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Why Every Company Needs a Good Employee Benefits Broker

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In the ever-evolving world of business, companies face a multitude of challenges and opportunities. One crucial aspect often swept to the side is Employee Benefits. I would caution you not to overlook your Employee Benefits package as it can have a significant impact, both financially and culturally. An experienced Employee Benefits Broker can ensure you don’t get saddled with a bad plan and face major consequences.

Here’s why every company, big or small, needs a good Benefits Broker in their corner:

  1. Navigating Complexity: Employee Benefits can be a complex maze of ever-changing regulations. A good benefits broker helps companies navigate this landscape, ensuring compliance and efficiency.
  2. Expertise and Insights: Benefits Brokers bring a wealth of knowledge and insights to the table. They’re up-to-date with industry trends, allowing companies to make informed decisions.
  3. Tailored Solutions: Every company is unique. A benefits broker can customize benefits packages to align with a company’s culture and employee needs, increasing retention and morale.
  4. Cost Management: Controlling benefit costs is a real challenge, especially in this day and age. A skilled broker can help strike the right balance between offering competitive benefits and managing expenses effectively.
  5. Data-Driven Decisions: Benefits brokers leverage data and analytics to help companies make strategic choices that benefit both the organization and its employees.
  6. Attracting Talent: Competitive benefits packages are a magnet for top talent. A good broker can help companies stand out and attract the best candidates.
  7. Time Savings: Handling benefits can be time-consuming. A broker takes on the administrative burden, allowing HR teams to focus on core business activities.
  8. Employee Satisfaction: Happy employees are productive employees. A broker can design benefits that boost job satisfaction and engagement.
  9. Regulatory Compliance: Benefits regulations can be a minefield. A broker ensures that companies stay compliant, avoiding costly penalties.
  10. Long-Term Partnership: Building a relationship with a trusted benefits broker leads to a long-term partnership. They become an extension of your team, providing ongoing support and solutions.

In a world where talent is a competitive advantage, Employee Benefits play a pivotal role. Companies that recognize the importance of a good Employee Benefits Broker position themselves for success. It’s an investment that yields returns in the form of a happier, healthier, and more engaged workforce.

When’s the Best Time to Choose an Employee Benefits Broker?

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Open enrollment is now over and we hope you’ve chosen a benefits package that works well for your team. However, if you found the process of choosing the right benefits tedious, you’re not alone. With so many options in the market, you might be looking for an Employee Benefits Broker to guide you through and help you make smarter decisions. You might be thinking “I’ll just wait until the next open enrollment to choose a great Employee Benefits Broker”. Here are a few reasons why we’d advise against that: 

Don’t wait until the last minute and scramble ahead of Open Enrollment.

Before you know it, Open Enrollment is just around the corner. Waiting until the last minute can really cost you because you may not have time to carefully compare and contrast plans. Or worse, you opt to renew what you already have without taking a hard look at your other options. Choosing a broker to partner with well ahead of enrollment cuts down on your stress and allows you to build a benefits package that works best for your team. Plus, you’ll rest easy knowing they’ve found you the lowest cost plan in the market. 

You want to save money and choose the best possible plan for your team.

If you don’t have a Benefits Broker, you may completely miss out on cost-saving opportunities, new plan updates, or simple ways to make your benefits package more appealing to your employees. Having an ongoing advisory relationship with your broker means they can give you a better evaluation of your current plan and help you eliminate plans that aren’t as effective.

Every broker gets paid the same 5%.

Now that you’ve decided on working with a great broker, be aware that not every broker is created equal BUT all brokers cost you the same amount. You should shop for a broker just like you shop for anything else—when you buy a TV, you shop around for the best quality at the best value. Ask yourself: Am I getting the best value for my money when it comes to my Employee Benefits Broker? The best and worst health brokers get paid exactly the same percentage so make sure you’re getting one who gives you the best value: high advisory support and data driven tools to help you with your business. 

You’re not just choosing a Broker. You’re choosing an advisor. 

In looking for the right Employee Benefits Broker, remember you’re not just choosing someone to manage your benefits, you’re choosing a long term advisor. When you work with CorpStrat, you get a number of value added services—we essentially become an extension of your HR team. We also have a bevy of tools that can help you choose the right plan, save money, communicate and deliver the plans to your employees, and remain compliant. A good Broker has your back, you don’t just hear from us when it’s time for enrollment, we’ll reach out to you with answers before you even think to ask the question. You’ll never have to call the carrier, we’ll solve any claim issues and billing issues. We’re always looking for how to better manage these plans and better serve you. 

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Looking for an Employee Benefits Broker? We can help with that. Schedule a FREE 30 minute consultation with us today.