Find Time to Lead: Partner with a Benefits Broker
partner benefits broker

Find Time to Lead: Partner with a Benefits Broker

You already know that salaries are your company’s biggest expense. Number two is benefits. That’s why you should consider partnering with a benefits broker. But not just any broker.

So, what should you look for? What separates the wheat from the chaff when most folks are selling the same services?

Are you a benefits expert? Probably not.

First things first, you have to be honest and ask yourself a tough question: Think through the amount of time you spend trying to understand your company’s benefit plans. Comparing cost is just one aspect you should be considering. You need to know which plans are best for your employees. Generally, a one-size-fits-all option isn’t a great idea. You need to provide your employees with variety so they have choices. But then, you also have to consider which plans are best for your company. Of course, cost comes into play here, but you also need to think about the specific needs of your workforce. Do your employees work non-traditional hours necessitating 24/7 service? Do you have a bilingual workforce and need another language on help lines? What about non-traditional benefits such as pet insurance or legal assistance? Yeah, there’s a lot to think about! And, while you’re doing all of this research, you don’t have time to focus on business strategy.

So, imagine if you found a benefits expert to wade in and figure out all of this information for you. What if you could work with a benefit and health insurance broker to streamline access to all of your HR data, helping to reduce errors and eliminate duplicate data entry? How much time would you get back in your day? And, more importantly, what could you do with that time?

Connect the Dots

When it comes to benefits plans, there’s often an employer/employee disconnect. What the employer believes employees want and what employees really want can be two very different animals. When you’re not spinning your wheels reading the fine print of five different health insurance plans, you’ll have the time to:

  • Conduct a survey of your employees to find out what types of benefits are of interest. Naturally, you can’t implement all of them, but you can analyze the resulting data and interpret trends based on responses.
  • Gauge interest in non-traditional benefits such as tuition assistance, day care services, free snacks and drinks, etc.
  • Plan strategic communications programs around benefits throughout the year, and not only at open enrollment time.

Totally Awesome

Educating employees about their total compensation is another strategic communications program you can focus on when you’re not wrangling your benefits program. Help them understand that there’s more to compensation than just salary. Your younger generations of employees, especially, might only look at their paychecks to determine how much they’re making on the job. A graphically interesting, colorful total compensation statement can help educate them. According to the experts at SHRM, you should include:

  • Salary/hourly rate
  • Medical benefits coverage—include amount paid by employee and employer
  • Flexible spending account information
  • Paid leave—include vacation/sick/PTO, holiday, personal, bereavement, military pay, jury duty, etc.
  • Disability insurance
  • Life insurance
  • Employee assistance program
  • Retirement benefits—include 401(k)/403(b), pension plans, etc.
  • Educational assistance programs
  • Relocation expenses, if applicable

Break Tradition

Now is also the time that you can consider new non-traditional benefits that don’t involve the help of a broker or agent. Non-traditional benefits can help boost employee morale, increase retention, and attract top talent, so it’s in your company’s best interest to think about offering a few. One idea to help ensure success in your program is to benchmark organizations in your industry to see what’s working for them and think about what impact offering these benefits could have on your workforce. In addition to the ideas above, some options that cost little to no money can include:

  • Flex schedules
  • Additional or unlimited PTO
  • Opportunities for remote work
  • Financial counseling
  • Discounts to local attractions and events
  • Offering a month-long sabbatical to employees for every five years of employment
  • Onsite chair massages or yoga classes

Finding the best benefits broker to fit your business can be one of the most valuable investments your company can make. Top benefits brokers are consultative and not someone who just makes the sale and calls you once a year to see if you still want to work with them. They help employees make educated healthcare decisions; help you with compliance and reporting; lend a hand at open enrollment time (or better yet, manage the entire process); recommend complementary services, and provide benefits communication materials.

When you choose your broker, select someone who provides the services you and your employees need today... and someone who will be with you down the road as your company grows.

Now that you better understand why it’s important to partner with a benefits broker, you need to find the right fit for your company. Check out Tips to Select the Right Benefits Broker and learn the key criteria to look for to support both your business and your employees.

More to Discover

Case Study: Meeder Investment Management

Case Study: Meeder Investment Management

Adding Paycor Recruiting, Onboarding and Learning Management to their HR process helped Meeder Investment Management save time and increase employee engagement. “I love the ATS (applicant tracking system). It’s so easy to use. All the communication is right there. I can see manager feedback; I can see next steps. And then I click a button and all the [new hire] information seamlessly transfers to payroll. ” - Debbie Harris, HR Manager Prior to Paycor Meeder Investment Management, based in Dublin, Ohio, needed an automated recruiting, onboarding and LMS that integrated with their current system. Previously, they were tracking PTO by hand in Excel, manually entering new hire information and calculating paper timecards. Their LMS often...

FAQ: How to Hire People with Disabilities

FAQ: How to Hire People with Disabilities

Only 19.1% of disabled Americans are employed compared with 65.9% of the general population, according to the U.S. Bureau of Labor Statistics. Qualified job seekers with disabilities may be held back by companies’ fear of expensive accommodations or compliance regulations.If you’re interested in hiring people with disabilities, look no further. We’ve answered FAQs to help you remain complaint. Q: How does the federal government define "disability"? A: The concept of “disability” is defined by context. For employers, a person with a disability is someone who: has a physical or mental impairment that substantially limits one or more "major life activities," has a record of such an impairment, or is regarded as having such an impairment....

Webinar: Winning the Race for Talent - 2/19/20 @2pm ET

Webinar: Winning the Race for Talent - 2/19/20 @2pm ET

Paycor and HORAN Present Winning the Race for Talent Paycor and HORAN are teaming up to share research developed from thousands of organizations that lead to key pillars and a maturity model to help HR Professionals improve practices. Through the HR Center of Excellence, HR professionals can extend their reach and unlock their potential via professional advice, inspiration and action items that will help them make a difference in their organizations. This webinar will focus on the recruiting pillar and how HR leaders can effectively manage people to positively impact their organizations’ bottom line.Speaker: John Allen John is the Channel Partnership Director for Paycor where he focuses on delivering “Paycor value” to our Agency...

Webinar: March 2020 Web Summit - Soldier to Civilian: An Untapped Resource - 3/4/20 @3pm ET

Webinar: March 2020 Web Summit - Soldier to Civilian: An Untapped Resource - 3/4/20 @3pm ET

Do you know all the skills veterans can bring to the workforce? How about teamwork, performing under pressure and leadership skills just to name a few. In this session we’ll discuss the many reasons why veterans make great candidates for a number of job positions. Speaker: Rob ArndtRob Arndt is the Senior Vice President of Business Development with RecruitMilitary & Bradley-Morris Inc., the Nation’s largest and most effective connection point between smart organizations and the highly sought-after military experienced talent pool.Rob is a 14-year Veteran of the United States Marine Corps, who had served in military campaigns in Kuwait and Iraq before reporting to a duty assignment in Marine Corps Recruitment & Retention that...