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Small to medium sized businesses need to offer valuable employee benefits packages to attract and retain top talent. But it's not always easy to know which benefits to offer or to find the time to run annual open enrollment periods plus ongoing administration processes.
The fact is, there are as many benefits to hiring superior benefits administration as there are to offering superior employee benefits packages themselves.
1. Save Time in Your HR Department or Don't Have One
If your business is small enough and you outsource your benefits admin tasks, you may not need to keep an in-house HR department at all. That obviously saves you money.
But even if you still need an HR staff for other reasons, you should still consider outsourcing benefits administration. Why? Because nothing takes up HR staff members' time more than the constant barrage of benefits-related inquiries that come their way.
That slows down their productivity elsewhere and hurts HR morale since they are spending so much time on tedious, rote tasks that they shouldn't really have to be doing. Outsourcing benefits admin will discourage unnecessary inquiries and free up HR to be as efficient as possible.
2. More Effective Benefits Administration Equals Boosted Employee Morale
Professional benefits admin services can help you select the best benefits to offer in your specific industry and situation and make them attractive to employees and potential employees. But they can also help with implementation, annual enrollment, and ongoing administration.
And it's the administration that often makes the biggest difference long-term. If employees can't quickly get answers to their benefits-related questions, get help in selecting the benefits options most beneficial to them, and know that their benefits are being delivered reliably without a glitch, they may become disgruntled.
There are many complex details involved with health insurance plans, pension plans, and other common employee benefits that require sustained attention and in-depth knowledge of each program to manage well. Outsource, and you have a team of dedicated experts always only a phone call away (from both you and your employees.)
3. Maximize Tax Deductions and Minimize Audit Risks
Finally, we mention one final key benefit of outsourcing your benefits admin: in doing so, you outsource the responsibility for tracking a host of details about each program and each employee that will affect your business come tax time.
When government regulations suddenly change in regard to benefits you offer, your outsource partner will know immediately, implement the needed changes, and inform you of anything significant in that regard.
Your benefits admin outsource partner will also ensure you are getting the most in allowable deductions and are fully prepared in case of an audit.
These are only three of the broad areas of benefit you gain from hiring out your benefits administration tasks. Much more could be said. But saving valuable time instead of getting bogged down in benefits management, making employees happier through more efficient, responsive benefits management, and saving on taxes and being ready for a audit should it come, these are more than enough to recommend professional benefits administration assistance.
To learn more about benefits administration and what it offers, or for a free initial consultation, contact Summerlin Benefits Consulting today.