then the on-boarding process of the new staff member. If you could reduce turnover by just 10 percent, what would that do to the bottom line? Will having a benefit strategy help increase productivity, reduce turnover, and improve the organization’s bottom line? You bet it will!
A benefit plan should not be viewed as a commodity. In my book, I discuss the importance of employee benefits as an investment in your organization and how working with an advisor who understands this will help you succeed in reaching your organizational goals versus a vendor who is solely focused on the cheapest price.
Most importantly, I don’t just write about it, I live it. And so does the entire team at ISG Advisors. Our success comes only by helping our clients achieve their organizational goals.