When companies invest in an employee benefits plan, it’s usually for the long-haul. Like any major long-term investment, maintenance and planning is necessary. For instance, over the course of the benefits plan’s life, an organization’s allocated budget, workforce or objectives might change. All of this will affect how the plan evolves, so it’s important to work with an experienced employee benefits consultant who can help you anticipate these changes and adjust your benefits plan accordingly.
The alternative is working with a broker who might only be interested in collecting a cheque on renewal every year, potentially leaving clients locked into benefits plans that are either too costly or not suited to their needs or those of their employees. At BenefitDeck, we regularly engage our clients in conversations about objectives such as planning ahead for yearly renewals, anticipating changing workforces, and positioning themselves as the employer of choice.
1. Planning for Yearly Renewal Rates
If a plan is underfunded, or overused, where the premium rate is not enough to cover the amount of benefits plan claims, then the renewal rate will increase to accommodate the overages. By regularly tracking our client’s claims, our team at BenefitDeck is able to differentiate between one-off large claims and continuous trends which might lead to severe rate increases upon renewal. If the latter were to happen, there are two options available to our clients: 1- increase the budget or 2- decrease the offering. For instance, instead of offering 100% coverage on medical expenses, a company might decide to offer 80% instead. Since the employee is incurring some of the expense, the spending should gradually decrease.
Working with a qualified benefits consultant would minimize the likelihood of this type of situation. However, no one can truly predict the success of a new benefits plan until it is in effect, and so we always keep an eye on our clients’ benefits plans to accurately anticipate renewals rates.
2. Planning for Changing Workforces
As companies evolve, so too do their workforces. Some tech start-ups might begin by hiring younger computer engineers and programmers, and then later seek to include more experienced management-level personnel as they grow the company to the next level. Other companies might need to add less experienced workers who they can train for certain positions. Whatever the organization’s needs, it’s important to consider how this might affect the employee benefits plan.
At BenefitDeck, we openly discuss staffing objectives with our clients and make recommendations on plan improvements that will accommodate a changing workforce. If there is a broad demographic of employees, a Flexible Benefits Plan might be the best choice. In other cases, we can structure varying levels of employee benefits to accommodate specific classes based on positions, whether that might be upper management versus administrative staff, or based on levels of income. With the help of a hands-on benefits consultant, an employee benefits plan can be altered and customized as a workforce grows.
3. Planning to Be the Employer of Choice
To become recognized as a first-class employer and attract top talent, an organization needs to offer a competitive benefits plan. At BenefitDeck, we provide our clients with competitive benchmark analyses so that they know exactly how their offering compares to that of their competitors. While considering their staffing objectives, we can also determine and recommend perks outside of the usual scope of a traditional benefits plan that would help position the organization as a top-notch employer.
For instance, offering flexible schedules, generous vacation policies, work-at-home options, on-site services such as gyms or day care can be enticing to certain types of employees. We work with our clients to propose creative incentives that will reflect the company’s culture while also attracting top talent to fill lucrative positions. Since we always stay abreast on the latest employee benefits trends and have a long history of successfully implementing new perks and policies, we are able to effectively advise our clients who seek to become a candidate’s first-choice employer.
Planning with a Knowledgeable Benefits Consultant
A full-service benefits consultant such as BenefitDeck helps you make the most of your investment in a benefits plan as your company evolves. We work with you, and for you, to anticipate changes and propose options that suit your business objectives and employees today and tomorrow. If you haven’t started planning ahead yet, contact our team at BenefitDeck to discuss how we can help you set long-term goals that will stabilize your renewal rates, accommodate your varied workforce and keep you at the top of the best employers’ list.
Whether you are with a business, association, or owner operator, we have the solution for your needs.