Businesses are always striving to improve their efficiency and productivity in all areas. However, benefits administration is where many organizations fall short. According to a survey of small business owners, more than one-third said that administering employee benefits involved moderate to heavy paperwork.
To address the complex and time-consuming process of administering employee benefits, many organizations are turning to benefits consultants for assistance. Learn about the advantages of working with a California benefits consultant and how this type of professional relationship can help businesses streamline benefits administration.
The Advantage of Working with a California Benefits Consultant
Offering a comprehensive benefits package to a workforce can significantly improve employee recruitment and retention. Unfortunately, benefits administration can be challenging for non-experts to handle.
California benefits consultants help companies research, procure and manage employee benefits packages to ensure that benefits are handled properly and to lessen the burden on HR professionals.
Some of the key advantages of working with a California benefits consultant include:
Increased Cost Savings
The cost of employee benefits tends to increase from year to year. While most organizations believe there is little to be done about these increases, inflation rates can be reduced to achieve cost savings.
An experienced benefits consultant can help businesses negotiate better rates using informative data, such as a claims loss ratio report. A consultant may also recommend other approaches for cost savings, such as self-insurance in which an employer collects premiums from enrollees and accepts the responsibility of paying medical, vision and dental claims.
Expert Guidance with Laws and Regulations
Laws and regulations pertaining to benefits administration in California are susceptible to change from one year to the next. Having access to a knowledgeable professional can help businesses better navigate these changes and avoid hefty non-compliance penalties.
Employee benefits consultants know the ins and outs of benefits administration laws and can provide organizations with the information and best practices they need to remain compliant or resolve current compliance issues.
Greater Employee Satisfaction
Better employee engagement and satisfaction are just some of the advantages of working with a California benefits consultant. Introducing a well-designed benefits package enables businesses to attract and retain top talent, enhance morale and boost productivity.
To learn what employees want in a benefits package, consultants may conduct surveys and assess employee needs to determine how best to improve the employee experience. Consultants may recommend benefits designed to improve worker health and well-being, such as employee assistance programs, wellness programs and similar initiatives that foster a healthy work-life balance.
How an Employee Benefits Consultant Can Help Your Business
Employee benefits consultants are tasked with advising companies in matters associated with insurance, health plans, retirement funds and more. Many organizations choose to utilize consultants as they are not biased towards any particular company but rather look out for the best interest of the client.
California employee benefits consultants are knowledgeable in many areas and can provide professional guidance to help businesses develop and administer benefits packages that are comprehensive, affordable and highly sought-after.
Here are just some of the ways that an employee benefits consultant can help businesses succeed:
Select and Compare Employee Benefit Plans
One area where many organizations struggle is choosing benefit plans. A California employee benefits consultant can aid businesses in selecting and comparing benefits plans that meet their unique needs and budget limitations.
Benefits consultants often perform detailed analyses to determine which benefits will help organizations meet their goals and objectives. A detailed strategy is then crafted that ties the benefit plans to the company’s goals, culture and mission.
Evaluating Employee Benefits Plans
Before developing a new employee benefits plan, it is important to review the existing one to see where improvements can be made. Benefits consultants can help organizations by analyzing their current benefit plans to determine their effectiveness and return on investment (ROI).
Consultants review many core areas of employee benefits when performing these in-depth evaluations, such as cost, communication, culture and compliance. They also look at how the existing benefit plans compare to the industry standard and plans offered by competitors.
Analyze Employee Benefits Cost and Coverage
Businesses are always looking for ways to cut costs without sacrificing the benefits that employees want and expect. California consultants can assist organizations by analyzing employee benefits costs and comparing them to the value of coverage.
Consultants may analyze the cost-effectiveness, utilization rates and employee satisfaction levels of current benefit offerings. Based on these findings, a consultant may offer recommendations on how best to optimize the benefit plans, introduce new programs that better align with employee needs and eliminate potential redundancies.
Navigate Complex Benefit Packages
Both employers and employees face difficulties deciphering complex benefits packages. Without a proper understanding of different plans and programs, it can be difficult for employers to offer satisfactory benefits and for employees to choose the benefits that will most benefit them.
Organizations can count on California employee benefits consultants to guide them through each step of the benefits package creation and implementation process. Consultants can also conduct seminars or workshops to help address employees’ questions or concerns.
Improve Communications with Employees
Maintaining an open discussion with employees regarding benefit offerings is critical to ensure that workers get the benefits they need to remain healthy and productive. Experienced benefits consultants often work alongside HR departments to help communicate benefit plan information to workers.
Benefits consultants work hard to develop custom strategies that are based on the needs of each organization. As part of these strategies, consultants are tasked with educating employees on the value of available plans. Consultants can also keep employees updated on plan changes as they occur.
Benefits Administration Automation and Technology Solutions
In this highly digital age, many organizations are turning to advanced technologies to help streamline the benefits administration process. Automation has been found to help businesses reduce the workload on the HR department, decrease the cost of benefits administration and ensure employee satisfaction.
Administration automation involves the use of specialized software or tools to help automate time-consuming and tedious processes. Many organizations use automation technologies to onboard new employees, manage paid time off (PTO), enroll employees in benefits plans, calculate contributions and premiums, assist with new hire reporting and more.
Identifying Inefficiencies and Implementing Streamlined Workflows
Without guidance from experienced benefits consultants, many organizations will suffer from inefficiencies that put their business at risk. Consultants can help identify these inefficiencies and implement streamlined workflows designed to cut costs, save time and minimize risks.
With assistance from a benefits consultant, organizations can implement innovative tools and software to automate data entry and other tedious tasks. Employees are likely to become more productive when processes are streamlined as they have more time to focus on performing quality work.
Contact New City to Improve Your California Employees Benefits
With stiff competition at every turn, businesses everywhere are reevaluating their employee benefits packages and improving their offerings to attract and retain top talent. One of the best ways to achieve this objective is by streamlining benefits administration and gaining valuable insight and guidance from knowledgeable consultants.
The team of experienced benefits consultants at New City Insurance uses proven strategies to help maximize employee benefits’ cost savings and improve overall efficiency. Request a consultation with New City today to see how we can help you.