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Products August 17, 2011
New Tool Debuts for Compliance, Automation and Cost Control Best Practices
August 17, 2011 (PLANSPONSOR.com) - HighRoads has debuted its Performance Diagnostic Scorecard to help companies gauge how they compare to high-performing organizations in three mission-critical domains: compliance, automation and analysis.
Reported by Tara Cantore
To take advantage of the tool, HR executives complete the Performance Diagnostic, which is then compared to best practices of high-performing organizations. Areas of analysis include:
• Compliance with regulations
• Automation processes and data management to streamline workflow, adhere to best practice and reduce cost and risk
• Analysis of programs, vendors and communication to improve cost and cost trend, and overall effectiveness of benefit programs
According to a press release, with the answers, HighRoads benchmarks the company and provides a one-page scorecard as well as a 15 to 20 page report in narrative format on how they perform in each category. Companies are graded on a scale of 0 to 5, with 5 being best practice.
HighRoads said the estimated cost advantage of high performing companies is 10-20% more favorable than average companies and 20-40% more efficient than low performing companies.