One of the biggest challenges that smaller businesses face is how to choose and administer employee benefits while limiting costs. Many small businesses falsely believe that their limited resources require them to handle all benefit administration efforts internally.
However, leveraging the assistance of a broker can bring great value to your organization. In the long run, this investment will improve your benefit offerings, improving employee engagement, and decreasing the costs associated with inefficient benefit offerings.
Here are ways that brokers can bring value to your small or medium-sized company.
Selecting the Most Engaging Voluntary Benefits
Voluntary benefits are becoming practically mandatory for employers, since the tightened job market has necessitated offerings beyond salary to attract top talent. Brokers can serve as your go-to experts for all things voluntary benefits, since they have firsthand experience as to what is attracting the most employees.
Although adding additional voluntary benefits can be costly, if they are the right benefits, they will be worth the investment. For example, benefits like student loan repayment plans, pet insurance, identity theft programs, and telehealth programs tend to get high enrollment because they address the real needs and concerns of workforces.
Getting the Same Quality Coverage as Larger Companies
Since quality health insurance plans can be costly, it can be difficult for smaller companies to provide good options to their employees. Brokers are well-versed enough in health insurance options to provide the best options for your workforce, industry, or even location. This lets you offer similar quality benefit plans as much larger employers, for as little additional cost as possible.
Helping Employers Build the Best Employee Experience
Creating a great overall employee experience is a low-cost way to improve employee retention, workplace morale, and overall well-being. While healthcare, debt relief, and retirement savings are major concerns for employees, there are other things that employers can do to improve the workplace even more.
Brokers can help small businesses devise low-cost yet effective options. The first way is to offer complimentary benefits. These are usually relatively low-cost, even though they are completely free to the employee. Programs like event ticket discounts, baking services, and Employee Assistance Programs add great value to your workplace with relatively little cost.
Employee experience is also greatly improved with personalized benefits. Brokers can help employers create personalized plans with individualized choices that best fit the needs of their employees. Personalization can come in the form of voluntary benefits or slight adjustments made to major benefits like health insurance.
Some personalized benefits that spark a lot of interest for little or no cost include flexible schedules, work from home options, seasonal perks, and paid time off for volunteering.
Offering the best benefits is essential for attracting and retaining top talent in today’s competitive workforce. For small businesses, investing in a broker to help put together a top-notch benefits plan can be a valuable investment. Just as benefits are not reserved solely for large businesses, neither is the benefit of having an experienced broker assist you.