Learn the key information needed to build a strong business case when developing a benefits needs assessment for implementing a phased retirement program. Discover how to align employee and organizational needs.
Table of Contents
Question
When developing a benefits needs assessment to implement a phased retirement program what information will be most useful in developing the business case for this strategy?
Answer
Complete benefits utilization review of the current workforce organizational needs and gap analysis. The final step in the benefit needs assessment is to compare organizational needs with employee needs and the existing set of benefits. A utilization review can also be done to decide which specific parts of each of the benefits are being used and whether that use is in line with the organization’s strategy.
Explanation
When developing a benefits needs assessment to implement a phased retirement program, the most useful information for building the business case will be:
- A complete review of current benefits utilization across the workforce. Analyze which specific aspects of each benefit are being used and to what extent. Determine if this utilization aligns with the organization’s overall strategy and objectives.
- An assessment of the organization’s needs, both current and future. Consider factors like workforce demographics, skills gaps, succession planning, and long-term business goals. Identify where phased retirement could help address key organizational needs.
- A gap analysis comparing the organization’s needs to employees’ needs and the existing benefits package. Determine where misalignments exist between what the organization requires, what employees value, and what benefits are currently offered.
- Benchmarking data on phased retirement benefits offered by competitors and industry peers. Research best practices for structuring these programs.
By compiling this information, HR can build a data-driven business case demonstrating how a well-designed phased retirement program will help the organization achieve its strategic objectives, address workforce planning needs, and provide a valued benefit to employees. The needs assessment helps ensure the program is set up to maximally benefit both the organization and its employees.
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