Employee preference matters. You have to know your people to be effective.
A national law firm with 300 employees, operating in 12 different office locations around the country, came to EPIC for help after experiencing low enrollment rates.
Not all office locations valued the same benefits, and yet the firm offered 12 medical plans that each favored only one state’s preferences. We re-underwrote the medical plan into three national plans and one state-specific plan. Not only did it better represent employee preferences nationwide, consolidating and redesigning plan offerings saved the firm $300,000. That’s a savings of $1,000 per employee.
Invest in your people.
The next right move is to invest in your most valuable asset.
After plan design changes saved the firm $300,000, we suggested reinvesting the money into its Employer Contribution. In a competitive move, the higher contribution helped the firm retain and attract new attorneys who otherwise refused to join based on the prior benefit plan. Current employees are now saving up to $800 a month in some cases.
We were able to negotiate a two year rate cap to lock in those savings for two years.
It pays to be self-aware.
A simple benchmark uncovered the sore spot.
We knew enrollment rates were low, and we knew it was becoming difficult for the firm to attract and retain employees. To uncover just how noncompetitive the plans were and determine where we could make the most meaningful impact, we benchmarked them against other firms in their industry. As it turns out, they were in the 65th percentile. Increasing their employer contribution brought them up to the 80th percentile, a dramatically more competitive spot in just one year.
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To complete the benchmarking we will need your Open Enrollment Document. Have questions? Reach out to Adam Glick.
Principal – New York, NY
Employee Benefits Consulting
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