Employee benefits are typically the second largest expense for companies next to payroll. This may come as a surprise for some business owners. It won’t come as a surprise, however, that you should work to optimize your benefits in every way possible, enhancing the wellbeing of your team and improving your bottom line.
When you partner with a broker for your employee benefits, you’re passing the management of this sizable expenditure on to a professional who can ensure you receive the greatest value for every dollar spent. A proficient broker will not only help you manage your employee benefits spend, we will assist you in understanding evolving regulations and your changing compliance responsibilities, provide advice on the most effective wellness plans available to you, and offer ongoing access to a team of experts that will ensure your plan evolves with your company. We will explore these three key benefits of partnering with a broker in depth here.
#1 – Recognizing Your Compliance Responsibilities
As an employer, you are expected to keep current with new employee regulations and changes to your compliance responsibilities. Unfortunately, most business owners simply don’t have the time amidst managing their many hats to stay up to date with new developments. You may also be unclear on where to look or which regulations apply to your business.
That’s where an employee benefits broker like JGS comes in. Our team is subscribed to alerts for all regulatory changes impacting the industries we serve. Any time new information impacts our clients, we reach out to you directly to ensure you are aware of the changes and what your responsibilities are to comply.
Better and more timely information empowers you to make better and more timely decisions for your team. By partnering with a broker, you can navigate regulatory complexities with confidence and trust that the information you need to comply will be promptly summarized and delivered straight to you.
#2 – Choosing The Right Wellness Plan
Although wellness plans were originally designed to serve large corporations, they have since become available to businesses of all sizes. Wellness plans come with a variety of coverage options spanning a range of price points. An employee benefits broker can help you design a plan that’s the right fit for your team and for your budget.
An effective wellness plan not only works to reduce your company’s healthcare costs, it can improve employee productivity, retention, and engagement and promote a healthy workplace culture. Everyone wins. Talk to your JGS advisor to uncover the wellness plans available to your company.
#3 – Having A Dedicated Team In Your Corner
Nine out of 10 employers are not familiar with the metrics used to determine a quality employee benefits plan. Thankfully, your team of JGS experts is. As part of our job, we also stay current with trends in benefit plans and will always recommend a plan that is optimal for profits while serving the changing needs of your team and industry.
Currently, trends indicate that employee healthcare needs are on the rise. By partnering with a team of experts, you can ensure that your approach to employee benefits is innovative, that you understand funding alternatives, and that sufficient control measures are in place to soften upcoming increases in healthcare costs.
Your ability to monitor trends is enhanced when you partner with a broker on your employee benefits plan. Working with a broker, you’ll have access to benchmarking data and market statistics that are typically difficult for businesses to find. This is advantageous for every business, but particularly for small to midsize businesses that don’t employ an analytics team.
At JGS, we are committed to putting in the work and building a tailored solution for every client. Our diverse carrier base empowers us to find the right fit for employers of all sizes and industries. Strong carrier relationships also enable us to negotiate superior policy renewals, helping you save year-to-year.
When you choose JGS to broker your employee benefits plan, our team of advisors will ensure you’re connected with an innovative and affordable plan that covers all the bases. Contact us today to get started.