Video Summary
Roger Thorpe, president of Thorpe Benefits, and Alison Brown discuss the final question in a series about measuring the success of a benefits plan against invested commissions. Alison emphasizes the importance of knowing the commission paid and reviewing it annually. She outlines key factors for measuring plan success, including alignment with company values, administrative support, risk reduction, effective communication, employee appreciation, reporting, flexible design, budget management, and health promotion. Roger and Alison stress the importance of understanding both the investment and the return on that investment in benefits plans.
Chapters
Introduction and context of the discussion
Roger Thorpe introduces the final question in a series about measuring the success of benefits plans against invested commissions. He sets the stage for the discussion with Alison Brown.
Importance of knowing commission payments
Alison Brown emphasizes the necessity of knowing the commission paid for the benefits plan. She suggests reviewing this information annually and states that clients have the right to ask for this information if it’s not disclosed.
Measuring return on investment
Alison introduces the concept of measuring the success of the investment in the benefits plan. She mentions a list of factors they’ve developed to assess this.
Benefits Success Score
Roger mentions their ‘Benefits Success Score’, a 20-minute review that produces a numeric result of how well a plan is performing across various factors.
Key factors for measuring plan success
Alison outlines several key factors for measuring plan success: alignment with company beliefs and values, administrative support, risk reduction, effective communication, employee appreciation and accountability, good reporting, flexible and attractive design, budget management, and health promotion.
Importance of comprehensive success measurement
Roger and Alison emphasize the importance of considering all factors when measuring success, not just cost or employee satisfaction. They stress the need to understand both the investment and what it’s measured against.