The Evolution of Employee Benefits at the Economical Insurance Group

Abstract

Employee benefit plans can be an important part of an organization’s employment deal and can help differentiate one employer from another. This article defines employee benefits as an extensive offering of programs that is broader than the conventional definition. Not only does it include traditional benefits; it also includes pension and savings, time off work, wellness and flexible work arrangements. The article reviews one company’s experience as its employee benefit program has evolved from one of fixed and defined benefits to one that provides greater choice, flexibility and control to better support the organizational and human resource strategy and to better meet the needs of its diverse workforce. Several lessons have been learned by this company and are shared in this article. Although the company has focused on continual improvement of its employment deal over the past several years, it cannot halt the progress it has made thus far.