If you’re not sure whether or not an employee benefits broker can help your company, you might be surprised at the advantages they offer. Health insurance and employee benefits can be difficult to navigate. Having some help and guidance in these matters can make the process much easier. But what exactly can an employee benefits broker do for your company? It could be more than you may realize.
They help you find benefits that are the right fit for your company and your employees.
There is no benefits package that is one size fits all. Your employees have different needs and your company is unique in many of its needs as well. In fact, a report by MetLife shows that employees who have a benefits package that fits their needs are nearly four times more likely to be happy with their job. Aflac’s Workforces Report (Infographic: Top 10 Employee Findings) shows that 80% of employees who are happy with the benefits package they have with their employer are also happy with their job. What works for one business may not work for yours, and it’s the broker’s job to figure that out. They will assess the needs of your business and employees, then help you find just the right benefits packages.
They help you stay compliant with federal, state, and local regulations.
There are several federal regulations regarding employment and benefits. Additionally, each state and local municipality has its own set of laws and regulations that businesses are required to adhere to. Your benefits broker has an in-depth understanding of these regulations and will help you stay compliant. This helps you not only provide your employees with what they are entitled to under the law, but it also helps you avoid fines and other penalties due to noncompliance.
They help you educate your employees on their benefits by answering questions and offering guidance.
It is inevitable that employees will have questions at some point regarding their benefits. They may need help selecting the right plan, changing an existing plan, or they might want to know more about their current package. Whatever the case, your broker can ease some of those burdens from your shoulders by being on hand to answer questions and help educate employees on their benefits. The broker knows the plans on an expert level, so they can likely answer questions that you may not be able to or don’t feel comfortable answering. This also frees you up to take care of other issues that may need your attention.
They help you choose the most cost-effective plans for your employees and your company.
Getting the most value for your money benefits not only your company, but your employees as well. Your employee benefits broker will help you find plans that meet your employees’ needs but also consider your bottom line. Cost-effectiveness may not be the biggest factor in choosing a benefits program, but it is one of the top things people look at when making their decision.
Working with an employee benefits broker may be one of the smartest business decisions you make all year. It is definitely good for employee morale and will help you avoid some of the stress of benefits questions. It is well worth the investment.
When you want inventive solutions for your employee benefits needs, Innovative Broker Services delivers. Contact us today via our website or by phone at 916-932-2864 to discover how we can help you.
In the meantime, you can download our free checklist, “A 10 Step Checklist to Help Make Your New Employees’ First Week Great” and get some great onboarding tips from our experts. Your employee benefits program just got a whole lot easier!