The business world is changing rapidly, and federal contractors must stay on top of the changing demands of their employees and clients. Although it is essential to keep up to date with the latest regulations governing federal contracting, one area that is often overlooked is federal contractor benefits. However, failing to adapt in this area can have serious repercussions.
Here is a look at some of the recent significant issues and trends influencing federal contractor benefits and how a benefits broker can help you successfully evolve with these changes.
The benefits packages of today have come a long way from the simple insurance and retirement offerings of yesteryear. These days, most businesses realize the need to provide attractive and flexible benefits that will help them stand out to top talent. Here is a look at some of the ways benefits should be adapted to suit the needs of modern federal contractors.
Telecommuting has gone from an almost unheard-of perk to something non-negotiable for many employees. As a result, many businesses are offering a telecommuting option as part of their employee benefits packages. In cases where federal contractors can conduct their work remotely, offering telecommuting may result in better employee retention, increased morale, and higher productivity.
This can also open your business up to a broader pool of talent, as it means workers outside your geographical area may be able to come on board. In addition, employees may enjoy less stress because they do not have to deal with a commute, which means they will be better focused on the task at hand.
Attitudes toward parenthood have changed in recent years, and an increasing body of scientific evidence has demonstrated the importance of both parents spending time in close contact with infants during the weeks and months after they are born.
In response, many employee benefits packages are accommodating this drive by offering paid parental leave benefits for mothers and fathers alike, as well as greater flexibility in working hours to meet the needs of parents raising young children.
Many first-time employees are entering the workplace while managing a tremendous amount of student loan debt. Many modern employers offer to contribute to their workers’ education loans as part of their employee benefits package, often as a matching contribution.
Suppose you are looking to attract recent graduates to work on federal contracts. In that case, this may be a desirable perk to include in your federal contractor benefits.
In the post-pandemic world, the influence of well-being on people’s overall physical and mental health cannot be overstated. Many employees now value wellness benefits above many other offerings.
This might include gym memberships, yoga classes, or health savings account contributions. Some businesses are even offering incentives for employees to lose weight or reduce their blood pressure, as this can reduce their healthcare costs and motivate workers to make healthier choices.
How a Benefits Broker Can Help
Benefits brokers can serve as intermediaries between an employer and benefits providers such as insurance carriers. They provide a valuable service to the businesses they work with. Here’s a look at how benefits brokers can help federal contractors ensure their benefits programs suit modern business needs.
Offering Professional Guidance
The experience and knowledge of benefits brokers enable them to help federal contractors understand the constantly changing and highly complex regulations that can impact their benefits programs, such as the Affordable Care Act and the Service Contract Act.
They can also help federal contractors design an effective benefits plan that enables them to meet their strategic objectives and attract and retain top talent while remaining in compliance with contracting regulations and working within the confines of their budget.
Evaluating Benefits Programs
Benefits brokers can also help federal contractors monitor their benefits program performance and measure its outcomes with feedback tools and data analysis. This also allows them to identify areas where improvements or innovations can be incorporated to enhance the program.
Negotiating Better Rates
Another important function of benefits brokers is helping federal contractors obtain the best terms and rates from their benefits providers. In addition, if any issues arise with benefits providers, such as quality of service concerns or claim processing errors, benefits brokers can intervene on behalf of the federal contractors they work with.
Discuss Your Federal Contractor Benefits Needs with an Employee Benefits Consultant
In addition to ensuring that employees are paid a proper pay rate, government contractors must carefully manage any employee benefits built into their contracts.
To find out more about setting up and managing an effective employee benefits program for government contractors or to discuss your needs with experienced employee benefits consultants, contact the employee benefits experts at Business Benefits Group (BBG) today.