Companies, both big and small, are bound by federal laws to provide certain benefits to their employees. But beyond the obvious mandatory requirements such as paid time off and health insurance, there are certain ‘optional’ benefits employers should provide if they want to attract and retain top talent.
These niche benefits include vision care, hearing benefits, flexible work hours, and more. There is no one-size-fits-all solution when it comes to employee benefits. The right set of benefits depends entirely on your company and its employees.
What works for some employees may fail entirely for others. For instance, older employees may not be concerned about employer student loan contributions. However, the same benefit could be enough to tempt new graduates to join. The current marketplace is full of vague information as to specific overage, which makes it difficult to find the right plan for your company. This is where a benefits consultant can be of great help.
Benefits consultants advise business owners about employee benefits like health insurance. They guide businesses in the right direction as they try to understand the complex benefits packages. Experienced benefits consultants may also be required to negotiate on behalf of the vendors to help the company secure better rates.
More importantly, benefits consultants make sure your company keeps up with the latest and most up-to-date health insurance regulations. Benefits consultants provide employers with information on the insurance marketplace that include changes and trends that could affect their company. Their knowledge can save employers from making costly mistakes that could quickly turn into a lawsuit.
These professionals work alongside employers to help them understand the way their employees think. This is important if you want to put together a benefits package that is attractive to new job applicants and existing employees. Some of their services include health and wellness consulting, vendor service monitoring, insurer claim audits, taxation support, and plan design development.
Perhaps more importantly, benefits consultants provide scalable benefits plans that grow with the company. A startup won’t remain small forever, and if it is unprepared, making any new changes will prove to be difficult. A benefits consultant makes the existing benefits plan future-proof so that there is enough room to make changes when the need arises.
Client Relationships Are Important for a Benefits Consultant
Benefits consultants maintain healthy relationships with vendors, insurance carriers, and their clients. They may also provide inside information to employers about certain benefits, allowing employers to make more competitive changes to their employee policies.
Most importantly, benefits consultants have access to a wide range of statistics that are often not accessible by businesses directly. The right set of information, resource, and tools can help point new businesses in the right direction.
A big advantage with benefits consultants is that they can provide access to information faster and more accurately. This leads to faster dispute resolution, better pricing, and better security. It is important to make swift resolutions so you can grow your business.
Drafting a benefits package requires access to the right information. Let the consultants at JS Benefits Group help you draft the perfect benefits package for your company. Click here to learn more.
