Introducing our new guide on structuring employee benefits
Implementing the right employee benefits package can help you retain your top talent, and attract the crème de la crème. Finding and structuring the best-fitting solutions for your company and staff, however, can be onerous – especially if your HR team is doing it alone without the guidance of an expert benefits broker, like Pacific Prime. To make things easier for our clients and readers, our marketing team has released a brand new corporate guide on structuring employee benefits. Click here to get your free copy today, or read on to learn more about our latest Pacific Prime resource.
About the Structuring An Employee Benefits Plan guide
This highly coveted addition to our corporate insurance resources page leverages our advisors’ 18+ years in the industry to offer an in-depth look at the main steps involved in structuring the right employee benefits for your company. Get your free copy today to unlock a wealth of information on:
- Identifying employee benefits objectives and staff needs
- Identifying your budget
- Understanding and identifying your options
- What regional groups need to be aware of
- Building your benefits package
- Comparing quotes between providers
- Structuring employee benefits with the help of an expert broker
- And more
Brief overview of the four main sections of our latest guide
Our latest guide on structuring employee benefits sets out to answer some of the most frequently asked questions by HR professionals, such as:
- How do I know what benefits my employees require?
- Which benefits should my plan have?
- What can I do to keep benefit costs low and sustainable?
- Once I’ve selected a plan, how do I go about implementing it?
- How much input should my staff have in the structuring of their benefits?
- And more
To answer the above questions in the most clear and concise way possible, the bulk of our latest guide is comprised of four key sections detailing the main steps involved in structuring employee benefits. These are:
Step one: Identify employee benefits objectives
Understanding how the employee benefits you offer affects business outcomes can help you utilize the plan better, which subsequently leads to better results for your company and staff. The first step to ensuring your benefits are in line with desired outcomes is therefore to identifying benefits objectives. In our experience, some of the most common goals companies have for their benefits include:
- Improving the bottom line
- Attracting top talent
- Retaining staff
- Gaining recognition as an industry leader
- Launching/merging multi-jurisdictional operations
This section of our guide also outlines how to best identify the types of benefits your staff will value and find the most useful. There are many ways to achieve this – e.g. by surveying staff about their benefits, analyzing market data, and seeking the help of an employee benefits expert.
Step two: Identify your budget
After identifying your employee benefits goals and employee needs, it’s time to get an idea of what the cost will be. While costs will vary, there are some commonalities that will be consistent against providers and regions:
- Basic/essential benefits – e.g. inpatient treatment cover
- Middle cost benefits – e.g. additional cover like dental and maternity
- High cost benefits – e.g. comprehensive health insurance + wellness programs
Step three: Identify your options
The most fundamental factors to consider when structuring employee benefits are elements pertaining to the key aspects of corporate health insurance, such as:
- Type of coverage
- The inclusion of family cover
- Benefit levels
- Local vs international cover
- And more
This section of our guide also outlines some of the most coveted additional health insurance benefits, such as maternity insurance, fertility treatment coverage, and more. Additionally, we also detail popular non-health insurance related options, namely mental health support, wellness programs, health education, Employee Assistance Programs (EAPs), etc.
Step four: Building your employee benefits package
Now that you’ve identified your company’s needs and employee benefit options, it’s time to start obtaining quotes and comparing plans available from the best providers. In ensuring that you’re picking the best provider(s) and solutions, understanding the following concepts is imperative:
- Like-for-like comparisons
- Premium stability
- Provider service levels
- Negotiating confidence
Finally, this section of our guide looks at the common challenges HR teams face when negotiating terms with providers on their own. These include:
- Comparing plans and negotiating terms with too few insurers
- Being enticed by a salesperson, rather than the plan’s benefits
- Leaving too little time for negotiation
- Lacking expert advice and support when they’re unsure about plan details
Increase your knowledge of employee benefits and corporate insurance
Selecting, structuring, implementing, and managing the right solution(s) is no easy feat, especially if you’re not as well versed in the world of benefits and corporate insurance. With this in mind, we highly advise staying up-to-date on all benefits trends by following our regularly updated blog, as well as checking out our extensive range of corporate resources.
After reading the above, you might’ve come to the realization that structuring employee benefits without the help of a specialist can be a monumental task. For more in-depth information and advice, click here to get your free copy of the Structuring An Employee Benefits Plan guide, or get in touch with our corporate team for a free quote and answers to all your questions.