Validatition Institute - 3x3x3 Challenge With Al Lewis
Discover a smarter way to measure employee benefit engagement. Learn how a simple 3-question survey can help identify high-value programs and cut costly, low-impact ones—with data you can trust.
Transcript:
What is the Validation Institute?
The Validation Institute validates outcomes and savings for vendors, buyers, and advisors, and fiduciary status for advisors. This stuff is very important! Because unlike the major consulting firms paid to "show savings," we back our validations with a $100,000 credibility guarantee. And reputationally, I've written more books on outcomes measurement than they've read.
How is the Validation Institute different?
Oh, we're different in many ways. But today, I am showcasing our uniquely powerful Benefit Engagement Survey Tool, the BEST, which is backed with a million dollar guarantee that this is the most valid way to measure employee engagement and benefits programs! It's very simple. Three questions, you ask the same set of employees about as many programs as you want to measure. First question, how many times did you use the program? Then how useful was it? And the third is, whether or not you used it, is this an attractive addition to our benefits package? So then, remember there are three questions: Use, usefulness, and attractiveness. We multiply the use times of usefulness to get an engagement score. You then send us your costs of the program, and we put that on the bottom axis. And you look for programs that are high engagement, low cost, such as Quizzify in this case. And you try to get rid of programs that are low engagement and high cost, such as screening. In the middle are programs that where the engagement kind of matches the cost, and that's where the attractiveness feature comes in. So for instance, there were two examples in this particular survey that were not widely used at all, the health risk assessment and the EAP. The EAP scored very high. People said, "Yeah, I didn't use it, "but I really like it that you have it." The health risk assessment was considered "a total waste of money." So now, in one slide, you have an entire strategic plan for how you design your benefits in the future; what you keep, what you get rid of, what you enhance, et cetera.
Who is a good fit for the Validation Institute?
Essentially, any honest vendor that has good engagement, that thinks it's going to win should be recommending this to their employers. Any forward-thinking advisor who wants a good strategic plan for their employers and which particular point solutions to use, you can put as many as you want into the survey, would be a great fit. And of course, for employers, it's a great fit as well.
Subscribe to The Floor Report
Get Featured in the 3x3x3 Challenge
Transcript:
What is the Validation Institute?
The Validation Institute validates outcomes and savings for vendors, buyers, and advisors, and fiduciary status for advisors. This stuff is very important! Because unlike the major consulting firms paid to "show savings," we back our validations with a $100,000 credibility guarantee. And reputationally, I've written more books on outcomes measurement than they've read.
How is the Validation Institute different?
Oh, we're different in many ways. But today, I am showcasing our uniquely powerful Benefit Engagement Survey Tool, the BEST, which is backed with a million dollar guarantee that this is the most valid way to measure employee engagement and benefits programs! It's very simple. Three questions, you ask the same set of employees about as many programs as you want to measure. First question, how many times did you use the program? Then how useful was it? And the third is, whether or not you used it, is this an attractive addition to our benefits package? So then, remember there are three questions: Use, usefulness, and attractiveness. We multiply the use times of usefulness to get an engagement score. You then send us your costs of the program, and we put that on the bottom axis. And you look for programs that are high engagement, low cost, such as Quizzify in this case. And you try to get rid of programs that are low engagement and high cost, such as screening. In the middle are programs that where the engagement kind of matches the cost, and that's where the attractiveness feature comes in. So for instance, there were two examples in this particular survey that were not widely used at all, the health risk assessment and the EAP. The EAP scored very high. People said, "Yeah, I didn't use it, "but I really like it that you have it." The health risk assessment was considered "a total waste of money." So now, in one slide, you have an entire strategic plan for how you design your benefits in the future; what you keep, what you get rid of, what you enhance, et cetera.
Who is a good fit for the Validation Institute?
Essentially, any honest vendor that has good engagement, that thinks it's going to win should be recommending this to their employers. Any forward-thinking advisor who wants a good strategic plan for their employers and which particular point solutions to use, you can put as many as you want into the survey, would be a great fit. And of course, for employers, it's a great fit as well.
Subscribe to The Floor Report
Get Featured in the 3x3x3 Challenge