Business Benefits Group (BBG) can work with business owners in renewing their employee benefits package. We can review and analyze a business’s existing benefits along with other organizational needs to determine how best to adjust a current benefits program. Employers who work with BBG’s knowledgeable Benefits Consultants will help to ensure that they have the most ideal benefits for their company, and will often save money on their benefits package.
Once employers have established a comprehensive benefits package for employees, they may think that this task is complete. However, over time a business may outgrow an existing benefits plan. Each year, the renewal deadline presents an opportunity for businesses to revise and review existing employee benefit plans. Strategically planning for the renewal process can help employers to make sure that the benefits that they are offering are the right fit for both their company and employees.
Preparing for Renewal
Preparation for renewal should begin several months in advance of the deadline. At this time, businesses should gather important documentation, such as existing plan information, employee demographics, financial documentation, and feedback on any current benefits package. Each of these items is crucial to understanding whether a business’s current benefits package is meeting organizational needs. Additionally, these items can help employers decide if they can—or should upgrade the current benefits package being offered.
If a business’s finances or employee demographics have shifted significantly over the past year, these factors could indicate a need to upgrade or change an existing benefits package. For example, if many employees are married or have started families, they may be looking for a better health insurance plan. If the overall age of a business’s workforce has increased, then employees may want to offer a more comprehensive retirement package. It is important to align an employee benefits package with the needs of employees. The renewal process presents a perfect opportunity to assess a business’s financial status and employee demographics in order to determine what type of benefits would best meet a business’s budget, in addition to employee needs.
Gathering feedback is also a critical aspect of the pre-renewal planning process. This is particularly true in situations where a benefit is new or has changed. For example, if a business is paying more for a vision plan that employees do not find to be valuable, then it may be easier to decide on discontinuing this particular benefit. Our highly experienced Benefits Consultants can help employers to survey their workforce, and to assess what employees think about the current benefits package being offered.
Market Trends and Opportunities
Each year, the market and legal landscape changes. A new opportunity through the healthcare exchange may be available, or the law may have changed regarding employer contributions to retirement plans. Knowing and understanding these changes—and their impact on the benefits marketplace—is an important part of the renewal process. After all, if a certain type of insurance has drastically dropped in price, that is a significant issue that should be taken into consideration before deciding to renew an existing benefits package.
Similarly, trends in employee benefits should be analyzed to determine if a business needs to update its package in order to remain competitive. This could be undertaken on an industry-specific or general basis. For example, in the tech industry, student loan repayments are becoming an increasingly common benefit. In other industries, tuition reimbursement to assist employees in their training and education is more common. Additionally, analyzing what market leaders are implementing should be included as part of a business’s pre-renewal analysis.
Advantages of Working with A Benefits Consultant
Employers who work with BBG, will gain several key advantages. One of our Benefits Consultants will contact a company representative several months prior to a renewal deadline after reviewing the existing benefits package. Our Benefits Consultant will determine if a business’s current benefits package can be enhanced to help the company include better benefits for their employees, or to save money.
BBG’s Benefits Consultants can also advise companies of any new or better options in the benefits world—allowing employers to completely revamp an existing benefits program. By analyzing any changes in the company over the past 12 months and feedback from both management and employees, the BBG can help the company make the best possible renewal choices. Working with BBG is a great way for businesses to find the most cost-efficient benefits that are available to them.
Contact Business Benefits Group Today
Businesses would like more information on pre-renewal planning, or how Business Benefits Group can help employers to optimize an existing employee benefits package can contact BBG by giving us a call or sending us a message online today! We offer complimentary consultations so that employers can discuss their needs and goals.