The pressure is on. You have to manage and deliver value from your Group Benefits plan while taking care of all of the other demands of your job. Not an easy task.
And to make matters even more difficult, you have to answer to other people like Finance or even your company’s shareholders when it comes to your plan, guaranteeing that it is motivating employees, promoting their wellbeing and maintaining loyalty.
So, how are you going to ensure that your Group Benefits plan is doing its job and you are not missing out on any opportunities to make it the best it can be?
Good questions! And we’re about to provide you with the answers.
It all begins with the right partners and support.
While your job is highly rewarding, it is not easy. You have to keep on top of so many things and it’s always a challenge to be up-to-date on the latest product, services and innovations especially when it comes to specialized areas like Group Benefits. That’s why it is so important to surround yourself with the partners and support systems you not only need, but also deserve – to make sure you are getting the best programs you can and not making mistakes that could become liabilities to you and your company.
When it comes right down to it, you need someone who is a specialist in the area of Group Benefits, who knows the area inside out.
Rates are just part of the picture.
Given how time poor you are, it would be tempting to simply evaluate your Group Benefits program solely on the basis of rates.
But this would be a serious mistake.
While rates are important, using them as the only criteria for evaluation of your Group Benefits program is unwise because you may be using a plan that is not delivering on so many other dimensions. The bottom line is that your plan may be providing the bare minimum to keep costs down – and not achieving real results.
Using your employees to measure success.
You need to develop evaluative criteria that will allow you to determine whether or not your Group Benefits plan has been successful. Much of this, involves you getting valuable feedback from your employees and stakeholders.
A good plan is a well communicated plan, so it is important to assess whether your employees understand the plan, appreciate it and feel accountable for the costs that your company is incurring.
What would be valuable, would be for you to determine if your employees believe your plan is creative, flexible and competitive. Just as important, would be feedback on whether they feel protected against things like financial losses that might occur due to illness. Similarly, it would be helpful to be able to gauge if they believe that you are treating them fairly when it comes to getting their claims paid.
A dedicated Group Benefits expert can help you uncover all of this information, by helping you develop regular benefits surveys that may be administered to your employees.
Evaluating how much you are paying your broker/consultant.
Ever wonder why your rates are increasing or decreasing? Well, it can be difficult to determine why either is the case, if rates are not fully transparent and commissions that are built into premiums are not disclosed.
It is important to choose a Group Benefits specialist that fully discloses its commissions and services required and guarantees that fees are never hidden inside premiums. You should also have an annual service agreement with the company that confirms expectations and tracks results.
A good plan is a well-administered plan.
Is your Group Benefits plan well-administered? And secondly, do you know all the rules related to eligibility?
We sincerely hope your answer to both questions is yes!
That’s because to effectively implement a Group Benefits plan, you need to have proper training and regularly audit employee data to make sure it is accurate. You also need to ensure that any mistakes that have been made are corrected before they become a legal liability, which is something that may be more complicated to do than you realize.
Wellness should be woven into your plan.
These days, most companies are conscious of the area of wellness. Yet, many do not walk the talk and include wellness programs as an integral part of their Group Benefits plans.
It goes without saying that a healthy employee is a happy employee who is a more productive employee. So, any Group Benefits plan that does not have wellness built in is a plan that is cutting things short.
Which is why you require a specialist that can help you establish a wellness philosophy that will be executed through education and activities that build your employees’ bodies, minds and spirit.
A Group Benefits plan must be built for the long-term.
Hopefully, your company will continue to grow and prosper. So, here’s a question you need do ask: Do you have a Group Benefits plan in place that will accommodate you as you continue to evolve?
Any Group Benefits plan worth its weight in salt will take this into account.
A Group Benefits specialist can help you develop a long-term approach to employee health and wellbeing. It will offer programs and activities that are designed to embrace changes and not be one-off experiences. Importantly, your employees will recognize that you are investing in helping them take care of themselves and their families in the long run. And this will result in all kinds of positive benefits.
Making the most of your Group Benefits plan.
OK, so we have given you some serious food for thought. Now you are probably wondering how you can achieve the highest level of success with your group benefits plan.
We at Thorpe Benefits would like to take you there. Please feel free to reach out to us to discover an entirely fresh approach to the Group Benefits area that will help you achieve real results. We will help you look at your situation inside out and develop a Group Benefits plan that everyone at your organization can be truly proud of.