We are currently on track to save our client over $200,000. A significant advantage in a post-pandemic workforce where recruiting and retaining talent has become a difficult task for our HR departments.
Sourcing hidden revenue within a company’s benefit plan isn’t easy and often takes the knowledge of several external professionals working together to achieve. After all, HR already has a lot to do and because employee benefits are incredibly confusing, we can’t expect our HR teams to generate this type of revenue alone.
Sometimes we meet HR managers that are hesitant to work with us because they think we are going to make big changes to the company’s benefits plan. They become worried because they don’t want to take the heat from unhappy employees or become swamped with additional workload. In fact, there was one point where our client’s HR manager wanted to fire us!
Granted, there are a lot of ups and downs in implementation, such as introducing upfront changes, staying compliant with bylaw and regulations, and educating and helping employees adapt to the new plan.
But with help, changes in a benefits program can prove to be a financially successful decision.
Putting that revenue to good use.
By allocating those dollars more effectively you could lower deductibles or increase wages, easing stress for some employees. Statistics show that the average person has only $440 in savings and with health insurance deductibles in the thousands, many employees are left wondering how they can afford these out of pocket charges.
Using the revenue that could be hidden within your benefits plan can decrease the burden of those costs, increasing overall employee job satisfaction and alleviating difficulties for HR long term by improving retention and recruitment.
We have a full team of professionals to help your HR department achieve significant savings, sometimes — hundreds of thousands of dollars. We have attorneys, HR specialists, Cobra specialists, pharmaceutical providers, medical management, benefits administration, concierge services, accountants, CPA’s, and CFO’s on our team of experts.
Surpass your benefit goals.
The ability to offer competitive wages and a benefits program tailored to your unique workforce can contribute to a positive culture and produce a business that attracts and retains top talent. Employees may even seek you out through word of mouth.
Experienced advisors can help your company and your HR department in many ways such as:
- Assignment of support roles to facilitate and compliment your HR team with the administration of the benefits program.
- Look for ways to save costs and increase revenue by implementing effective strategies.
- Design a benefits plan unique to your workforce, representing your people’s specific needs.
- Maintain compliance with benefit laws and regulations.
- Assist with benefit questions, new hire intakes and review of complex paperwork, which can allow HR to focus on other critical duties.
- Help avoid common difficulties in administering a benefits plan by introducing processes that prevent problematic errors.
- Overall, an advisor will help support HR, not supplant them.
As advisors, we provide advice and recommendations about your benefits and health insurance programs, working to stay within your budget, produce lower costs and increase employee satisfaction.
Give HR some to lean on
If the pandemic is going to throw us one more curveball, HR’s struggle with employee recruitment and retention will be it.
Your HR department is busier than you think, they could use someone in their corner to help navigate the complexity of employee benefits so they can get back to your most valuable resource, your people.
Employee benefits are a lot for one person to handle. If you want to discuss ways we can help your HR department, don’t hesitate to reach out. The difference could be thousands of dollars.
