Let’s face it. People rely on their jobs for their economic stability, and many job candidates will choose between similar opportunities because they prefer one employer’s total benefits package over the others. For any person with dependents (i.e. a spouse, a child, or a disabled adult), there’s the basic consideration of how high the monthly health insurance premiums are and how much he or she will pay for office visits, prescriptions, and specialists. Any person with serious health issues (or a dependent with one) knows this dilemma all too well. We could go on and on here, but it’s obvious that benefits are important.
Reason #1: Employee turnover is too high.
We love to look at different reasons why employers will choose an employee benefits broker. We have talked to many prospective companies who have tried the do-it-yourself approach. In the end, they wish they had worked with a broker who could help them compare different benefits plans. In the age of Obamacare, there are so many insurance plans from which to choose. Employees want a job with a decent salary; they need, not just want, access to affordable benefits that minimize their out-of-pocket costs. Good employees will stay with an employer whose benefits help them to build a retirement income and to furnish their dependents with health, dental, and life insurance benefits. People also love to buy extras such as vision, accident, and cancer insurance. Look at the last few years of exit surveys and verify if the benefits plan was a common reason why good employees left the organization.
Reason #2: You want to increase the company’s productivity with healthy workers.
Another reason for a company like yours to consider the services of an employee benefits broker is because you’ll get greater productivity levels from people who are present at work. People who are often ill will miss more work, and, when they return to work, they won’t be as effective. They are always having to catch up. When employees have access to comprehensive health and wellness programs, they can maintain a better work-life balance. They can succeed in their work and enjoy their time away from the office. They are generally healthier and more likely to give their best, which is good for productivity levels in every part of your company.
Reason #3: You won’t really save that much by not hiring a broker and doing it yourself.
The reality is that an employee benefits broker will charge you a fee. The sum that a broker charges may, at first glance, seem like more than your company wants to spend right now. It’s easy to choose a plan that will account for the broker’s fee, but whatever plan you choose will affect your workforce for a minimum of one year. You might be focused on the bottom line and trusting your top benefits expert to suggest several benefits providers. Ultimately, you’ll leave the final plan selection to the senior management team. If they choose the wrong plan, you’ll get a lot of employee complaints. Some employees might even leave. You will have recruits who might not take the job after they research your benefits package. If you go with a plan that is mostly self-insured, your company may also end up paying more for claims than it might have under a plan that wasn’t self-insured. You can’t always judge by a plan’s proposed contribution per worker and per dependent. These are all scenarios that your company should avoid. They are easier to prevent when you hire a good broker with verifiable industry experience.
For more details on comparing available benefits providers with expert assistance, please contact us today.