Creating an appealing employee benefits package does not have to be complicated. With the help of a professional benefits consultant, you can explore the various types of benefits and the costs and terms that accompany them. From health insurance to 401Ks, as a business owner you need to understand which benefits are best suited for your company and staff. A benefits consultant can connect you with insurers and help you get the best rates possible. As benefit consultants are not partial to any one insurance company, you can rest easy knowing that your best interests are top priority.
Role of a Benefits Consultant
The primary role of a benefits consultant is to advise an employer in matters relating to employee benefits. While benefit consultants perform some functions that are similar to insurance brokers or agents, they typically have more in-depth knowledge of group insurance and employee benefits, and have access to a wider selection of resources. Most established benefit consultants have experience working with businesses of all sizes and know how to negotiate with insurers and leverage their resources to provide their clients with the best value possible.
There are many reasons why acquiring a business consultant is a wise idea. A benefits consultant can help you gain a better understanding of your business and what an employee may seek in a benefits package. He or she can also provide expert advice on the current marketplace, including the strengths and weaknesses between insurers and trends that may impact your employee benefits philosophy. Quality benefit consultants will also provide support year-round to ensure that you maintain a benefits package that works for your business as it changes and grows. Your benefits consultant will also be a phone call away if you happen to have any questions or concerns along the way.
Reasons to Hire a Benefits Consultant
As a business owner, you may be wondering why you need the help of a benefits consultant. Businesses often hire benefit consultants as a cost-effective way to bridge a gap in the skills and knowledge within their company. Hiring a benefits consultant is also an efficient way to bring a fresh objective to the table. In some instances, a business owner may seek the guidance of a consultant to solve issues relating to benefits. For example, if your employees are frequently quitting, it may related to a lack of benefits.
Hiring a benefits consultant can also help you achieve increased optimization. Maybe your company has quickly grown or you are striving to hire more experienced staff with a certain skill level. To make this happen, you need to have an attractive benefits package that will appeal to candidates. A benefits consultant can provide fresh perspective and evaluate certain areas of your existing benefits package that may be lacking. Creating a more attractive benefits package is a great way to draw in quality candidates while increasing motivation and productivity levels in current employees.
Despite what you might think, hiring a benefits consultant is often more cost-effective than creating a benefits package on your own. A benefits consultant knows the difference between a good plan and what might look like a good plan on the surface. A benefits consultant can also gain access to important information more easily than you could on your own. This results in better pricing, more details, and faster dispute resolution. With a benefits consultant there to do some of the work for you, you will have the opportunity to focus on growing your business. You will also get the peace of mind of knowing that your employees have access to quality insurance and other benefits.
Choosing the Right Benefits Consultant
Before choosing a benefits consultant, take the time to ask some important questions. Start with their experience as a consultant and what type of businesses they have helped in the past. You may also ask for references. Write down a list of questions to ask, such as:
- How many plan choices do I have to choose from? In addition to standard medical coverage, you may want to consider options relating to other coverage options, such as vision, dental, and life insurance.
- How can I maintain compliance? Each plan has its own set of terms that must be followed. A benefits consultant can walk you through these terms and regulations to ensure that you remain compliant.
- What is the best way to attract and retain employees? Ask the benefits consultant about building a benefits package that will best attract and retain qualified employees.
- How will you address my business’s specific needs? As all businesses are different, it is important to find a benefits consultant that will provide customized services and support. The consultant should be dedicated to understanding the unique needs of your business.
Like any other business consultant, a benefits consultant should come in with an open mind and ready to understand your business. A knowledgeable and well-established expert should be able to educate you and analyze your risk. They should also be knowledgeable in regulatory compliance and possess comprehensive product expertise. You will also want a benefits consultant who is transparent, which results in a more productive and honest collaboration. Your consultant should be open about the services they provide and the cost of these services. Transparency is a crucial component in the consultant-customer relationship.
Request a Consultation with BBG
Your employees are one of the most important factors to your company’s success. Without them, it is nearly impossible for your business to grow and excel. To show your appreciation, provide a comprehensive benefits package that is sure to increase employee satisfaction and retention. At Business Benefits Group in Fairfax, VA, we offer professional benefits consulting services to all size businesses. Our team of qualified, licensed, and experienced consultants makes it easy to develop a successful benefits package. We will also provide ongoing support to help you retain your top talent. For more information about our practices or to request a consultation, contact BBG today.