The business world constantly evolves, and staying on top of the newest developments and regulations can be challenging. Most business owners and their human resources staff cannot devote sufficient time to research the latest benefits employees seek or assess how their offerings stack up to the competition.
Employee benefits consultants can help businesses with these tasks, ensuring they attract and retain the best employees and follow all relevant regulations.
Here is a look at why working with these professionals is a must for organizations in 2024.
They Can Solve Many Types of Problems
Many business owners are very talented in solving the issues faced in their industry. Still, benefits-related problems are notoriously challenging to address. Staying on top of constantly evolving health benefits requires significant attention and creativity.
For example, employee benefits consultants can help a business find alternative funding approaches and innovative cost-control strategies that help mitigate cost increases. Consultants are partners who can recommend changes that will improve a business.
Their experience and knowledge prepare them to solve challenges, no matter how complex they are, and they often present options that business owners should consider that can help them achieve their objectives.
They Can Help Businesses Resolve Compliance Issues
Compliance is a tricky field to navigate, and the penalties for non-compliance can be very steep. Employee benefits consultants stay on top of the latest changes to rules and regulations. They can offer expert insight into how evolving regulations affect employers and their workforce.
Their Relationships Can Benefit Your Business
While the relationship between an employee benefits consultant and the company they work with always takes center stage, it is important to remember that consultants also cultivate relationships with vendors, which enables them to tailor programs that meet their client’s goals and size while working within their budget.
In addition, consultants have access to valuable data, such as benchmarking and market statistics, that can give a business an advantage over the competition. These resources enable benefits consultants to help businesses successfully execute their plans.
They Can Enhance Workplace Safety
Workplace safety is a major concern for all businesses, and getting it right goes beyond following safety regulations. Employee benefits consultants can help businesses offer sufficient sick leave time and have effective communications systems to deal with emergencies and unexpected changes to how business is conducted, such as those seen during the pandemic.
Benefits Consultants Can Improve Employee Retention
Employee turnover is a significant drain on a business’s resources, from recruitment and training costs to reducing morale and diverting the attention of human resources staff away from their core duties. Thankfully, employee benefits consultants can help improve employee retention in several ways.
For example, they can help companies benchmark their retention efforts, identify the right metrics to focus on, and develop employee surveys and other methods of gathering meaningful data to guide benefits offerings.
They can also provide businesses with objective insights into the strategies they are currently using and help them find ways to improve them that align with the business’s objectives and budget. They can also help businesses to identify the benefits that employees are currently seeking.
While health insurance and retirement benefits will always be popular – and in many cases, expected – modern employees increasingly seek previously unheard-of . For example, flexible work arrangements are in increasing demand as people try to juggle family responsibilities with their careers.
Meanwhile, mental wellness initiatives are gaining steam as society gains a deeper understanding of how far-reaching the benefits of a positive work-life balance are.
They Offer Customized Benefits Solutions
The internet has made it easy to find solutions to many common business problems. Still, this advice is very general in nature. It does not consider an organization’s unique goals, workforce demographics, and culture.
Employee benefits consultants, however, study organizations to understand their nuances and work closely with management to develop customized benefit solutions that address their workforce’s specific needs. They accomplish this by conducting comprehensive needs assessments and in-depth employee demographic analysis.
This enables them to identify suitable benefits packages to address major areas of concern, whether traditional benefits such as healthcare coverage and retirement benefits or more novel approaches, such as remote work arrangements.
They Can Maximize an Organization’s Return on its Benefits Investment
Employee benefits are a considerable investment for every business, and employee benefits consultants can help ensure they maximize their return. They can assess the cost-effectiveness of various benefit options so the businesses can allocate their resources where they will have the biggest impact.
They can also recommend adjustments that organizations can make to improve the effectiveness of their benefits offerings and avoid wasting money on benefits that are not providing good value.
Schedule a Consultation with the Professional Employee Benefits Consultants
The employee benefits consultants at Business Benefits Group (BBG) can help organizations get the most out of their employee benefits packages, find cost savings, and maintain a competitive edge.
Contact the professional employee benefits consultants at BBG today to learn more about how our services can help your business attract and retain top talent.