Are your benefits good enough to attract & retain top talent? Do your employees truly understand & value their benefits? Does your current broker partner with you to ensure both of these answers are YES?
When working with my clients, I get an inside look and listen into their benefits world and the impact on their employees and the company’s bottom line. Two clients of mine, the first a manufacturer with 170+ employees, the second a financial start up with 10 employees, both had a long-term relationship with benefits brokers and could not answer YES to the above questions. This is when I stepped in and made the suggestion and introduction to my two preferred brokers. I then helped the client through the proposal process and eventual implementation, which resulted in improved benefit offerings, happier employees and overall savings.
If you answered NO to any of the questions above, I encourage you to continue reading to learn about the top 5 best practices when searching for a new benefits broker and then reach out to Matt, Ben or I to take the next step!
- Expertise and Experience: Look for a benefits broker who has a proven track record and extensive experience in the industry. Assess their expertise in designing and implementing employee benefit plans, navigating regulatory compliance, and negotiating with insurance providers.
- Customization and Flexibility: Each company has unique needs and priorities. A reliable benefits broker should offer tailored solutions that align with your organization’s goals and workforce demographics. Evaluate their ability to customize benefit packages and adapt to changing circumstances or employee preferences.
- Technology and Communication: In today’s digital age, technology plays a crucial role in benefits administration. Consider a broker who leverages innovative tools for streamlined enrollment, communication, and ongoing support. Clear and efficient communication channels are also essential, ensuring prompt responses to inquiries and proactive guidance for both employers and employees.
- Compliance and Risk Management: A reputable benefits broker should have a strong understanding of regulatory compliance, such as HIPAA, ERISA, ACA, and COBRA. They should actively stay updated on changing regulations to ensure your organization remains in compliance. Furthermore, they should have strategies in place to mitigate potential risks associated with benefits administration and protect sensitive employee information.
- Cost-Effectiveness and ROI: While the quality of benefits is crucial, it’s equally important to assess the cost-effectiveness and return on investment (ROI) of the plans offered by the broker. Look for a broker who can strike a balance between providing competitive benefits that attract and retain top talent while managing costs and maximizing the value of your benefits investment.
By considering all of these factors—expertise, customization, technology, communication, compliance, risk management, and cost-effectiveness—you can make an informed decision when selecting a new benefits broker that aligns with your organization’s unique needs and ultimately helps enhance employee satisfaction and well-being.