Employee benefit brokerage is a service that helps businesses design and manage their employee benefit programs. The professionals who provide this service are familiar with the complex employee benefits laws and regulations that apply to companies. They can help organizations maintain accurate records and submit all necessary documentation on time. They can also assist with open enrollment, planning, benchmarking, and more.
Can help companies attract and retain high-performing talent
Getting and keeping high-performing talent is crucial for a company’s success. Studies have shown that high performers deliver up to 400% more productivity than the average employee. These individuals are driven, passionate, and have the ability to think strategically. They also show the potential to step up to new leadership roles and take on more responsibility. They get the work done and drive the organization’s mission forward. In addition, they dramatically increase a company’s impact.
Implementing thoughtful talent management strategies is key to attracting and retaining high-performing talent. These strategies should align with an organization’s strategic objectives and business needs. When hiring high-performing employees, ensure they have the right skills and personality traits, and they can have an answer to the question, “what can you contribute to this company?”
Can help with open enrollment
When it comes to open enrollment, one thing that can streamline the process is using an employee benefits broker. Rather than managing the process via spreadsheets, email, and pen and paper, an employee benefits broker should be fully digital to simplify the process and make it as efficient as possible for employees. The right broker should also emphasizethe human touch and ensure workflows are aligned with industry best practices.
During open enrollment, an employee benefitsbrokerage should have resources to educate clients about the benefits they offer. These materials should include employee acknowledgment of benefits forms, online applications, and other enrollment materials. An open enrollment consultant should also have a means for employees to ask questions and should be able to answer these questions within 24 hours. If possible, a live chat option is a great way to communicate with employees.
Can help with benchmarking
Benchmarking is important to ensure the best employee benefits for your organization. By comparing your plans with those of your competitors, you will be able to understand where your company ranks and identify areas that need improvement. This data is also vital for diagnosing any employee retention or recruitment problems. Benchmarking will also help you set realistic goals that you can work toward.
Before you begin benchmarking, you will need to know what your workforce looks for in benefits. While benchmarking is crucial, employers should be careful not to copy their competitors. This could lead to Antitrust issues or violate federal law.
Learn more about employee benefit brokerage as you check out Health Compass Consulting. It is a Florida-based employee benefits company that improves the physical and financial health of successful businesses by building, optimizing, and managing high-performance health plans. Visit their website at healthcompassconsulting.com to learn more about Health Compass’ services and to schedule a free consultation.
