Workforce Advantages Advisors

Are you a hiring manager wondering how to attract some of the best candidates in your sector? Perhaps you’re a business owner struggling to reduce employee turnover rates. Whatever your corporate niche, a compelling employee benefits package could provide the incentives diligent workers need to stick with your company for the long haul.

Many business owners believe their organization’s noble aims and exciting innovations are enough to instill loyalty in their workforce. However, recognition through attractive rewards represents one of the most important factors in maintaining worker satisfaction.

So, how can business owners and HR departments ensure employee benefit plans are as successful and cost-effective as possible? Employee benefit consultants – also known as workforce advantages advisors – could provide the assistance you need to optimize employee satisfaction rates and boost productivity.

How can employee benefit consultants help businesses retain premium talent?

Benefit consultants are experts in the field of corporate benefit strategies. While you may think you know what employees want and need from benefit plans, the reality could be a little more complex.

You may assume, for example, that all employees want a standard package consisting of a gym membership, health and dental coverage, paid training opportunities, investment opportunities, and paid time off. But there may be tons of potential benefits you’d never even considered. Not to mention the fact that certain demographics may value some perks over others.

So, if you’re interested in maintaining a culturally diverse workplace (and you really should be), then you may need to offer different types of packages that offer fair and flexible benefits across organizational departments. If this sounds confusing, don’t fret. Employee benefits services know what types of strategies work and will guide you through the implementation process.

How employee benefit consultants could help your business comply with regulations and healthcare laws

One of the most compelling reasons to invest in employee benefit services is that they’ll help you avoid any compliance mishaps. The Affordable Care Act (ACA), for example, carries significant penalties for large employers who fail to offer correct levels of health coverage. Similarly, the Family and Medical Leave Act (FMLA) stipulates that companies with more than 50 employees provide job-protected leave for reasons such as adoption, childbirth, or family illness.

If you’re unaware of such federal statutes, you could end up in financial and legal trouble when your benefits package fails to offer the relevant level of coverage for employees.

This is where benefit consulting firms come in. As well as helping you craft employee benefit plans that cover every possible eventuality, a consultant will inform you when laws change. As a business owner, you’re unlikely to have the spare time necessary to stay informed about changes to your legal responsibilities. Outsourcing this job will save time and prevent reputational damage that could harm your business.

How can you work together with benefit consulting firms to achieve maximal results?

HR departments and business owners sometimes worry about consultants imposing inappropriate or costly strategies within their organizations. Fortunately, you can easily avoid this problem by working closely with consultants to identify key areas for improvement or cost efficiency. Tips for achieving desired results include:

• Utilize your consultant’s connections: An experienced benefits consultant is likely to have developed an impressive roster of connections with suppliers of employee reward programs and perks. Don’t be afraid to ask about their vendor connections and whether they can secure a discount for your business.
• Ask for an audit: Before you start discussing what your employees need, it’s worth investing in a thorough audit of your company’s current benefit packages. A skilled consultant will conduct surveys and speak with current employees about what they want and need from your HR department and benefit provisions. Once the audit is complete, go over the results together to identify areas for improvement.
• Be upfront about financial limitations: Letting your consultant know what kind of budget you’re working with will help them craft the most realistic and cost-effective rewards packages for your business. Remember – low-cost products aren’t always optimal solutions. By investing in high-quality benefits, you’ll enhance the chances of retaining your best-performing players and, therefore, boosting revenue.
• Provide feedback: If you’re looking to cement a long-term relationship with your chosen benefit consulting firm, it’s worth providing feedback on their work. If they recommend something that doesn’t quite resonate with employees, let them know! Honest conversations will help a workforce advantage advisor get to know your team as well as possible and deliver increasingly impressive outcomes for your business.

Why is communication between HR departments and benefit consultants so important?

HR departments are typically responsible for implementing benefits packages and addressing employee issues. They also retain lots of information about employees, from new hires to old hands. As such, maintaining strong lines of communication will ensure benefit consultants have the information they need to provide excellent advice, while helping HR professionals roll out new benefits packages smoothly and logically.

So, how can you ensure communication remains a priority for both parties? Apart from responding to emails positively and quickly, we recommend scheduling regular check-ins where you can iron out any problems.

How to evaluate the return-on-investment (ROI) of hiring an employee benefit consultant

Employee benefit plans don’t produce instant results. After all, hiring top talent and allowing employees to flourish takes time. So, how can you evaluate the ROI of employee benefit services? In addition to being patient, you’ll need to compare a range of success metrics, including:

• Employee churn rates
• New hire performance
• Overall business revenue
• Uptake of benefits
• Employee satisfaction
• Cost of benefits packages
• Cost of consultants

Over time, you’ll start to identify what’s working and whether the cost of hiring an employee benefit consultant makes financial sense. If you’re not achieving the desired results when it comes to employee satisfaction and productivity, you may wish to try another consultant or benefit firm.

Transform your company culture with slick corporate benefit strategies

Every successful business needs an attractive corporate benefit strategy, no matter its size or niche. A workforce advantages advisor will help you navigate the complex world of employee benefit packages and could even secure the long-term success of your organization.