The manner in which company benefits are viewed by both employers and employees continues to evolve, and the demands from both for exceptional delivery of service continues to increase. To answer this call, consultants are increasingly delivering benefits consulting capability from a holistic perspective. Total rewards, which encompasses compensation, health benefits, retirement benefits, and employee experience, among other factors, has become the norm for many companies.
In the war for talent, benefits packages can make or break a company's success in its recruitment capability. However, not all companies are prepared to take on the holistic transformation often needed to achieve gold standard rewards offerings. As such, consultants geared toward the development of total rewards must also tread cautiously with clients not quite prepared to undertake that level of transformation. Stakeholder buy-in for successful implementation of total rewards is key, and forced change without an evolution of client mindset can lead to failure.
Leaders in benefits consulting services recognize the need to be holistic, yet discrete. A broad sword, and also a scalpel. Indeed, benefits consulting client engagements are often still discrete in their desires. Clients may seek to just alter their retirement benefits while leaving compensation strategies the same, or alter health benefits offerings without interest in development of wellness programs. Often, clients do not come to consulting firms seeking a full revamp of all benefits, as it can be a massive and daunting undertaking.
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