The Importance of Employee Benefit Advisory Programs

The Importance of Employee Benefit Advisory Programs

For businesses heading into the new year, it may be no surprise that having to review your finances, your goals, and your programs are important for a successful 2020. This means looking at everything from payroll to pay raises, quarterly hires to quarterly sales goals. But it should also mean it’s a good opportunity to look at where you stand with your benefits program.

Employee benefits programs help businesses with outlining their long-term business strategies. At Hilb Group, we look at the best way to prioritize your goals as a whole then hone in on the individual aspects of your business for desired outcomes. Unlike other commercial insurance in Orlando FL programs, our employee benefits program includes strategy around cost containment, compliance, and communication in order to optimize the best program for you and your employees.

Here’s a better look at why having an employee benefit advisory program is a must-have for your business heading into a new year and new decade.

Strategic Planning

Strategic planning looks at where your company is headed over not only the rest of the year but the next several years, giving you a long-term outlook on what you can expect with benefits and expenses. This plan is specifically focused on the current and future needs of your company as it related to an employee benefits program.

A strategic approach to your employee benefits plan should include assessing needs and resources, defining a goal audience and objectives, connecting strategies to needs and desired outcomes, and measuring the process and outcomes along the way.

This is a collaborative effort from Hilb Group that helps to develop the essential components of a well-planned document. This will help our advisors work with you on any issues your business may have to ensure a clearer alignment of a rewards strategy.

The 3 C’s

A road map for an effective benefits advisory program through Hilb Group is essential when wanting to ensure proactive management of the benefits rewards program in question. This is where cost containment, compliance, and communication come in place.

For cost containment, it’s important that a benefits plan attracts top talent and maintains them during their tenure. However, with rising costs due to regulations and medical trends that continue to eat up profits and wages, some may be skeptical on how this can be achieved.

Instead of limiting a design choice for a plan, or cost-shifting, a good employee benefits advisory program should look at underlying benefit cost drivers through claims analysis to help understand the cause of rising claims, funding reviews to weigh out risks and rewards of funding options, wellness promotions, and consumerism options.

For compliance, it’s important to look at the complex laws and regulations that can affect employee benefits plans as well as administration and policies. A compliance feature should include an assessment of deficiencies in plan documentation and policies, and guidance on filing the right administrative work. Not having total compliance can be costly for companies, making it all the more important for this coverage.

And for communication, nothing can be more important or timely when it comes to understanding what is needed and how different changes can affect your plans. Having the right advisors on board to help guide your business along the way with critical on-time information and access can go a long way.

For employers, Hilb Group offers up benefit compliance resources, special seminars and events, health interest surveys, and better access to resources for insight from others in the industry.

For employees, Hilb offers up interactive support when it comes to need-to-know information, web portals for customizable experiences, online enrollment, and workplace meetings.

Having this layered approach to an employee benefits plan, headed by an advisory board, can help to streamline the experience of providing your employees with the most dependable and well-planned program. Not having an employee benefits advisory board can leave you open to confusion, liabilities, and major financial losses.

About The Hilb Group

Deciding what coverage you need and what limits and deductibles make the most sense can be tricky. Founded in 2009, the Hilb Group has been helping clients to make sense of their options and make the smartest choices for their circumstances. Whether you need Warehouse Insurance or any other type of business or personal coverage, we encourage you to contact our friendly, experienced, and capable team today. Call us at (800) 776-3078 for a consultation.