Choosing the Right Benefits Broker
Benovate Staff & Content Editor
What You Should Know When Choosing A Benefits Broker
Why do employers need a Benefits Broker? There are plenty of employers out there offering strong benefit packages. However, building and managing the right employee benefits program can be difficult. It’s crucial to have a trusted, professional advisor who can help you navigate through decisions that impact everything from your organization’s finances to your employees’ morale.
Brokers serve as educators and advisors to your business’ benefits program. They are trained professionals who have a clear understanding of business success, challenges, and culture. Brokers that take a consultative approach, that is focused on finding solutions to your challenges rather than on selling products, can provide your organization with the necessary knowledge and tools to manage their benefits. It is their job to keep you informed.
Look for Comfort & Trust
Finding a broker that looks out for the interests of you and your employees will help build a successful, open, and honest channel of communication within your organization. They need to be a partner to your business. By spending time educating and encouraging your employees to consider their best coverage options, you’ll foster an atmosphere of trust and employee engagement—which benefits everyone!
When evaluating the merits of a broker or benefits consultant, savvy employers should begin by considering the following:
- How long has the individual (and their firm) been in business, and what is their philosophy/approach to benefits?
- Does he or she have the educational tools to assist you when selecting the appropriate components of the benefits being offered? If so, are these “value-added,” or is there an extra cost?
- How is the broker compensated? Will he or she be inclined to sell you as much as possible?
- What kinds of data do they have regular access to, and how do they plan to use it to guide strategic health & benefits decisions for your group?
You’ll want to ensure they are providing the best value and service for your company and employees by working with a quality organization. “Ultimately, employers are longing for correct information. Brokers have become one of the most trusted advisors for compliance issues. You want your employees to feel satisfied, healthy, and safe,” says Steve Jackson, writer of Benefits Pro.
All in all, finding the right benefits broker can be a challenge. However, when it comes to managing your employee benefits, having an expert on your side can be a big help. Don’t forget—knowledge is power!
In that spirit, here are a few additional resources to check out:
- (Society for Human Resource Management) https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/benefitsbrokers.aspx
- (Benefits Pro) http://www.benefitspro.com/2016/02/23/3-ways-brokers-can-add-value-and-eliminate-client?t=employer-paid&page=3
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