The Rising Influence of Employee Benefit Brokers to Support Growth
If you don’t already have the assistance of an employee benefits broker, now might be an advantageous time to find one.
What Is the Role of an Employee Benefits Broker?
This is a professional who can advise companies when it comes to making impactful decisions about the benefits, they offer their employees including insurance, health plans, retirement funds, and a slew of other products, all in the hopes of optimizing growth and expanding employee satisfaction. They provide a full range of services for companies and individuals and can also assist with the mountain of paperwork involved with benefits, compliance issues, and annual renewals.
One of the biggest advantages an employee benefits broker brings to the table is the fact they have no bias towards one company or another. This unbiased opinion puts a companies’ interests at the forefront of every decision they make and every solution they offer, operating without the influence of benefits companies or any one insurance carrier.
How Can an Employee Benefits Broker Support a Company’s Growth?
An employee benefits broker will locate the best solutions for a company and for its employees, meeting both a company’s budget and a company’s needs, and in today’s ultra-competitive job market being able to attract and then retain the best and brightest talent is paramount to the success of any business. Saving time and money are two other factors that weigh heavily on the growth of a company, and an employee benefits broker does both by running a thorough analysis of a business, determining an appropriate budget, and advising if certain benefits offer tax breaks.
The Employee Benefits Landscape Is Always Expanding and Changing
As the business landscape changes, so too does the employee benefits landscape, and now companies are increasingly finding themselves turning to employee benefits brokers to help them come up with new concepts to facilitate employment packages that entice and retain the caliber of the candidates they optimally desire.
Current Trends and Their Associated Rewards
Many employee benefits brokers are looking into the arenas of employee well-being, inclusive family planning, mental health care/mental health days, and chronic care as these are some of the items that keep popping up right now as important to employees.
Offering things like healthy meal perks to your employees shows you are listening to the wants/needs of employees and taking affirmative action.
Green commuting is another hot ticket item, and it is one that can have positive repercussions on the environment, lower payroll taxes, decrease household expenditure, and even ease traffic congestion.
Helping employees use public transportation and embrace micromobility options can greatly impact companies and employees alike. An employee benefits broker can identify pre-tax eligible expenses, so a company and its employees continue to receive tax incentives and remain compliant with the current IRS regulations. The rewards to be reaped here are on all fronts!
What Are the Benefits of Hiring an Employee Benefits Broker?
- Positive Impacts in Cost
An employee benefits consultant will analyze various options, they will deal with a plethora of insurance providers, and in the end offer the most cost-effective, most impactful policies because they are not affiliated with only one provider. Their expertise and connections across the industry are put to work helping companies and business owners optimize the benefits package they can offer, while at the same time keeping the cost of those benefits under control.
2. Raise Employee Satisfaction
Designing a stellar benefits package can contribute greatly to the satisfaction of employees. Not only can an employee benefits broker determine the needs and desires employees might have by conducting polls or surveys (best determining what attributes they are looking for), but this can also rule out items that might be costing a business money and are now inconsequential.
3. Find the Factors That Matter
Employee benefits brokers can assist companies in the installation of programs employees truly value, things like lifestyle and commuter benefits, raising the overall experience that employees have at work, and creating an environment that is far more positive. The best way to show employees you are thinking about them is to ask them what they are concerned about. If you are not satisfied with what you are currently offering your employees or want to determine what sort of changes could be made to enhance your benefits package to make your company more attractive to the top talent in the job market, our team of professionals can help.
4. Glean a Broker’s Industry Knowledge
Staying on top of industry trends and regulations in the benefits market is a full-time job. This is where an employee benefits broker can share their extensive knowledge of the latest developments, making an impact, offering companies the most effective, up-to-date options available. Let them put this knowledge to work, configuring one-of-a-kind solutions that perfectly suit the needs of both the employees and the business.
5. Stay Compliant
The regulations behind employee benefits can seem mind boggling and ever-changing. Things like the Employee Retirement Income Security Act (ERISA), 401k, IRA, and the Affordable Care Act (ACA) are all governed by complex rules when it comes to eligibility and contributions and are just a few examples of policies a broker can assist you with when it comes to documenting, reporting, legalities, and avoiding penalties, ensuring you meet all of your obligations.
Is your current employee benefits package all that it could be? Is it costing your business more than it should? It might be time to enhance your employee benefits package. Book a meeting with us today so we can discuss all your options with you.