After attending a recent conference where the challenge of rising healthcare costs dominated every discussion, one of Imagine360’s Bill Dembereckj’s takeaways was that collaboration between finance and HR is important to addressing this issue.
Here are five ways he says that benefits leaders can work alongside CFOs to maximize employee benefits without sacrificing the business’s bottom line:
1.) Assign Value to Every Benefit
Assess each benefit’s contribution to employee satisfaction and organizational performance. Use metrics to link offerings to retention, productivity, and overall value, ensuring every dollar spent supports strategic goals.
2.) Negotiate with Intention
Prioritize high-impact benefits and streamline options that don’t deliver measurable results. When budgets are tight, reallocate funding from underutilized programs to those that drive the greatest value for employees and the business.
3.) Understand the Business Context
Demonstrate an understanding of financial pressures, especially as healthcare costs climb. Show alignment with company goals and awareness of how external economic forces affect benefit choices.
4.) Use Data to Drive Decisions
Leverage internal usage data and external benchmarks to guide strategic changes. Establish ongoing measurement—benchmarking should be a continuous process, identifying what works and where to adapt as costs and needs evolve.
5.) Amplify the Employee Voice
Gather employee feedback through surveys and open conversations to ensure the benefits offered truly meet workforce needs. Use this insight to make targeted adjustments that boost satisfaction and build trust, even as the financial landscape shifts.
By building strong partnerships between finance and HR, organizations can navigate the complexities of today’s benefits environment, responding proactively to rising healthcare costs and evolving employee expectations.
This is an abbreviated version of Bill Dembereckj’s article featured in Employee Benefit News. Read his full article here.
