As a benefits broker, you're partnered with a number of different organizations. Whether your specific client list is half a dozen or well over 50, it behooves you to serve them all to the best of your ability. If there are any areas in which you're coming up short, it's critical to rectify this sooner rather than later.
"Benefits brokers can assist their clients in matters outside the strict confines of insurance."
Take stock of the following three lesser-known categories where brokers can be of help:
1. Aiding retention and recruitment
Workers don't focus solely on salary when considering a new job or deciding to keep a current one. The full spectrum of their compensation is what matters, including benefits. In fact, a lack of clarity about benefit offerings is one of the most frustrating aspects of the interview and recruitment process, according to a Harris Poll survey conducted for Glassdoor. It's reasonable to extrapolate that this importance doesn't diminish for tenured employees.
When you consult with your clients, ask them to provide a comprehensive and honest description of how satisfied employees are with the current benefits package. If company leaders admit to any noteworthy dissatisfaction among staff but are balking about cost, it'll be wise to stress the importance of high-value benefits. Switching out an unpopular coverage offering can potentially help them keep current employees and onboard new ones.
2. Promoting the value of technology
Tech makes the world go 'round, and it also impacts benefits and human capital management. According to PropertyCasualty360, insurance businesses have found significant value in widespread usage of business process management software and other cutting-edge tech tools. You're likely using similar solutions yourself, and your clients could probably benefit from them as well if they aren't already doing so. This also represents a perfect opportunity to emphasize the value of PeopleStrategy's eHCM solution. Its reporting capabilities and breadth of functionality can help bolster HCM efficiency across your clients' businesses, potentially resulting in cost savings and increased employee satisfaction.
3. Offering suggestions for outsourcing
A truly effective benefits broker remains in communication with clients well after the completion of annual open enrollment periods. You want to be viewed as a trusted adviser rather than a mere vendor. Part of this involves identifying where the companies you work with could stand to do better when it comes to compliance, payroll processing and more. As a services provider, you're in a unique position to point out what they can handle internally and what could stand to be outsourced to a third party.