You have a new company, fresh employees, and a benefits management system that you hope will keep them here.
But wait, have you clearly thought everything through? What about what happens after every step you’ve taken?
Here’s a little scenario that’ll help you understand our point.
You’ve initiated the first steps of your project and are ready to move on to phase two of your master plan. So far, the first baby steps have been very fruitful, and have brought about the results you needed. This much development should be enough to shepherd you toward success. But, with the first components of your project left to work on their own, will they continue to support your achievements, when it’s business as usual?
In all cases, most likely not. In addition, without a rigorous employee benefits management structure set up, this lack of planning might actually risk your project’s future success.
What Benefits Management Is and Why You Need It
Consider benefits management a structured process that allows you to keep an eye on every aspect of your business, but chiefly what you gain from your business!
Benefits management allows you to identify, plan, measure, and track the employee benefits from the start to finish, up until the last projected benefit from your startup. But, don’t consider the benefits management structure to be a wish list of sorts.
Benefits management is aimed at identifying agreed, time-bound, realistic, specific benefits. It demonstrates for startup entrepreneurs and stakeholders, they should undertake projects, and whether it is worthwhile. In addition, it shows if it will have a positive impact for stakeholders.
Developed throughout the project’s life cycle, benefits management is most successful if you have a practical goal in mind and are working toward making it possible.
Steps for Implementing Benefits Management
Here are the steps to implementing benefits management:
A multi-pronged step, identifying benefits of a project takes place throughout as new projects are added, and is also an important component in portfolio and project management. To start with, benefits are identified by reviewing similar projects and programs conducted in the past, brainstorming sessions, results from focus groups, and interviews with numerous stakeholders.
Once benefits are listed, they are then classified into four categories; namely tangible, intangible, financial and non-financial. Once these identified benefits are registered and expanded upon, we move on to our next step.
Benefits Analysis and Planning
You’ve listed all identifiable benefits. Now’s the time to create a benefits management plan. The analysis stage of this plan is used to set key performance indicators and set metrics for each benefit so information regarding those particular benefits is easier to collect. Once the metrics and indicators are confirmed, this step precedes the preparation of a benefits management plan. In this step, stakeholders are involved in preparing an efficient plan.
In terms of program, portfolio, and project levels, while the plan for each element may differ in scope, the objective for all will be the same. To determine and confirm all goals related to the project and to offer these benefits as the foundation for each level.
So that once the project is completed, repeated analysis of the plan reveals additional benefits that may have gotten overlooked during the project’s duration.
Benefits Delivery and Transition
Typically, the benefits related to a project are only fully delivered once the project has been closed due to completion.
Because these benefits depend on the end product, rather than the result or service (each for which there is a separate program), completion gives stakeholders and entrepreneurs the assurance that the next step of their project and new strategies to be implemented, are in the pipeline. To do this effectively though, you should keep the business development team in the loop. In addition, you should update and maintain the established metrics so we can understand the final result in real-time.
Benefits Transaction and Sustainment
In this step, a benefits management transition period is activated, hopefully with more active involvement from your stakeholders for the next project of your startup. The listed and achieved benefits in your benefits register are updated, then archived.
Alongside, steps for benefits sustainment are implemented for the promotion of any ongoing activities related to the original project. Even though the project is left to carry along as is, the benefits champion keeps an eye on all processes, just in case the project needs updating or troubleshooting. After all, we’re looking for long-term results.
Provide Great Benefits
All of the above is not effective if you don’t have good benefits, to begin with. For example, if your 401k plan is not up to the industry standard, you won’t have much success. Take the Nationwide 401k plan for example. If you don’t have an all-inclusive plan like theirs, from the start, you won’t be able to improve employee morale effectively.
Conclusion: An Effective Benefits Management Plan
A benefits management plan might sound like a lot of work. But if you want your organization to continue succeeding, take the time to identify, measure, and capture all the benefits your project can gain. You’ll find the road to success to be a lot more straightforward than you originally thought!