As the cost of healthcare continues to skyrocket, so too, does the cost of providing an employee benefits package that will:
- Make your current employees feel appreciated
- Entice top notch new additions to join your team
- Help you maintain a happy, healthy, and productive workforce
When renewal time rolls around, smart leaders will take advantage of the opportunity to re-evaluate insurance programs, business expenses, and processes to see where it makes sense to make changes and potentially cut costs. And while it may be tempting to focus on employee benefits as the primary source of escalating employee expenses, it’s not necessarily the biggest offender— or the first place you want to make cuts.
Yes, a good insurance agent can probably save you some money on your employee benefits plan. But a great benefits consultant can help you formulate strategies to solve your most pressing HR issues and drive your business to be the best it can be.
Do a quick reflection
- What operational difficulties are you facing?
- What financial rabbit holes do you have?
- What HR problems are you trying to find answers for?
- How concerned are you about employee turnover?
- Workplace stress?
- A toxic employee or environment?
- Compliance regulations and potential fines?
Any one item from this list can bring about a level of operational and financial inefficiency, not to mention stress, that can cause serious problems in your organization. Pair a few of them together and you’ve got major problems. An insurance agent who simply “sells you a product” is not contributing to helping you solve these problems. And chances are you could use some help with something on this list. At the very least, you could use a new perspective and opinion on your programs.
A solutions-focused insurance agent might be just the person you need to help answer your toughest questions and solve your most perplexing problems.
The best benefits brokers adamantly believe that providing employee benefits means more than just grabbing the cheapest policy and checking it off the “must do” list. These inspired consultants know that a comprehensive benefits program is part of a larger strategy to help enhance many areas of your business, including:
- Employee Engagement
- Employee Communication
- Performance Management
- Employee Wellbeing
- HR Administration and Compliance
When employees are happy and healthy, teams run more smoothly. Smooth-running organizations with positive cultures are able to attract and retain the top-tier talent they need to take them to the next level.
Should you work with a trusted broker to manage the price of your insurance products? Of course! That’s a given. But we’re promoting a strategy that also considers the bigger picture.
You could probably use some additional help getting a better ROI from your benefits spend. It’s time to expect more. Here’s your permission slip.
This is the final post in a series of blogs designed to help you look beyond the cost of insurance to control employee expenses. For more information on this topic, read 500 Words series – An Overview, 500 Words on Employee Engagement, 500 Words on Employee Communication, 500 Words on Performance Management, 500 Words on Employee Wellbeing, and 500 Words on HR Admin and Compliance, or download our eBook below.
Photo by Igor Mojzes