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Tampa Bay ISCEBS

Tampa Bay ISCEBS. Strategic Planning for Human Resource and Employee Benefit Professions Paul Hackleman, Principal SST Benefits Consulting Former Benefits Manager – San Mateo County. Three Biases and a Promise. Impact, not money, is currency

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Tampa Bay ISCEBS

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  1. Tampa Bay ISCEBS Strategic Planning for Human Resource and Employee Benefit Professions Paul Hackleman, Principal SST Benefits Consulting Former Benefits Manager – San Mateo County

  2. Three Biases and a Promise • Impact, not money, is currency • Success is a process, not a place / not an end • Questions, not answers, shape organizations • Ongoing assistance

  3. Observations • Organizations are rarely strategic • If you don’t know where you are going you might end up somewhere else. Yogi Berra • Crisis management is commonplace • Japanese proverb: Vision without action is a daydream. Action without vision is a nightmare. • Labor-management relations are often adversarial • Long-term goals are non-existent • Communication is reactive, often an after-thought • The greatest mistake about communication is the belief that it has been accomplished – George Bernard Shaw

  4. Strategic Planning Characteristics • Clarity of vision • Conviction of purpose • Constant work and perseverance • Collaboration with key stakeholders • Communication again and again

  5. Clarity of Vision • Begin with Education • The educated differ from the uneducated as much as the living do the dead. Aristotle • Invest time in creating a vision • If you don’t know where you are going, any direction will do. Alice in Wonderland • Expressed in writing • Mission Statement: A long, awkward sentence that describes management’s inability to think clearly. Scott Adams (Dilbert) • Shared with and supported by others • The great impediment to action is not discussion but the want of that knowledge that is gained by discussion, preparatory to action – Pericles • Reviewed / updated again and again

  6. Convictionof Purpose • Individual / Organizational • Recognition of resource commitment • Belief in impact (financial / personnel) • Mutual agreement on expected outcome • Understand evaluation methodology • Wedded to outcome, not program

  7. Constant Work and Perseverance • Recognize that: • Habits are not acquired or changed quickly • True for individuals / more so for organizations • Rarely a quick fix • Investment up front yields benefits long term • Start simple • Aim for early / easy successes • Focus on critical few, not trivial many • Anticipate obstacles / frustration / set-backs

  8. Collaboration • Identify internal / external stakeholders • Include stakeholders in process, especially early • Understand stakeholder information needs / variance • Never hoard information • Balance stakeholder concessions • Reward / acknowledge contributions • Use successes as stepping-stones to other initiatives

  9. Spectrum of Change Issue/ Problem Research/ Data Gathering Develop Options Evaluate/ Recommend Develop Action Plan Survey- Internal/ External Communicate/ Implement

  10. Spectrum of Change Why Change is Difficult/Often Fails Issue/ Problem Research/ Data Gathering Develop Options Evaluate/ Recommend Develop Action Plan Survey- Internal/ External Communicate/ Implement

  11. Program Characteristics – Questions to Ask • What low / no cost programs can employers consider? • What programs will add value for employees? • How can programs continue to attract / retain workers? • Employer responses will determine strategies

  12. Overview of Presentation No / Low Cost Programs • Defined Contribution Plans – 401(k) / 403(b) / 457(b) • Telecommuting • Flex Time (work days / work weeks)

  13. Defined Contribution Programs • How many employers have gone to RFP in last 10 years? • How many have a sole provider? • How many know what average fees apply to their plans? • How many know of / belong to NAGDCA? • Changes in industry benefits and services: • Fee reductions • Fund improvements • Better education / guidance / advice • Managed accounts / asset or time based funds • Customized websites

  14. Defined Contribution Programs • Changing landscape of Defined Contribution plans • Legislative / regulatory changes in managing plans • Small Business Job protection Act • Economic Growth and Tax Relief and Reconciliation Act • 2003 comprehensive regulatory changes • Pension Protection Act • Must manage plan as trust (ERISA-like requirements) • New Changes (fee disclosure / Roth 457)

  15. Defined Contribution Programs • New responsibilities / greater cost to manage • Plan assets pay for plan responsibilities • Legal fees • Consultant fees • Educational fees • Administrative expenses • Development of budgets • Incorporation into RFPs or renegotiation of contracts

  16. Defined Contribution Programs • How many employers have recently reviewed fees? • Example of fee reductions • Employee with $25K and 35 career years • 7% return and .5% in fees = $227,000 • 7% return and 1.5% in fees = $163,000 • 1% in fee difference reduces account balance at retirement by: • 28%

  17. Defined Contribution Programs • How many employers annually review fund performance? • Fund performance characteristics • Share class • Sharpe ratios • Morningstar ratings • Fixed stable value fund returns / underlying assets • Implementation and monitoring of asset / target date funds • CDSC and other fees

  18. Defined Contribution Programs • Non fund plan enhancements • Service characteristics: • More frequent / improved on-site programs • Customized websites • Robust educational programs (face-to-face / online / tutorial) • Free or low cost investment advice services • Provider managed special services (Unforeseen Emergencies, Loans, QDROs, Catch-ups) • Plan document maintenance • Performance standards and guarantees • Financial planning

  19. Defined Contribution Programs • Educational services for trustees • NAGDCA • International Foundation of Employee Benefit Plans • On-site training (consultant / provider / other) • Development of budget

  20. Telecommuting • Telecommuting • Working from remote location (home / office) • Advantages to employer • Reduction of office space / cost ($300,000) • Improved employee productivity • Enhanced workforce morale • Reduction of impact on community transportation • Challenges for employer • Supervision (observation vs. performance outcome) • Telecommuters peers • Development of program metrics • Assessing occupations suitable for telecommuting • Recognizing departmental differences • Determining equipment usage • Liability policies (workers’ comp)

  21. Telecommuting • Advantages to employee • Reduced transportation time / cost • Convenience of at-home work • Challenges to employees • Blurring work / home • Redefining relationships with supervisor / peers • Absences of professional / social networking • Preparation for telecommuting activities

  22. Telecommuting • Preparation for Telecommuting Program • Development of clear policies / expectations • Determining length of telecommuting • Provision of training • Telecommuter • Non-telecommuter • Supervisor • Clear evaluative metrics • Establishment of work activities / objectives

  23. Telecommuting • Available Material: • Telecommuting Agreement • Enrollment Form • Telecommuting Policy / Procedures • Safety Checklist • Telecommuting Schedule • Checklist for Supervisors • Work Agreement • Supervising Telecommuters

  24. Flexible Time Arrangements • Changes to work • Week (4-10s / 9-80s) • Hours (early / late shifts) • Work relationships (work / sharing programs) • Advantages to employer • Modification of hours of operation for customers • Impact on workforce morale / productivity • Potential impact on office space / cost • Challenges to employer • Determining suitable occupational categories • Defining eligibility criteria • Sharing equipment

  25. Flexible Time Arrangements • Many of the same advantages / challenges • Possible recipients / eligibility / metrics • Clarity of objectives / desired outcomes • Development of metrics before initiation

  26. Programs • All areas of programs represent: • No / little cost to employer • High value to employee • Differentiator for attracting / retaining employees

  27. Contact Information • Paul Hackleman • SST Benefits Consulting • paulhackleman@sstbenefits.com • 650-576-7125

  28. Questions? Notes: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

  29. Presentation • To download this presentation and the telecommuting handouts go to: • www.tampaiscebs.org Thank you for attending!

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