Creating an attractive employee benefits package and managing it on a day-to-day basis can be an arduous task. There are a lot of things to consider, including what benefits to offer and what not, as well as a lot of administrative tasks that go along with it.

For many businesses, benefits can be a drag, taking valuable time and effort from HR team members. At the same time, benefits are so important to attracting and retaining talent nowadays that you can’t afford to get it wrong.

That’s why many businesses hire an employee benefits broker. But, what is an employee benefits broker, what do they do and why should you hire one?

We’ll take a look at those topics below.

What is an Employee Benefits Broker?

An employee benefits broker is a valuable partner to small-, medium- and even large-sized businesses. They essentially work as intermediaries, representing the company and interacting with insurance providers.

Employee benefits brokers handle all the administrative tasks associated with benefits plans. This includes creating employee benefits offerings, searching around for the best insurance carrier to provide those benefits and providing general guidance to leaders at the business.

These brokers have years of experience doing this work, which puts them at a significant advantage when it comes to shopping for insurance providers as well as negotiating with them. They also can help the company decide what benefits their current and prospective employees will value the most so that they can create a comprehensive plan.

What Do Employee Benefits Brokers Do?

The main job of an employee benefits broker is to get their clients the best insurance packages possible for their benefits packages. While there are a lot of similarities between employee benefits packages from different companies, there are a lot of specifics as well.

This is why it’s important for the benefits broker to spend a lot of time with the business’ leaders first to not only gauge the current workforce — and their benefits needs and desires — but also where the workforce may go in the future.

It’s the job of the benefits broker to then suggest specific offerings to the business leaders based on the current and future potential demographics of the workforce. In this way, the benefits broker will serve as a consultant to their clients.

Employee benefits brokers will then use this information they gain to search for packages from various insurance carriers that best meet the needs and desires of the workforce.

They can also help the company decide and design other benefits they want to offer their employees that aren’t obtained through an insurance company, including PTO, flexible working schedules and other perks.

Once the right benefits package has been found, many brokers will also play a hands-on role in explaining the package to employees, answering questions on a one-to-one basis and handling administrative tasks such as getting employees signed up, renewed and managed throughout the process.

Is It Worth Hiring an Employee Benefits Broker?

There are a wealth of advantages that an employee benefits broker can provide to a company, regardless of their size.

Some of the biggest advantages they provide include …

Advice: Most HR professionals can handle benefits administration, but they’re not experts in the field. Employee benefits brokers are. This means they can provide expert advice to business leaders, helping them design a plan that works for them now and into the future.
Better Benefits: Thanks to this experience and the relationships they have with insurance carriers, employee benefits brokers are often able to create better benefits packages for employees. They have the know-how to integrate employee wants and needs into a comprehensive package that also stays within your budget.
Savings: At the same time, benefits brokers can help you identify areas where you might be able to save some money. This could be through offering benefits in different ways, opting for different carriers and/or negotiating to lower monthly premiums.
Administration: The administration of employee benefits can be time-consuming. By handing those duties over to a broker, businesses can realize immense savings in time and effort from their internal teams, freeing them up to handle other tasks that help the company generate revenue and/or save on costs.
Compliance: Benefits administration can be tricky due to the ever-changing nature of regulations. Benefits brokers are experts in understanding what the requirements are for every business, and can help them remain in compliance at all times as a result.

Get the Best Employee Benefits Package with Beckham Ellis Insurance Group

Employee benefits administration can be a drag on any company, which is a main reason why you should hire an employee benefits broker. In addition to achieving economies of scale, doing so can also save you money, help you remain in compliance and offer a benefits package that helps you recruit and retain top talent.

If your company is in the South Carolina or Georgia region, you should partner with Beckham Ellis Insurance Group. Our professionals have years of experience in benefits administration, helping companies of all sizes offer their employees the best benefits package they can.

For more information, please contact us today.