The Most Sought After Benefits and How Brokers Can Help Their Clients Deliver Them
In today’s world of tight job markets and even tighter budgets, employer benefits are quickly becoming the frontier for a business to stand out from their competition. In many cases, companies rely on their benefits broker to help them deliver the best benefits, and help establish themselves as an employer of choice. While not every company can offer incentives like big Silicon Valley companies such as Google or Facebook, which offer things like chef-catered lunches and onsite acupuncture, a compelling benefits package is a must in order to attract and retain top-talent. So, which benefits can brokers help small to medium sized businesses offer to remain attractive to today’s workers?
A recent study by the Harvard Business Review identified the following as the top benefits job seekers consider when faced with high- vs lower-paying jobs:
1) Overall Better Benefits
2) More flexible hours/work from home options
3) More or unlimited vacation time
With today’s diverse workforce, one way companies can offer better benefits is through customization, particularly for voluntary benefits. In a recent article for Benefits News, e-retailer Purchasing Power calls this trend “Voluntary Benefit Customization 2.0.” In their white paper, Beyond the Generations: Ultimate Customization, the firm breaks down the four workforce generations and ranks the specific voluntary benefit offerings by the personas found within those segments. Voluntary benefits that resonate across all the personas included employee discounts/purchase programs, auto insurance, and wellness programs.
The key to effectively delivering any of the above mentioned “better benefits” is benefits administration. Today’s brokers play an imperative, added-value role in aiding their clients to not only offer better benefits but to also find the best way of managing the entire benefits administration process. By partnering their benefits offerings with integrated payroll and carrier feeds, brokers ease the burden and fears some employers face when implementing more extensive offerings. The value of an integrated benefits administration process for both brokers and HR managers starts with open enrollment. A successful benefits administration allows employees to manage their own coverage and view, modify, or elect benefits online – all while providing brokers with up-to-date, easily accessible information.
On first thought, you might be inclined to think “What the heck do brokers have to do with remote working or time-clocks?” But when you look at it a bit deeper it makes good sense for brokers to be able to talk to their clients about a solution that helps them meet the growing demand for remote work, while also ensuring that hours and payroll information, which relates to benefit offerings, all rolls up correctly.
According to a recent survey, telecommuting has risen by as much as 79 percent and is expected to continually increase and account for over 105 Million workers by 2020. For their own preservation and sanity of their clients, offering clients a complete solution with a better way to clock in, online scheduling and up to the minute time and attendance data is simply SMART.
One of the most talked about HR trends is the unlimited time off perk. While some companies are excited about it, many fear how it will affect productivity, benefits, and compliance for things like the Affordable Care Act. In order to stay at the top of the job search heap, employers are on the hunt for a paid time off (PTO) solutions that integrates time & attendance, accruals, payroll, and compliance into one location. That’s where today’s brokers have the opportunity to add an incredible amount of value to their client relationship.
Some of the best career advice for anyone is to make yourself invaluable. One way brokers make themselves invaluable is by going that extra mile to meet the overall needs of their clients. Imagine giving your clients a solution that elevates their entire organization and allows you to better serve them at the same time. Well imagine no more! The Netchex NetBroker program is designed to help you meet the aforementioned needs of your client while keeping you in the loop to pertinent data to better do your job. Click here to learn more about our NetBroker program today.