Good employees are the most valuable asset a company could have. Think about it, what would your company be without them? Since they’re so vital to your organization, it’s important that you treat them well. As an employer, you should have an employee benefits package in place if you want satisfied, productive employees.
To find a benefits plan that meets their needs, you might need help from an employee benefits consulting firm. If you’re not sure where to begin, here are a few factors to consider when choosing one:
How long has the company been around for? When choosing a benefits consulting firm, it’s always better to stay on the side of experience. Firms who have been in the game for awhile generally have specialist knowledge of the benefits you’re interested in, especially if they have done something similar for other companies. Firms with experience are also more likely to have reference lists and client testimonials, which could definitely help solidify your decision.
2. KNOWLEDGE AND EXPERTISE
Even if a benefits and consulting firm has experience, make sure they also have the necessary knowledge and skills to meet your business’s requirements. Your consultant should know all there is to know about compliance and regulations, healthcare, and risk and disease management. A lack of knowledge could not only lead to an undesirable benefits plan but also lead to penalties and fees that could cost your company thousands of dollars and miss out on potential savings. A good consultant should have sound industry knowledge and should be able to build a customized business plan for every client.
An open culture of communication is essential for any business relationship. Who would you rather do business with? A firm that’s open and honest with you? Or a firm that hides certain things from you? You should be aware of all the services your benefits consulting firm provides and the cost of these services. Employers, employees, and carriers all need to be in the loop to ensure everyone leaves satisfied.
When choosing a benefits consultant, make sure they demonstrate a strong working relationship and that they’re in it for the long run. Many brokers are more interested in the transactional nature of the business, and not so much about establishing a long-term relationship. Consultants, however, generally keep contact throughout the year and work hard to ensure your benefits plan is successful. You’ll need an insightful consultant who can effectively manage your plan’s performance and project tasks—without this, collaboration won’t be very easy.
When looking for a reputable benefits consulting firm that ticks all the boxes, look no further than FBC. FBC is Arizona’s oldest and largest locally owned employee benefits consulting firm with extensive knowledge and experience in employee benefits and business insurance. If you want to know more about what our company has to offer, download our Solutions and Services Guide or request a meeting with us.