Our four Strategic Objectives define our approach to realize our Vision, and as such, constitute the focus of our Strategic Plan for 2023-2025. These four inter-related objectives address internal and external strategic advantages, challenges and opportunities. The objectives and corresponding strategies are aligned with our Vision across all key result areas. This integration is critical to the success of our Strategic Plan, as these objectives must be considered as four parts of one plan. The Plan highlights the four Strategic Objectives. The Plan also provides an overview of the Key Strategies designed to support the Strategic Objectives. These Key Strategies will change throughout the three years of the Plan, as some will be completed or combined with another strategy. The Horizon Project (our most important strategic opportunity) will be deployed during the 2023-2025 Strategic Plan cycle. Therefore, we limited the amount of competing initiatives to help ensure the success of this critical project. Listed below are ten Key Strategies we will utilize to help us achieve our four Objectives.
Key Result Area: Financial Health
Strategic Objective
To achieve and maintain a funding level that sustains the Plan.
As measured by:
- Achieving top decile funding level on a market-value basis relative to a universe of public pension funds
- Achieving progress toward a 100% funding goal
- Achieving or exceeding a 7.25% annual return over the long term (over 5, 10 and 15 year basis).
- Outperforming the total portfolio benchmark (over 3, 5 and 10 year basis)
Key Strategy
- Expand efficient utilization of Internal Equity Management
- Evaluate internal tools and technology for investments operations
Key Result Area: Customer Engagement
Strategic Objective
To foster and maintain engaged members and employers.
As measured by:
- Achieving top decile “American Customer Satisfaction Index” (ACSI) ranking on Cobalt Survey
- Achieving 90% “Overall Satisfaction” ratings on member and employer satisfaction surveys
- Exceeding the 4 NPS Benchmarks (Financial, Business Services, Government, & CEM Pension) on Member and Employer engagement surveys
Key Strategies
- Implement a Web-Centric Customer Service Delivery Model
- Implement new Contact Center Model
- Expand development of online education programs
Key Result Area: Workforce Engagement
Strategic Objective
To foster and maintain an engaged workforce.
As measured by:
- Achieving a top decile “percent engaged” score on the Employee Engagement Survey
- Achieving employee turnover levels below averages as measured by CompData Surveys
Key Strategy
- Evaluate “How We Work” as an organization
- Enhance the learning and development experience for staff
Key Result Area: Operational Excellence
Strategic Objective
To provide world-class customer service at a reasonable cost.
As measured by:
- Achieving top decile “Overall Service Score” ranking for the CEM Benchmarking Survey
- Achieving per-member-cost at or below the median of the CEM administrative cost measure
Key Strategies
- Implement the Horizon Project
- Develop and implement an Enterprise Risk Management program
- Expand use of analytical tools for a complete view of Member and Employer needs
