BEAVERTON, Ore.– CU Benefits Alliance said it is on a mission to save mid-sized credit unions (50-500 employees) millions of dollars, and that over the past five years its credit union clients have reduced their employee benefits expense by more than $5.3 million.
CU Benefits has been engaged in an ongoing mission focused on helping credit unions reduce cost, drive efficiency and evolve into organizations with truly unified executive teams, the company said.
According to John Harris, CEO of CU Benefits, “Most credit union executives we meet do not have a long-term employee benefits strategy. And, most C-Suite executives leave the benefits spending decisions up to the HR team. That must change.”
The CU Benefits process begins by creating and implementing a written employee benefits strategic plan with the CEO, CFO and HR manager. By having the executive team involved, it assures alignment with the long-term corporate goals. The strategic plan guides the HR team over a three-year period and allows them to be proactive, rather than reactive, in the employee benefits renewal negotiation discussions.
CU Benefits has made a new case study available featuring one of its credit union clients HERE. The case study describes how one credit union client saved over $953,000 on its employee benefits and how the strategic plan was deployed.
"Our benefits solution is able to deliver substantial savings and control to our clients because of our vast amount of credit union data and ability to use that data to negotiate reduced insurance rates. Our solution compliments the Human Resources team as well as finance managers by allowing them to follow a long-term employee benefits strategic plan rather than reacting to annual insurance carrier renewals," Harris.