Setting up the right employee benefits broker for your company is fundamental to its stability and growth, especially during these challenging times.
After all, a lot is at stake, including employee recruitment and retention as well as productivity, since the latter requires a healthy workforce. Striking that balance usually requires exterior help, someone with expertise and wide-ranging vision.
Here’s what you need to know about hiring an employee benefits broker, and more.
Explain What a Benefits Broker Is
A benefits broker is a licensed insurance professional who specializes in employee benefits brokerage services such as employee benefits.
Such a broker should be chosen wisely. A good benefits broker, for instance, will invest time in getting to know your organization and putting together a customized plan that will enlist the help of the best vendors and get you the best prices.
The best brokers offer services that go beyond digital employee rewards, although such services are central to what brokers do. For instance, these brokers provide expert consultation that can save you time and money. More and more, organizations are turning to brokers for questions about issues such as compliance and human capital. And they expect good answers.
An employee benefits brokerage is also increasingly expected to provide human resources with tools and customized resources such as informational booklets.
What Kind of Broker is Needed?
There was a time when all a broker had to do was craft a benefits plan for their client, and perhaps freshen up benefits materials. Those days are all but gone. Nowadays, organizations want to get as much benefits expertise from their broker as possible.
Now, there are some fundamental services a broker should be able to perform. Those include stepping up during your crucial open enrollment period, and with the right resources and tools. Such a strategy should be in place well ahead of time, by the way, so it’s important that you ask the broker you’re considering about what it considers best practices.
A good broker should also be able to help you to effectively, and in a timely fashion, communicate to your workforce your benefits package and philosophy. So, before you hire a broker, make sure that you learn what their communications goals and methodologies are, and what kinds of tools they have ready.
In addition, your broker must be able to help you rein in healthcare costs that seem to be rising with no end in sight. Whether it’s looking at getting employees to make better choices, producing new ways for you to save on payroll taxes, or simply helping you choose more manageable plans, your broker is your point person.
What’s more, you should be able to rely on your broker for advice as well as recommendations about the best HR software for your organization. It is true: a good broker should be aware of the latest technological systems available.
You should also be able to count on your broker for help with ever-changing HR regulations and compliance. They should be expected to keep you up to date and, if necessary, make attorney or HR consulting services recommendations.
Ultimately, you must take care when hiring an employee benefits broker because you want the best for your company, including your employees. And selecting the appropriate broker ensures that you have not only the optimal benefits package but the support necessary for you to administer your benefits strategy.
Too many organizations fail to take the time to choose the best benefits broker for them. The good news is that, if you select carefully, your choice can have far-reaching beneficial effects.