Employee Benefits Consulting – Strategy And Broking
Small business owners who receive a consultation from an experienced insurance brokerage company can structure employee benefits to recruit and retain talent. The consultant broker can offer services and reviews that will save your business money while still offering competitive benefits packages.
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Are you trying to structure employee benefits? Are you wondering what your business can feasibly offer versus what the top talent wants? Many small business owners struggle to design competitive benefits while managing costs. A broker-consultant helps strike the right balance.
In this article, we will articulate how a consulting and brokerage firm helps your small business review and implement successful strategies for employee benefits. We’re here to offer support and advice for business owners.
Corporate Insurance Brokers Versus Benefits Consultants
Typically brokers sell insurance products, and benefits consultants help businesses research and plan what benefits to offer employees and how to manage those. A broker focuses on securing insurance policies while a consultant provides strategic guidance on benefits planning and compliance.
For businesses that want to keep it simple, some companies will offer both consulting services and serve as insurance brokers. For example, if a company wants to introduce flexible benefits but isn’t sure how to structure them, a consultant provides insights before the broker sources plan.
Using a company that offers consultations and serves as an insurance broker can save you money and lower the amount you would end up paying for both services.
Pacific Prime offers three major services to provide the best value for our clients:
Consulting
Selecting the best group insurance plans and employee benefits requires a consultation process that investigates your company’s needs, requirements, and goals. This includes analyzing employee demographics, benchmarking competitors’ benefits, and ensuring compliance with local regulations.
For instance, a startup looking to offer maternity benefits might need guidance on structuring coverage that appeals to employees while controlling costs.
Policy Broking
Clients of Pacific Prime get to review and select the best policy. As the broker, we find the right insurers and policies to suggest. We also perform a rigorous annual benchmarking process.
Plan Administration
Pacific Prime offers plan management continuously. This includes local support with claims, accounting, and benefits communication. These services are available for the entire lifetime of your policy.
Employee Benefits Are An Important Business Strategy
Employee benefits affect employee morale and retention, so companies that offer comprehensive benefits packages attract and keep top talent, reduce turnover, and create an effective workforce.
Employee benefits are called non-monetary or non-cash compensation. This includes any compensation that is not a direct deposit in an employee’s bank account as an employee benefit. This includes insurance, wellness programs, and more.
Non-monetary employee benefits have been important to employees for a long time but are becoming increasingly important as healthcare costs continue to rise. Many employees also value flexible benefits, allowing them to customize coverage based on their needs.
According to the Bureau of Labor and Statistics, salaries and wages only accounted for 68% of the average compensation. That means 32% or almost a third of employee compensation was in the form of non-monetary benefits!
What Benefits To Offer Employees
Benefits that companies can offer to employees that will bring the greatest return include health insurance, wellness benefits, life and disability insurance, travel insurance, and accident insurance. Let’s learn more about each of these offerings.
Health Insurance
The most popular benefits offered by employers are insurance packages. Covering health insurance costs for employees helps hire and retain the top talent in today’s labor market. There are a number of insurance products available including health, life, and disability insurance.
The most commonly requested health insurance products include:
- Health insurance for inpatient and outpatient coverage
- Maternity coverage
- Family/dependent coverage
- Dental insurance
- Vision insurance
In addition to health insurance, additional insurance and programs are popular for employees. These benefits may include any of the following:
Wellness Solutions
Popular wellness benefits include counseling, gym memberships, employee assistance programs, health screenings, and smoking cessation. Financial wellness resources, like seminars and budgeting tools, also help employees. Company sports events can also promote team bonding and a healthy lifestyle.
Additional benefits may include flexible work arrangements, fitness classes, and support for childcare or domestic helper costs.
Group Life and Disability Insurance
Coverage with group life and disability insurance typically includes plans for accidental death and dismemberment, critical illness, as well as short and long-term disability insurance.
Group Travel and Accident Insurance
Group travel and accident insurance makes business trips for employees less stressful. These plans typically cover worldwide travel, inpatient and outpatient care abroad (including possible coverage for pre-existing conditions), flight cancellations, delays, lost baggage, and medical evacuation.
For more information on employee benefits, the following articles will provide further insight.
- What Employee Benefits Should Small Businesses Include?
- Employee Benefits for Small Businesses in 2024
- Guide to Employee Benefits
If you want a benefits review and a more personalized consultation for your business, set up a benefits review with Pacific Prime.
Why Companies Offer Non-Monetary Benefits
Companies offer non-monetary benefits to attract and keep the best employees in the labor market. Selecting the best benefits can improve retention and hiring. Additionally, this non-monetary compensation leads to improved outcomes for the business and employees.
Physical and Emotional Wellness for Productivity
Many employees are seeking greater work-life balance and wellness. Offering preventative healthcare coverage and health education can help both the business and the employee. It’s a win-win!
Less Stress for Employees with Financial Wellness Education Benefits
Many employers have also found happier and healthier employees by offering financial education to employees. Knowing how to budget and plan for the future relieves a lot of additional stress on employees, so it can improve the work environment.
Tax Benefits or Assistance, Especially for Small Businesses
Small businesses won’t want to miss out on the potential tax benefits of offering health insurance plans. Your business may be eligible for subsidies or assistance to help cover the expense of offering health insurance plans to employees.
Find The Best Strategy For Employee Benefits
There are several advantages when a business owner consults with an experienced insurance broker. Brokers who offer consulting services can help review benefits plans and offer suggestions to minimize costs while maximizing employee benefits.
A broker will also negotiate and secure the best deals with insurance companies. Insurance brokers help out by comparing multiple insurance packages available to your business. An experienced insurance broker will also help small business HRs navigate the regulations and guidelines of benefits like FMLA.
An experienced broker will also help businesses find health insurance plans covering employees abroad. This will allow your business to expand globally and remain competitive.
Choosing A Corporate Insurance Broker
To secure the best deals and benefits strategy for your small business, search for brokers who work with multiple insurance providers. A broker with access to multiple insurers ensures you get the most competitive rates and coverage options.
You’ll want a broker that works on your company’s behalf to negotiate premiums and benefits year after year to combat rising costs. When choosing a broker, ask:
- Do they offer consulting and broking services?
- How do they negotiate costs with insurers?
- Do they provide digital tools for benefits management?
You will also want to consider what features and products you want from a broker. Here are some desirable features to look out for when choosing a broker:
- Online portals and tools to make navigating benefits easy for you and your employees
- Advice and consultation services for your benefits packages
- Being able to offer multiple plans to employees rather than one rigid option
- Works with insurance providers around the world to secure the best plans available
- Finding products and solutions for more than employees: find a broker who can secure corporate insurance at the same time
- Will the broker offer or help you find wellness benefits packages?
- Make sure your broker is data-driven to provide you with the best possible outcomes
- Ensure your broker will help you mitigate rising costs by using past data to combat premium increases
Online Benefits Portals
Finding a broker that offers an online portal makes insurance management much easier for human resources departments. A good broker can offer this service at no additional charge to save your business time and money.
As an example, Prime Care Portal allows our users to digitally complete the following tasks:
- Update and maintain member details
- Identify and keep track of new hires and departures from the company
- Allow companies to create subgroups when the company has multiple locations
- Manage member movement from office to office
- Organize and generate customized reports in just minutes
- Manage multiple policies from more than one insurer
- Organize and distribute policy documents
For more tips and advice, read Choosing the Best Employee Benefits Broker 2024.
Choosing An Employee Benefits Consultant
When you choose an employee benefits consultant, you need to make sure that their process and approach fit in with your company’s goals and needs. You will also want to make sure that the consultant has the experience and knowledge to give the best guidance and advice.
Here are the things to look for in an employee benefits consulting firm:
Market Intelligence
A company with market intelligence will be able to identify the most relevant employee benefits in your industry. That market intelligence will also allow the consultant to identify trends and keep your benefits up to date and competitive.
Industry Knowledge
The best benefits consultants are those that also broker insurance and/or benefits packages. This is because the consultant broker has close relationships with corporate insurance providers and can match your company’s needs with the best-fitting insurance provider.
Risk Assessment
Working with a consultant familiar with insurance and insurance products allows for a more holistic approach to analyzing and addressing risks with appropriate solutions for your business.
Compliance and Legality
As a multi-jurisdictional company, Pacific Prime can apply our knowledge to identify compliance and legal issues in many regions around the world. Find a company that can offer these services everywhere you would like to do business.
Claims Analysis
A company that provides a detailed claims analysis will reveal your underlying claiming pattern. With this information, the consultant will identify a fair loss ratio for your company.
Design a Plan for Your Business Needs
In the final stages of a good approach, the consultant will compile all of the review processes to design the best insurance plans for your business.
Frequently Asked Questions
What is the difference between an insurance broker and an employee benefits consultant?
An insurance broker helps businesses find and purchase insurance plans, while an employee benefits consultant advises on structuring benefits to align with company goals and employee needs. Some firms, like Pacific Prime, offer both services.
How can small businesses afford competitive employee benefits?
Small businesses can work with brokers to find cost-effective group insurance plans, leverage tax incentives, and explore wellness programs or flexible benefits that add value without high costs.
What types of insurance should be included in an employee benefits package?
The most common benefits include health, dental, and vision insurance, as well as life and disability coverage. Some companies also offer wellness programs, financial planning assistance, and travel insurance.
How can a broker help manage employee benefits over time?
Brokers assist with policy selection, annual benchmarking, claims support, and regulatory compliance. They also negotiate with insurers to secure the best rates and coverage year after year.
What should I look for when choosing an employee benefits broker?
Look for a broker with experience, access to multiple insurers, data-driven insights, compliance expertise, and tools like online benefits portals to simplify administration for HR teams.
Conclusion
A well-structured benefits package boosts employee retention, improves workplace satisfaction, and helps small businesses stay competitive. Partnering with a broker-consultant like Pacific Prime ensures you make informed decisions while controlling costs.
With over two decades of experience in providing employee benefits programs, and corporate insurance solutions to companies of all sizes, our experts go above and beyond to provide you with tailor-made solutions with expert knowledge and impartial advice.
Reach out to Pacific Prime today with your questions about employee benefits and/or company insurance options. You can have one of our insurance experts call you back as soon as possible or at your convenience.
After obtaining his Bachelor’s Degree in Social Sciences, International Relations from Mahidol University International College, Veerabhatr has forged his career as a content writer in the travel, lifestyle, and real estate industries, writing in both English and Thai. He now continues to hone his skills as a writer at Pacific Prime, looking to engage and educate the audience by simplifying insurance.
Writer by day, and a DJ by night, Veerabhatr is a staunch music lover, and listens to all spectrums of genres available. He also loves to drink beer (moderately), eat all types of food, go to the beach, and learn about different cultures across the globe. He is also a die-hard fan of football and motorsports.
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