What is the final step in the functional approach to employee benefit planning?

The final step in the functional approach to employee benefit planning is deciding upon appropriate benefits and financing methods. This step is crucial because it synthesizes gathered information from previous stages, including employee needs assessments, organizational goals, and budgetary constraints. After analyzing these factors, organizations can strategically select benefits that align with both their workforce's needs and their financial capabilities.

Making an informed decision on benefits and financing methods ensures that the plan is both sustainable and attractive to employees, thereby enhancing employee satisfaction and retention. It is a culmination of all previous work, integrating feedback and assessments into a concrete plan that can be implemented.

The other options represent earlier stages or misinterpretations of the process. Implementing changes without employee feedback would lack the necessary input that contributes to effective planning. Gathering public opinion on benefits, while potentially valuable, does not directly pertain to internal strategy formulation. Assessing employee dissatisfaction is also an important step but occurs prior to the decision-making phase to understand what needs to be addressed before finalizing benefits.