Challenge

A privately-held chemical manufacturing/distribution conglomerate with 2,400 U.S. employees had a fragmented health and welfare program that featured multiple vendors and funding arrangements. The company's ancillary benefits were "sub-par" in terms of competitiveness with industry standards. Its human resources staff was significantly challenged trying to manage the many benefits and vendors associated with the program.

Project

EBSG completed a comprehensive diagnostic analysis that measured the competitiveness and efficiency of the company's existing benefit program. We also helped implement new programs. Subsequently, the firm retained us to provide ongoing plan management services.

Results

EBSG identified how the firm could reduce its expenditures and avoid additional costs by 10 percent (approximately $2.3 million). The company reinvested a portion of its savings toward the improvement of its life and disability programs. It streamlined benefits administration and outsourced some programs for greater efficiency and effectiveness.

Win/Win

• The employees enjoyed a more comprehensive benefit plan offering more plan choices, and improved life and disability plans.
• The owners reduced expenses associated with their plan and improved margins.
• The human resources staff started overseeing a streamlined program with fewer vendors, and found the improved benefits gave the firm a recruiting advantage.

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