As 2021 begins, the most challenging task that business owners face is delivering employee benefits. Employers know that their workforce deserves the security and comfort of comprehensive options. However, the unprecedented events of 2020 – as well as our uncertain economic future – make it difficult to determine what employers can responsibly offer. Business Benefits Group can help with your New Year benefits planning.
If you’re looking for guidance through this predicament, reach out to Business Benefits Group. As an independent benefits brokerage, we are free from the interests that plague large firms. Thus, our consultation services are personalized to your organization’s needs. We provide insights on employee benefits, business insurance, and retirement solutions. Together, we can identify options that suit both your employees’ immediate needs and your company’s long-term goals. Contact us today for more information.
Below, we discuss the present concerns over benefits planning and describe how BBG can help you navigate them:
Benefits Planning in 2021
Even in exceptional times, businesses offer benefits to support and retain their employees. Everyone, from management to entry-level employees, wants more than a paycheck. They consider how a company’s values and culture will support their long-term professional growth.
These concerns predate COVID-19. Even before the pandemic, a “growing number” of U.S. employees preferred increased benefits over a larger paycheck. The events of 2020 then exacerbated the situation and forced employers into a difficult spot.
Of course, employers must offer something. Previously, we outlined a 2021 benefits compliance checklist that federal law requires small businesses to meet. But beyond that, employers should consider the following guidelines when selecting benefits for their employees.
Selecting Benefits: General Principles
While every company has its own needs and concerns, we suggest that they observe a few rules. First, they should try to offer holistic wellness healthcare. Specifically, their coverage should cover physical and mental health care due to the pandemic’s isolating effects.
Also, employers should consider whether their benefits improve employees’ work-life balance. Inflexible scheduling and long hours make work stressful and self-care difficult. But offering work-from-home time, even after the pandemic, can support employees’ comfort.
Third, business owners should try to embrace diversity in their benefits options. For instance: is paid holiday time set for specific dates, or can employees use it as they please? Since employees live in a variety of situations, employers should cater to a broad range of options.
How A BBG Consultant Can Help You
Now, what benefits would suit your employees? With general principles and mitigating factors in mind, you want to determine what fits your workforce and your business’s future. This is what a BBG benefits consultant can help you to figure out.
We will first examine your company’s budget and your employees’ needs. We will also address which benefits you offered the previous year and whether you should change or keep them. While budget and needs will dictate your options, these factors often conflict. Thus, this may be a difficult conversation.
Even after determining your benefits plan, your consultant can still support your business. They can address questions and concerns as you implement your benefits plan, especially while the COVID-19 situation evolves through 2021. Plus, they can also help with several insurance-related tasks: filing claims, negotiations, making changes, and so on.
Get Expert Advice from Our Independent Benefits Brokerage Today
Despite its novel details, the benefits challenge that employers face is a familiar one. As before, they must balance the needs of their business with those of their employees. If your business faces the same concerns, reach out to Business Benefits Group for valuable insights. Our independent benefits brokerage offers client-centric services that are tailored to your organization’s circumstances. We can help you choose employee benefits, business insurance, and retirement solutions that suit your organization’s needs. Call us today at (844) 201-3609 for more information!