Sick Leave Policy Trends by Company Size and Industry
Sick Leave Policy Trends by Company Size and Industry When considering implementing a new sick leave policy for small business, or reviewing your...
3 min read
Kayla Kelly : Dec 2, 2022 11:20:00 AM
Your organization needs an effective benefits strategy to attract top talent in today’s competitive market. The best way to approach your benefits strategy is to work with a benefits agency that understands the changing trends in benefits and new hire expectations. Benefits consultants also help reduce costs associated with benefits implementation and management while improving the health and welfare of your workforce. Here we offer the ultimate guide in selecting a benefits agency in 2023.
Before we begin, understanding the most common reasons many organizations end up with the wrong broker can help. Here are three reasons you might fail in choosing the right benefits partner:
Failing to address these three critical issues will interfere with your chances of finding the right fit for your organization.
The more time you give yourself ahead of renewal, the more likely you’ll make the right decision for your benefits consultant. Check your benefits plan renewal date so you can start the process with enough time to research your options. If you have an employee benefits agency, ask them what new services are available for their next renewal process. They should be able to tell you, or at least give you a date the information is available. It also raises red flags you are shopping around, so they consider how they can improve their offering.
At Paypro, we encourage organizations to begin 3 to 6 months ahead of benefits renewal. We believe it’s valuable to be on the longer end, so any new potential consultant has adequate time to evaluate the current plan, then design and benchmark new plans appropriately, while simultaneously establishing logistics such as data feeds and reports.
It all begins with a list of three to six candidates you wish to interview. The main considerations when conducting your search include the following:
Review each candidate’s website to determine if they meet your criteria, and then set up consultations to discuss their capabilities. Compare the candidates based on the above details and anything else you deem relevant to your search. Don’t forget to let your current partner toss their hat in the ring. If you fail to find suitable candidates, continue your search.
An RFP allows you to provide a detailed explanation of your benefits needs. Each candidate then responds to your RFP, describing why they are the best candidate to fulfill your needs. Whether you’ve narrowed down your candidates to a few or feel you want to learn more about all the candidates you interview, the RFP is the best tool to help decide whether a broker is suitable. The RFP process includes the following:
Once you review the RFP submissions, you can decide what agencies you wish to interview before making your final decision. This is your last chance to ask follow-up questions based on their RFP responses. You can then review all the information provided by the finalists and make your selection for your partner agreement.
Your benefits require a personalized approach to design a benefits plan aligned with your HR strategy, budget, and organizational goals. Following these guidelines will help you find the best benefits agency for 2023.
About the Author
Kayla is the Marketing Manager at Paypro Corporation overseeing all inbound and outbound marketing and sales efforts. She has 7+ years of experience working within the B2B and SaaS based solutions space and thrives on creating messaging and campaigns that introduce products and services to those who need them most.
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