9 Factors For Benefits Management Success

9 Factors For Benefits Management Success

People and organizations keep making bad choices. Constantly in the news are stories of $millions invested for no benefit. This is crazy, especially when there are simple things that can be carried out to significantly reduce this risk.

We all want more positive things in our lives and less negative things, but how can we get them? Through the ages the most successful people have focused on the outcomes they want – and taken actions to achieve them. The Secret and Unlimited Powerare two examples of the many books on this.

Being driven to achieve the outcomes we desire & gain the benefits we seek is within us all.

The above statement is a simple truth that Benefits Management and the Benefit Delivery Formula helps organizations achieve. Now, before I list the 9 Factors essential for success, my own definition of what Benefits Management is:

Benefits Management is the conscious endeavour to increase things that people and organizations perceive as positive and reduce what they perceive as negative.
Trevor Howes

This is very broad and you could say that this is what life should be about – to be successful in what you and organizations choose to focus on? I would totally agree! Organizations pursue success, excellence or whatever they choose to focus on achieving.

It’s why interest is growing in benefits management – it helps you achieve what you want from your actions.

The Benefits Delivery Formula helps you and your organization achieve more. There is no one-way approach to Benefits Management, but the following 9 factors done well will really help:

9 Factors for Benefits Management Success
STAKEHOLDERS

1. CLARIFY: Understand the benefits stakeholders want and make sure they align to what the organization wants and needs.
2. CONFIRM: Agree with stakeholders the time, resources, effort, hassle and cost they will need to invest and how this can and will happen.
3. COMMIT: Keep stakeholders and team members engaged, committed and involved in the search for opportunities; making necessary changes and dealing with the consequences.


PLANS

4. CHOOSE: Define what needs to be done to get and sustain the benefits; this can mean making tough choices to ensure the priority benefits to be achieved are worth the cost/resources/time/risk/hassle.
5. CONNECT: Ensure all plans are integrated together so, for example, if costs need to be cut or changes to solutions are proposed then the impact on benefits is considered.
6. CONTROL: Keep reviewing progress, forecasts and make informed decisions at every step using expected benefits as a key consideration.


DATA

7. CATALOGUE: Agree and define how to measure what really matters, including who and when.
8. COLLECT: Gather measure data – about what is expected and also those unexpected surprises; do this quickly so risks and opportunities can be managed as early as possible.
9. CHANGE: Ensure everyone is aware of and focused on the results of the actions taken – the results are what matters so be flexible and change the actions as necessary to achieve.


(c) Wovex Limited 2014

Ultimately the Benefit Delivery Formula is about reducing the risk and increasing the benefits delivered from portfolios, programs and projects.
You don’t want to be part of the next negative story to hit the news. These 9 factors will help you be a good news story.

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(c) Wovex Limited 2014