While the job market continues to boom, job unhappiness is at an all-time high. According to a 2022 State of the Global Workplace report, 60% of respondents reported being emotionally detached at work, while 19% said they felt miserable. Just 33% described themselves as feeling engaged in the workplace. Great employee benefits can significantly impact employee energy, morale, and productivity.
Of course, building a comprehensive benefits package can be a difficult endeavor. That is why many modern businesses hire an employee benefits consultant for advice and guidance on how to create a successful employee benefits package.
What Does an Employee Benefits Consultant Do?
Employee benefits consultants are industry experts who help businesses research, procure, and manage employee benefits packages.
These highly knowledgeable professionals have an extensive understanding of different types of benefits, such as health insurance, retirement plans, and wellness perks. Companies often rely on employee benefits consultants to ensure that their benefits packages align with their values and vision.
Here are some things that an employee benefits consultant does:
Helps Businesses Navigate the Evolving Benefits Landscape
The benefits landscape is constantly evolving, and employers often have difficulty keeping up with these changes. Employee benefits consultants possess an in-depth knowledge of the complex world of benefits and stay up to date with the latest regulatory changes, industry trends, and best practices.
Leveraging the expertise of an employee benefits consultant allows companies to develop and maintain robust benefits strategies that optimize costs, meet compliance requirements, and strive toward employer goals.
Every business has its own unique workforce culture and demographics. An employee benefits consultant can help companies better understand how to tailor benefits to attract and retain employees by enhancing employee satisfaction, health, and overall well-being.
Design and Manage the Deployment of Employee Benefits Plans
Having the right strategy in place when designing an employee benefits package makes all the difference. An employee benefits consultant will work directly with a business to select benefits predicted to attract talent and improve retention rates.
When designing an employee benefits package, a consultant will look at several factors, such as the company’s goals and budget.
Employee input is often collected as a way to gauge what workers are looking for in a benefits package and how best to meet their personal health and wellness needs. Employee benefits consultants may also conduct needs assessments and consider legal requirements when designing a benefits plan.
In addition to helping design the benefits package, an employee benefits consultant can help companies manage the deployment of benefits to ensure that employees understand their benefit offerings and how to maximize their value.
Supports Businesses to Meet Compliance
Employee benefits consultants are well-versed in benefits compliance requirements and can help businesses meet their legal obligations. They can provide advice and guidance on documentation, reporting, and other legal considerations to avoid the risk of costly penalties and litigation.
With legal and regulatory requirements always changing, it can be difficult for businesses to remain abreast. Employee benefits consultants are knowledgeable in all applicable laws, such as the Family and Medical Leave Act (FMLA), Affordable Care Act (ACA), and the Health Insurance Portability and Accountability Act (HIPAA).
When businesses choose to work with an employee benefits consultant, they can proactively address important compliance issues as they arise and mitigate future risks, providing employers with peace of mind.
How an Employee Benefits Consultant Helps Your Business Win
The world of employee benefits can be difficult to navigate, even with a competent HR team. Organizations seek to offer valuable benefit plans to attract and retain talented staff while keeping costs low. To achieve these goals, many businesses turn to employee benefits consultants.
An employee benefits consultant acts as a trusted advisor and partner that businesses can rely on when looking for advice or guidance on how to create, manage, or deploy their benefits package.
Here are some of the ways that employee benefits consultants can help businesses thrive:
Optimize Return on Investment on Benefits Plans
Employers want to know that the benefits they offer are being used to their full potential, which can be determined by measuring and monitoring a company’s benefits plan’s return on investment (ROI).
Companies often start by establishing key performance indicators (KPIs) that reflect the organization’s goals. KPIs should consist of several different metrics, such as employee engagement, employee turnover rates, absenteeism rates, healthcare utilization, and cost savings.
Using this data, employee benefits consultants can provide businesses with valuable insights and offer practical ways to optimize their benefits packages and reduce costs. They can also identify areas where improvements can be made, such as eliminating benefits that are being underutilized.
Helps Align Unique Employee Needs to Employee Benefits Plans
It can be difficult to craft a comprehensive employee benefits package without first understanding what employees need. In today’s competitive marketplace, it is essential to offer benefits that will attract talent and retain loyal workers. Employee benefits consultants can help organizations craft benefits plans that align with the unique needs of a workforce.
There are several ways that employee benefits consultants identify the benefit needs of workers. Asking employees directly is an excellent way to identify which benefits should be prioritized and which can be cut to save money. Consultants may conduct employee surveys or undergo other measures to collect information.
In addition to surveying employees directly, organizations may conduct an annual analysis of how existing benefits are being used. This allows employers to make important decisions on whether to continue offering certain benefits.
Helps HR Solve Employee Retention and Satisfaction Needs
Companies devote a significant amount of time and resources to recruiting and hiring. Unfortunately, many employers underestimate the impact that their benefit offerings can have on potential candidates and existing workers.
Experienced employee benefits consultants work directly with HR teams to help resolve employee recruiting and retention issues by identifying where problems exist and finding viable solutions for improving worker satisfaction.
Developing an effective retention program can target the unique needs of employees and build organizational resilience. Although turnover is a natural occurrence in any business, developing and executing an effective employee retention strategy with help from an employee benefits consultant can help significantly reduce voluntary turnover.
Considerations When Choosing Your Employee Benefits Consultant
Businesses are always looking for new ways to improve the employee experience and gain a competitive edge in their industry. Working alongside a reputable employee benefits consultant is one of the best ways that companies can stand out against the competition and improve employee health, morale, and productivity.
Experienced employee benefits consultants can provide organizations with their expertise and guide them in the right direction when it comes to budgeting, planning, and creating an attractive benefits package for their employees.
There are several considerations that businesses should make when choosing an employee benefits consultant:
Reputation and Experience in Your Industry
When choosing an employee benefits consultant, experience is one of the most important factors to consider. A consultant should have relevant experience in the business’s industry, be familiar with the organization’s needs, and be capable of providing regular guidance on industry trends.
An experienced employee benefits consultant can exhibit a proven track record of client success and should be willing to provide strong client references.
References can provide organizations with greater insights into what value they have gained from working with the consultant and what their customer support and services are really like, especially during hectic times, such as open enrollment.
Work with an employee benefits consultant with extensive experience in benefits compliance and legality. Businesses face a wide range of risks, but a consultant can help mitigate these threats by analyzing risk levels and offering appropriate solutions.
Knowledge of Modern HR and Benefits Administration Technologies
Technology has brought about a substantial change in the way that organizations approach employee benefits consulting. The right technologies enable businesses to streamline processes, leverage data, and deliver personalized experiences to workers.
Technology plays a key role in decision – making and can foster digital engagement and communication across the workforce. Today’s employee benefits consultants understand the value that new technologies provide to growing businesses.
Choose a consultant who is proficient in the latest benefits software, tools, and administrative systems. A knowledgeable consultant should provide guidance on choosing and implementing the right technological solutions to support the business’s benefits program.
Proven Employee Benefits Strategies
Employee benefits consultants have a comprehensive knowledge of benefits and keep up with the latest industry trends. This includes a solid understanding of the complexities of health insurance, wellness programs, retirement plans, flexible working policies, childcare support, and more.
In addition to understanding benefit options, consultants can help organizations gain a strategic edge by providing valuable insight into how certain benefits may affect the business’s bottom line.
A quality benefits consultant can analyze an organization’s existing benefits package, identify opportunities and gaps, and craft solutions that fill these gaps and push the business toward accelerated growth.
As part of creating a successful employee benefits strategy, employee benefits consultants may recommend customizable solutions to accommodate the unique needs of families, helping employees feel more supported. These unique programs may include voluntary benefits, wellness programs, or other incentives.
Schedule a Consultation with New City for Custom Employee Benefits
Choosing the right employee benefits consultant can be critical to a business’s long-term success. At New City Insurance, our team of highly experienced consultants uses proven strategies to help maximize employee benefits savings without disrupting benefits or network access.
We craft custom plans with major carriers and offer complete transparency each step of the way. To learn more about our benefits consulting services or to speak with a consultant, request a consultation or call New City Insurance at 888.210.2765.