BlogsCase Study: Growing with the Client
November 10, 2016, by Ryan Miller
A 700-employee financial services company reached out to Centennial to help them with their three primary issues: cost containment, wellness and employee engagement. Here's how we helped them save over $1 million in three years.
A financial services company began with a PEO which handled their administration for years prior. The organization began growing quickly with an average of 10-20 acquisitions per fiscal year and they soon outgrew their previous PEO layout. Centennial made the transition in administration painless and with the implementation of a lean strategy, the company had large opportunities for savings.
Due to their desire to remain lean in their workforce, they needed a benefit partner who could not only advise them well but also serve as a complete outsourced benefits department. Most importantly for a company that deals with finance, they wanted to see immediate savings.
Centennial became their outsourced employee benefits department and executed set initiatives very well. A concierge Service tool was implemented which allowed an HR Resource Library to be accessed by company executives and training portal and administrator web portals to be accessed by employees.
Centennial helped plug in key strategic vendors such as a wellness program which served the employee population well with cost saving incentives.
A health reimbursement arrangement, or HRA, was set up and was used to pay for a share of health care costs. By eliminating the lower deductible options and moving to higher deductibles, in addition to implementing the HRA+, the premiums were significantly improved. In just three years Centennial has helped them save over $1 million.