It can be a complicated and time-consuming process to navigate the complexities of employee benefits as a small to mid-size business. A small business benefits strategist is a critical asset to any company that needs help to develop a benefits program to attract and retain talent. Securing health, dental, disability, vision, and life insurance benefits can become an overwhelming task. Knowing where to start may be the most challenging part – which is why a benefits strategist like Holloway Benefits Concepts is such an asset to businesses. Here are three reasons why a benefits strategist may be right for you:
There are so many programs from which to choose. Where do you start?
Choosing the right insurance program for your employees is just the beginning of the work. You then need to execute human resource-related tasks such as employee onboarding and terminations of the programs, claims and billing assistance and ensuring proper compliance with state and federal benefits programs such as COBRA, Section 125, and ERISA. These are tasks that most small businesses either are not aware of or are not staffed to handle. Acting as an independent agency, we support all these decisions and the accompanying day-to-day administrative tasks associated with running a benefits or human resource support program.
HR support and benefits are not something you have in-house, nor do you plan to have them in-house.
Many traditional insurance companies will sell you a benefits package and are then left to sort out how to or who can run the program along with all of the associated tasks. Alternatively, if you work with us as your benefits strategist, you get the long-term support to manage the programs from the back end. Think of us as an extension of your company. We provide all the same commitment and dedication to managing the benefits program or HR support tasks as an internal employee but without having a permanent employee on the payroll. There are many intricacies related to employee group benefit programs, such as
- Selecting the types of insurance benefits,
- Managing day-to-day program administration,
- The need to stay current on ever-changing compliance-related topics at the state or federal level, and
- Setting up underwriting and website portals for your team
HBC is not tied to any one carrier or vendor, which helps to not only find the best group coverage and benefits but fully support the programs – giving you the ability to stay ahead of the curve and focus on your core business. Benefits strategists like HBC not only provide initial benefit evaluations but conduct ongoing renewal checkups each year to make sure the benefit programs are the right fit and continue to meet your needs.
You want to attract and retain the best talent.
As the job market continues to evolve and becomes even more competitive, so does the need to offer unique group insurance benefits to secure the best employees, undoubtedly allowing a company to become more successful and profitable. According to HRDigest.com, it costs on average one-third of a new hire’s yearly salary to replace them. In another study by U.C. Berkeley, they state that it costs an average of $4,000 above wages and compensation to hire a new employee and increases to $7,000 to replace management-level employees and professionals. Although many factors go into employee retention, you don’t want benefits to be one of the issues that cause people to leave.
It may have been enough to offer traditional healthcare insurance and retirement benefits in the past, but today’s employees expect more variety and flexibility in their benefits package. A benefit strategist can help you recruit and retain quality employees by setting up an affordable and attractive benefits package. They can also educate you on the best insurance available and help decide between fully insured, self or level-funded, or even potential associations with options. Additionally, a strategist can help select the right financial benefits products like a Health Savings Account (HSA), Healthcare and Dependent Care FSA’s, and health reimbursement arrangements.
Another way a strategist is a must for small to mid-size companies is their ability to create unique insurance coverage through multiple providers for multiple lines of coverage – offering the flexibility and options employees want today.
At some point, your goal may be to become a large, Fortune 500 company, but for now, the HR support you need is right at your fingertips. If you have any questions on how Holloway Benefits Concepts can help your business set up a group benefits program, please do not hesitate to contact us.