Archive for August, 2014

19
Aug
14

Take advantage of the benefits gap

health-care-benefitsA friend of mine was lamenting the other day that soon she’ll have fewer health care benefits. Looking to cut costs, her employer switched health care plans and decided to eliminate some “frills.” But the kicker: She’ll be paying more.

Unfortunately, as businesses continue to recover from the recent economic downturn, and now with the introduction of the Affordable Care Act, this scenario will probably become more common.

As much as businesses would love to provide full coverage for all their employees and their families, some just can’t. In addition, many employers are no longer offering optional benefits, such as life and accident insurance.

And that’s where your association should step in, according to a new whitepaper by Genius Ave.

Associations can easily grow their memberships by offering voluntary benefits, which are traditionally benefits that employers offer as all-employee-paid options. In fact, offering such benefits may be the most effective method for increasing non-dues revenue.

“The impact of offering voluntary benefits to your members is two-fold,” the authors wrote. “First, providing members with access to valuable benefits and savings opportunities can greatly improve the perceived value of their membership, help increase their engagement and boost retention rates. Second, it can drive non-dues revenue for your organization through commissions or revenue sharing with benefit providers. And obviously, the more benefits you provide, the greater the opportunity for engagement and revenue.”

Experts argue the voluntary benefit market will continue to grow, so now is the time to jump on board, Genius Ave. said.

Examples of voluntary benefits include critical illness, identity theft protection, accident coverage, preventive care/wellness screenings, supplemental medical coverage, legal assistance and, yes, pet health.

Perhaps one of the most popular options is discount programs. According to the report, only 24 percent of associations provide discount programs for their members. But who doesn’t love a discount? Good discount programs include gym memberships, prescription drugs, office supplies and pet products.

So how does an association decide what to provide? Ask your members. Conduct a survey and collect data about what members truly want. It’s important, Genius Ave. says, to offer diversity. Make sure you offer a range of options to meet the social and economic demographics of your membership.

Health Benefits-315*304And it’s best to partner with one company that can provide a multitude of options, rather than scoping the industry for multiple providers. Once all that has been established, communication and marketing are musts.

“Overall, individuals feel that the most important attributes of voluntary benefits are ‘cost’ and the fact that these benefits are ‘guaranteed issue’ – or available without underwriting,” the authors wrote. “Members will also value that you have carefully vetted offerings for value and reliability and that they are able to leverage your organization’s buying power for affordable rates. Your communications should carefully reinforce these attributes while promoting the specific emotional benefits of each product in terms of an individual’s key interests and desires: convenience, security, exclusivity, good health and peace of mind.”

When communicating with your members, it’s best to use multiple channels, especially to reach younger audiences. So try social media, email and text messages.

It seems like a lot, so start small. Perhaps start by providing life insurance. Or maybe solicit your community to form partnerships with local businesses. (Cross advertising works incredibly well.)

I’d like to learn more about voluntary benefits so I can help spread the world. So tell me: What does your association offer? What seems to be the most popular?

05
Aug
14

When your gut speaks, listen

vp_gut_feeling_signAs a mom, I’ve learned to recognize that feeling. You know, that feeling in your gut that something isn’t quite right. The kids are too quiet. Maybe a sleepover when my kid seems sluggish (and later gets sick) isn’t a good idea. After 12 years of practice, I’ve finally learned to listen to my gut.

So why is that so hard to do in the workplace? Because as a parent, I’m not faced with mounds of data, mission statements and internal politics.

I’ve written before about the importance of data. They can be powerful decision-making tools. Business executives love data, and expect their managers to analyze it to make sound business decisions – but not all the time, according to a new survey.

In June, Fortune Knowledge Group, which publishes Fortune, conducted a survey of business leaders to learn more about their decision-making habits, measuring the influence of cultural, emotional and situational factors in business decisions.

“Business decision-makers want to feel something positive,” said Christoph Becker, CEO and COO of gyro, a global advertising agency that partnered with Fortune Knowledge Group for the study. “After all, the choices made at work are the choices made in life; there is no separation. Work risks are personal risks. While hard facts inform our decisions, we are ultimately influenced by emotion and won over through our hearts, not data.”

More than 720 U.S.-based senior executives participated in the survey, all of whom directly influence business operations. About 80 percent of the companies represented in the survey have annual revenues of $500 million or more, while 41 percent reported revenues of $10 billion or more.

In short: A majority of the executives said they trust their guts when making decisions, and human emotion should trump data. Specifically, they indicated positive emotions – ambition, motivation and admiration – are stronger than negative ones.

When choosing business partners, executives said they value corporate culture and reputation above data. They suggested companies can make themselves more attractive by establishing a reputation for strong and open management practices, especially respect for employees, management credibility among employees and employee pride in association with the company.

In addition, 71 percent of executives reported they’re willing to make short-term financial sacrifices to build long-term relationships. Those relationships, executives said, should be based on trust. Interestingly, 42 percent said they’d rather do business with a company whose employees have “good interpersonal skills and emotional insight rather than analytical intelligence.”

201401-omag-instincts-1-600x411“Despite having more information than ever upon which to make decisions, executives still rely heavily on human factors when making most business decisions,” the researchers wrote. “Business decision-makers are, of course, using data to their benefit. However, especially when selecting business partners, executives are ultimately less analytical and more emotional.”

Later this summer, gyro will release complete results of the study. But for now, the take-home for associations should be that sometimes, your inner voice should speak louder than sales figures.

So when you’re building vendor relationships, investigate the company a bit. Are employees happy? What’s the company culture?

Don’t underestimate the importance of emotional intelligence.




meet aaron

Association learning strategist & meetings coach. Founder & president of Event Garde. Passionate about cooking, running, blogging, old homes, unclehood & pet parenting (thanks to Lillie the pup).

meet kristen

Writer, editor, public relations professional. Digital content manager. Proud mom of three. Total word geek. Spartan for life.

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