For many employees, benefits are an important component of their compensation. In fact, 64% of employees agree that the most significant consideration when searching for a new job is a raise in income and the value of the benefits offered by their new employer. While it’s hard to argue the advantages of having an attractive benefits package, benefits are a significant expense for employers. Data from the Bureau of Labor Statistics shows that, on average, the cost of benefits accounts for nearly 30% of compensation costs. Thus, employers can control these and other related expenses by working with top employee benefits brokers.
Typically, a benefits broker will work with various companies to offer benefits, like health insurance, that align with a company’s needs. Some brokers may offer a limited selection of benefits and services and a company may not find all the benefits they need from one provider. However, top employee benefits brokers offer comprehensive benefits options and services that enable HR departments to efficiently the benefits they can offer employees. So what should companies look for in a benefits broker?
Industry Expertise
When selecting top employee benefits brokers, companies should choose a provider that can demonstrate their experience and how your company will benefit. Does the broker have a successful track record of providing benefits administration to companies in a similar industry? Do they specialize in the type of benefits you’re looking to offer employees?
Communication and Support
Employees may have questions or issues regarding their benefits or the HR department may need information from the broker. Choosing the right broker means that they are easy to reach when issues arise and are easy to communicate with. Opting to outsource benefits administration should streamline the process for everyone involved.
Compliance
Since benefits administration involves sensitive employee information and regulations impacting HR departments are constantly changing, benefits brokers need to remain up-to-date on all current compliance requirements. Otherwise, companies put themselves (and their employees) at risk.
To get the most out of a relationship with a benefits broker, companies should find a reputable broker they can retain as their Broker of Record (BOR). A BOR is an individual or company designated by an insurance policyholder to manage quotes, notices, and policies for the policyholder. Often, companies will use a broker of record to manage the insurance policies for their employees, thus relieving some of the administrative burdens that would otherwise fall on the HR department. Benefits brokers can also benefit from an additional revenue stream by having their BOR clients outsource benefits administration to Corban OneSource.
Choosing to work with a benefits broker can ensure that their benefits are managed compliantly, efficiently, and accurately. Corban OneSource has been providing benefits administration services to companies with 75 to 6,000 employees for nearly three decades. We take on the administrative aspects of HR so your HR team can focus on strategic priorities that will deliver greater value to the business. To learn more about how your organization can leverage our benefits administration services, contact our knowledgeable team today.
