A prominent non-profit organization faced critical challenges in managing and optimizing its employee benefits, which impacted its ability to attract and retain dedicated staff. Rising costs of benefits, stringent regulatory compliance requirements, and the absence of a coherent benefits strategy were major hurdles that hindered its growth and mission effectiveness. The organization needed a flexible, high-impact solution that could reduce costs while supporting its long-term goals.

Solution

In response to these challenges, Blanket Risk Management implemented a comprehensive, customized benefits strategy tailored to the non-profit’s unique needs, enhancing overall employee satisfaction. The strategy included:

• Audit, Accounting, and Assurance: Performed an extensive audit of the current benefits offerings and compliance status to pinpoint critical areas needing improvement.
• Custom Benefits Solutions: Created a benefits package perfectly aligned with the organization’s mission, financial constraints, and employee needs, including enhanced health, retirement, and wellness programs.
• Employee Benefit Plan Optimization: Rolled out a cost-effective benefits plan that maximized employee value and bolstered retention rates.
• Risk and Compliance Management: Established internal audit protocols to ensure continuous compliance with all regulatory standards, thus mitigating potential risks and ensuring adherence.

Results

The strategic approach delivered significant advantages for the non-profit organization:

• 20% Reduction in Benefit Costs: Managed to streamline benefits expenses without compromising the quality of offerings, thereby freeing up resources for further mission-critical investments.
• Increased Employee Satisfaction: The improved benefits package led to heightened employee engagement and retention, reducing turnover rates by 15%.
• Enhanced Compliance and Risk Management: With proactive monitoring and compliance measures in place, the organization consistently maintained alignment with all regulatory requirements.

Thanks to the expertise of Blanket Risk Management, the non-profit now operates with a sustainable benefits strategy that not only meets its immediate needs but also supports its long-term mission and growth. This case study highlights Blanket Risk’s commitment to delivering solutions that empower organizations and create lasting value, particularly in the non-profit sector.