Maximize benefits, minimize costs. Identify the benefits that are important to your workforce, then tie that preference data to your benefit cost.

For many companies, the cost of benefits is their third largest expense—currently averaging more than $15,000 per employee and increasing 3–5 percent per year. Yet most organizations don't know if the money is being spent wisely or how to maximize their investment in employees.

Through Total Rewards Optimization, Hewitt can help you achieve significant cost savings while increasing the perceived value and appreciation of your Total Rewards broadly, or Total Benefits, Total Health, or Total Retirement specifically.

Give Employees the Best Value, Cost Effectively
Our approach enables you to make informed decisions about your program by measuring employee preferences using state-of-the-art analytic measurement technology. By understanding what employees want and the cost implications of these preferences, we can help you:

• Explore options for making changes
• Forecast the impact of employees' new behaviors
• Define the value employees attach to different Total Rewards features

Hewitt's approach provides real-time analysis and modeling. It's the only "live" analysis platform in the HR industry that models benefit combinations even before all the surveys are complete. And, because of our realistic question construction, we can guarantee the highest data quality. Our Preferences and Trade-offs Study tests more benefit features with fewer questions, making our survey fast and easy for employees, and customizable to your content, branding, and design.

A Solution That Works

• Predict employee decisions. Forecast enrollment choices and trade-offs.
• Quantify benefit priorities. Identify the most (and least) valued components of Total Rewards before redesigning your programs. Quantify the cost of misaligned rewards and create an action plan for better spending.
• Deliver more value for less money. Lower your cost of Total Rewards while increasing perceived value.
• Engage key employees. Quantify preferences for pivotal employees and other demographic segments. By integrating with other Hewitt proprietary metrics, identify employees who are most likely to leave the organization and segment preferences by these individuals.

What's in It for You?
Consider these examples.

• Saving $10+ million in annual health and wealth cost…for a large health care services company, while increasing employees' satisfaction.
• Avoiding $12–$20 million of time and money… for a package and delivery company in the top 100 of the FORTUNE 500 by avoiding making dramatic and disruptive benefit changes.
• Eliminating $1,200/employee of waste…one client found that $1,200 per employee (nearly $1 out of every $10 being spent) was being wasted by offering under valued benefit and compensation features.

Spotlight on Results
In addition to identifying cost-savings opportunities, many organizations make important discoveries during the survey process. One company found its employees preferred eliminating their pension plan in favor of dramatically improving health care benefits. And, they highly valued direct cost benefits such as payroll deductions, prescription riders, and low physician copayments. These discoveries reshaped the organization's benefit strategy.

To learn more about communication solutions, contact your local Hewitt consultant or e-mail peoplesolutions@hewitt.com.