According to MetLife’s 15th Annual (2017) U.S. Employee Benefit Trends Study, brokers and benefit consultants play an unsung role in helping employers navigate employee benefits. That’s because employers tend to overestimate how clear and helpful their communications about benefits actually are. For example, while 74% of employers agree that “the company’s benefits communications effectively educate employees, so they can select options that best meet their needs,” only 60% of employees agree, a 14-point gap.
In fact, brokers and benefits consultants are key to helping employees with their benefits. Here are 15 ways how:
- The employer can leverage broker/consultant expertise to select the right benefits packages to fit employee needs.
- In addition, brokers and consultants can help the employer to find cost-effective benefits bundles that offer competitive benefits at reduced cost.
- They can also recommend other cost-saving options to keep benefits as cost-effective as they are attractive to employees.
- They can advise on employee physical wellbeing strategies, including nontraditional benefits and perks.
- Similarly, they can advise on employee financial wellbeing strategies, a new trend in benefit offerings that appeals especially to Millennials.
- They can help employers to create benefits statements.
- They can assist with creating and maintaining employee benefits communications and guidance materials.
- They can help the employer understand the need for benefits from the employee’s point of view, providing insights on employee needs and desires.
- They can provide benefits administration services, ranging from enrollment to billing to ongoing benefits management.
- They can help employers with strategies and tips to reduce the frequency and expense of claims.
- They can keep employers informed on benefits trends (like the newfound popularity of financial wellness benefits).
- As a result, they can then recommend new, forward-looking benefits solutions tailored to today’s workforce.
- They can help with legal, regulatory, and compliance issues – a service that is hugely valuable by itself, especially when it comes to rapidly changing health care regulations.
- In fact, that last point bears mentioning by itself: they can keep employers abreast of the current Health Care Reform requirements that apply specifically to them.
- Finally, they can provide prompt customer service and support when questions and problems arise that would otherwise have the employer tearing their hair out.
CoAdvantage, one of the nation’s largest Professional Employer Organizations (PEOs), helps small to mid-sized companies with benefits, HR administration, payroll, and compliance. To learn more about our benefit services, contact us today.