Program Management Basics: Defining Benefits Management
Benefits management is a critical aspect of any program management strategy, and management teams must integrate the basic tenets of benefits management into their daily operations.
Program management is a complex and multifaceted field, but the rewards for excellence are significant. The skilled professionals who dedicate themselves to program management are typically responsible for coordinating multiple project teams and departments. Still, one of the highest priorities in any situation is the benefit of each action for the company. Benefits management is a critical aspect of any program management strategy, and management teams must integrate the basic tenets of benefits management into their daily operations.
What is Benefits Management?
Benefits management involves identifying, measuring, and planning to attain benefits realization. Increased revenue, greater efficiency, and customer satisfaction are just a few tangible gains that program managers must consider for their employers. While monetary gain is an important asset, some companies choose to prioritize other benefits (such as publicity) in the short term. Benefits management includes several stages, from identifying benefits and creating a benefits realization plan to implementing change and analyzing the results.
Benefits Management is a Key Component of Program Management
While program management professionals may not implement rigid protocols for benefits management, understanding this field’s fundamental principles is crucial. Program managers often have far-reaching influence, and their decisions can heavily impact project and program outcomes. These professionals must always keep appropriate end goals in mind. They must strive for benefits realization, even if there is no clear benefits realization plan in place.
How to Strengthen Your Team’s Benefits and Program Management Strategies
Businesses can bolster their management strategies in many ways, and the impact of instituting change from the very highest level can be staggering. Hiring the right experts for the job is a great first step; choosing candidates with appropriate experience and values that align with company goals can be particularly important when businesses hire program managers. Continuous improvement is another key aspect of any company’s program management strategy. Program managers and other high-level decision-makers must constantly hone their skills, learn new methods of benefits realization and analysis, and keep their teams engaged and educated with professional development activities.
About Lewis-Price & Associates Inc.
Lewis-Price & Associates, Inc., is a fast-growing mission solutions company supporting federal agencies through premiere training, program management and IT services. Serving federal agencies across the government spectrum, from defense to civilian, we ensure the success of ongoing federal agency operations through effective curriculum development, professional coaching, program management, and administrative and technical services. Lewis-Price is committed to providing high quality, effective and on-time solutions to partners and customers through a team that values integrity, intention and excellence in everything we do. Learn about how we can bring our unique approach to success to your organization today at lewisprice.com, and please follow us on LinkedIn, Facebook, and Twitter.