Finance News & Insights

3 key things you should be getting from your benefits provider

Employee benefits have become increasingly complex and increasingly important in recent years.
So many organizations have turned to benefits providers — vendors who navigate the ins-and-outs of the benefits maze. The question is, are you getting sufficient bang for your buck?  

Tools and resources that were reserved for only the most costly plans have now become standard.

If your company isn’t receiving these three things from your providers and vendors, it may be time to look elsewhere:

1. An employee value proposition

Many providers don’t have separate value propositions for both the employers and the employees.

The problem? In many cases, communications only make sense to the benefits staff, not the workers that need to use those benefits effectively.

In addition to a big-picture value proposition to convince company execs the benefits are a worthwhile investment, providers need to be able to explain exactly how employees can best utilize their benefits.

This often includes communications tailored to different employee demographics: Millennials, Baby Boomers, etc.

2. An array of simple tools

Benefits pros are stretched thin at many firms, so providers must offer a variety of tools to make their lives easier – and take work off their plates.

This should include customizable templates on everything from infographics and emails to tip sheets, FAQs, full presentations and webinars (with speaker’s notes).

Tools should focus on real-life scenarios and how employees can handle them. Example: A comprehensive HSA toolkit to help a company transition to a high deductible-only plan.

3. Year-round education help

Gone are the days when providers, brokers and vendors popped in for open enrollment and said, “See ya next year.” Any benefits-related products your company purchases should offer year-round education and training help for employees.

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