When interviewing a benefits broker, it’s essential to ask the right questions to ensure that they can meet your company’s specific needs and provide the best benefits package for your employees. Start with the basic questions:
- Experience and expertise.
- Range of services.
- Cost and pricing structure.
- Carrier and vendor selection.
- Employee communication and education.
- Technology and administration.
- Compliance.
- Customer service.
- Success metrics and performance evaluations.
In addition to the basics, an employer may want to break down some areas.
- Data security.
- HIPPA & ACORD standards.
- Integration of software.
- Defined Healthcare and Ancillary Benefits.
- Flexible Spending Accounts and Health Savings Accounts.
- Customization possible.
- Guidance and open communication with broker.
- Response time.
- Error rates.
- Client satisfaction rate.
- Ease of use.
- Online enrollment.
- Mobile apps.
- Reporting and analytics tools.
An inclusive benefits broker should understand and respect the unique needs and perspectives of your diverse workforce. Engage in conversations with potential brokers to ensure they are committed to equity, diversity, and inclusion and that their offerings reflect these values.
- Diverse benefits options.
- Culturally sensitive offerings.
- Inclusive communication.
- Customized for inclusion.
- Diversity in provider networks.
- Suppliers' commitment to EDI.
- Language accessibility.
Adding fringe benefits to your package will certainly help your organization recruit and retain talent. Trending fringe benefits are:
- Healthcare Benefits: Medical, dental, and vision insurance coverage.
- Retirement Plans: 401(k), pension plans, and other retirement savings options.
- Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs): Pre-tax accounts for healthcare and dependent care expenses.
- Paid Time Off (PTO): Vacation days, sick leave, and holidays.
- Remote Work and Flexibility: Options for telecommuting or flexible hours.
- Paid Parental Leave: Time off for new parents to care for their child.
- Wellness Programs: Gym memberships, wellness challenges, and health screenings.
- Tuition Reimbursement: Financial support for employees pursuing further education.
- Employee Assistance Programs (EAPs): Counseling and support services.
- Commuter Benefits: Pre-tax funds for commuting expenses, for public transportation or parking.
- Professional Development: Training, workshops, and opportunities for skill enhancement.
- Stock Options and Equity: Ownership in the company through stock options or grants.
- Life and Disability Insurance: Coverage for unexpected life events or disabilities.
- Volunteer Programs: Paid time off or support for employees participating in volunteer activities.
- On-Site Amenities: On-site daycare, cafeterias, fitness centers, and more.
- Employee Recognition: Awards, bonuses, and recognition programs.
- Employee Discounts: Discounts on company products or services with external businesses.
- Profit-Sharing: Sharing company profits with employees.
- Legal Assistance: Legal services or assistance for personal matters.
- Pet-Friendly Policies: Pet insurance, pet-friendly offices, or pet-related benefits.
By doing your due diligence, employers can find a strategic partner who will seamlessly align your unique needs with comprehensive benefits solutions, fostering employee satisfaction and overall business success.