Network Cabling Services

Advantage Launches Reference Based Pricing and Implements Effective Benefits Education Strategy for NCS

Challenges

● Needed guidance on how to leverage reference-based pricing

● Wanted to reduce benefits spend while providing maximum value to employees

● Previous broker lacked creative, fresh ideas

● Blended workforce with field employees made benefits communication difficult and plan engagement low

 

Solutions

● Revamped employee benefits plan design which incentivized employees to use it properly

● Developed and executed a strategy for the rollout of reference based pricing

● Implemented new employee communication tools to increase benefits engagement

● Identified unutilized tax break programs and worked with NCS’ finance team to implement new cost-saving measures

 

Results

● Successful re-launch of reference based pricing program

● Better engaged employees who are more satisfied with the benefits program

● Thousands of dollars in cost-savings

● HR team has more time to focus on strategic initiatives

 

CHALLENGES

Prior to working with Advantage, NCS had a good working relationship with their broker but felt their overall benefits strategy had fallen flat. NCS’ HR team was looking for fresh, innovative approaches to benefits that would both save NCS money, while also enriching their employees’ lives. However, it seemed that more often than not, NCS’ team was the one coming up with new solutions, rather than their current broker. As NCS Director of Human Resources, Teresa Thornton, put it “Our previous broker provided good service but was not bringing new ideas to the table. We felt like it was rinse and repeat every year. We were seeking a broker who would help us think outside the box and bring new benefits to the table.”

In addition to a lackluster approach to benefits innovation, NCS’ current broker also could not provide the hands-on guidance NCS needed to implement reference based pricing. Teresa knew that reference based pricing would save NCS a significant amount of money, as well as improve health outcomes for employees, but she needed support strategizing and rolling out the program. NCS began to explore working with Advantage as their broker, but Teresa initially had just one hesitation:

“When we were deciding to switch brokers, my only fear was that I wouldn’t have the same level of service and responsiveness. I used to think hearing back from my broker within a week was excellent, but now with Advantage I get same-day responses. Honestly, the response times are incredible and make me feel confident NCS is in good hands with Advantage. The response time is better than what I thought we would receive from any broker. Now I say: you don’t know what you’re missing until you make the change.”

“Honestly, the response times are incredible and make me feel confident NCS is in good hands with Advantage. The response time is better than what I thought we would receive from any broker. Now I say: you don’t know what you’re missing until you make the change.”

Blown away by Advantage’s hands-on approach and level of care for clients, Teresa knew the foundation for a more effective broker relationship had already been set. In fact, very soon after Advantage became NCS’ broker, it came to light that NCS was missing out on a significant cost-savings in the form of an eligible tax-break program. Teresa recalls “The Advantage team went above and beyond to educate us about a tax break program that could save us thousands of dollars a year. We had no idea we were missing out on the opportunity, and our CFO implemented it immediately. You don’t know what you don’t know, and it’s great that Advantage can help fill in the gaps for us.”

“You don’t know what you don’t know, and it’s great that Advantage can help fill in the gaps for us.”

SOLUTIONS

Once Advantage began working with NCS, the first priority was to build an effective strategy around reference based pricing. Advantage benefits experts began by restructuring the plan design, in order to create the proper incentives for employees to take advantage of the plan. Additionally, Advantage built and executed on a robust employee education strategy which would prove to be instrumental to the success of the new reference based pricing program. Teresa said “When we implemented Reference Based Pricing, the Advantage team took the time to educate our employees on how to use it. Our Advantage benefits expert hosted a custom Zoom meeting to educate employees and also ran a live training session for a smaller group of executives and managers. For NCS, it was so important to have our front-line managers and influencers understand this new program, and Advantage ensured they did.”

After successfully implementing significant cost-savings via a properly executed reference based pricing strategy, Advantage began to implement other innovative tactics to improve NCS’ approach to benefits. NCS’ blended workforce with many field workers often lead to poor communication, employee confusion, and subpar health plan utilization. However, Advantage was able to rollout a cutting-edge employee communication platform which allowed NCS’ to deliver important information directly to team members’ cell phones. Teresa recounts the success of the program:

“The new communication tool is awesome. We use it to get our employees information about safety, wellness, benefits, and more. Before working with Advantage, we would only send out emails. But the majority of our staff is field workers and they don’t read emails. Now with Advantage’s help we can blast out text updates and our employees are actually reading the information. Through the dashboard Advantage set up we can track how many employees are opening and reading the texts, and the response from our workforce has been beyond incredible.”

RESULTS

Across the board, NCS’ benefits strategy has flourished under Advantage’s guidance. Not only has Advantage provided NCS with significant cost-savings on their healthcare plans, they have also gone above and beyond to improve employee engagement and overall communication strategies. Beyond this, Advantage has overcome NCS’ previous broker’s “set-it-and-forget-it” approach and developed a groundbreaking hands-on strategy that helps Teresa know her team is in great hands with Advantage. Teresa added how impactful her team’s time-savings has been since working with Advantage, “The biggest impact on NCS from working with Advantage has been time-savings for myself and my team. With Advantage’s help, we know everything is taken care of and we can focus on more strategic initiatives.”

“The biggest impact on NCS from working with Advantage has been time-savings for myself and my team. With Advantage’s help, we know everything is taken care of and we can focus on more strategic initiatives.”

The foundation of NCS’ success with Advantage lies in the trust and care-based working relationship between the two organizations. NCS’ prior broker operated on a commissions-based model, but when NCS began working with Advantage they had confidence knowing that Advantage operates on a 100% fee-based model, meaning Advantage always does what’s best for their clients. That very working relationship continues to impress Teresa and her team day after day, “For any other HR leaders considering working with Advantage, I would tell you: don’t hesitate, you truly don’t know what you’re missing.”

“For any other HR leaders considering working with Advantage, I would tell you: don’t hesitate, you truly don’t know what you’re missing.”