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Anyone who runs a business, of virtually any size or type, and employs even a few workers, understands how important offering a superior employee benefits package is to their company's long term success.
Unless you can put together an affordable yet eminently attractive array of benefits to offer workers, it will be difficult to successfully compete for top talent in your industry - or to retain it after having made those key hires!
The complexities of today's legal environment and the multifaceted array of possible benefits schemes you could offer employees means that the value of professional benefits consulting services it at an all time high.
Establishing A Competitive Benefits Package
There are many good reasons why business owners would choose to rely on the expertise of a benefits consultant rather than try tackling the task of setting up a benefits package on his or her own.
First of all, entrepreneurs are busy running their businesses, and it's hard to take time out to focus on the details of the various possible benefits they could offer or on the ever-changing set of legal regulations they have to keep compliant with, in regard to their offered employee benefits.
Health insurance is the number one employee benefit that workers desire or even expect. And health insurance alone is quite complex, even when just shopping for yourself and not for a whole workforce!
Add to that things like pension plans, free daycare, employee discounts, paid time off, life insurance, dental and/or vision insurance, and other possible programs, and it's clear why it takes a full time consultant to keep on top of it all and skillfully craft a benefits package that fits your business' size, type, resources, and "personality".
You have to balance employee feedback and industry research on which benefits are most in demand with both your business budget and the need to attract/retain top-notch employees. That requires a good deal of knowledge, experience, and time - it virtually requires a professional benefits consultant.
Administering Your Employee Benefits
But the benefit of using professional benefits consulting doesn't end once your benefits package is first set up.
There will be times when your HR department is overwhelmed or when you lack in depth knowledge of certain government regulations in-house. That's a good time to contact a consulting firm for on the spot, on target help. Or, you may just want to outsource your HR management entirely.
Plus, there are points where tedious mounds of paperwork have to be processed in regard to your various offered benefits. This will likely be done tax-time and involve the IRS, and a benefits consultant can ensure you are compliant and help you avoid any problems, audits, or fines due to mismanaged benefits programs.
Finally, the help of a benefits consulting firm is especially important during open enrollment each year and just before. They can assist you in increasing employee engagement in the benefits programs you offer, which in turn can improve employee "morale," productivity, and retention rates.
And whenever you want to augment, tweak, or overhaul your current benefits package, once again, a skilled and dedicated benefits consultant will prove invaluable!
To learn more about employee benefits and how a benefits consultant can help your business grow, contact Summerlin Benefits Consulting today!