Why Having an Employee Benefits Advisor is better than doing it yourself

How competitive is your employee benefits package with your competitor's? An employee benefits advisor can help you find out.For a human resources manager, maintaining employee engagement is an important task, as engaged employees are more productive and less likely to quit prematurely. Engaged, motivated employees put forth greater discretionary effort and even promote the company’s brand during off hours, acting to entice other talented individuals to join your company.

One key strategy for driving employee engagement is to create and maintain attractive employee benefits schemes. With great benefits schemes, you can attract and retain top-notch talents in your organisation more easily. Because of this, many HR managers work hard to maintain great benefits schemes for their employees, often all by themselves.

While dedicating so much time and effort to maintaining your company’s employee benefits programmes is commendable, as an HR manager, you often have many other responsibilities to take care of on a weekly or even daily basis, such as:

  • Payroll
  • Hiring staff
  • Organizing paid time off
  • Training
  • Consulting employees

The above list only names a few of the job responsibilities that many HR managers might have.

Rather than going it alone, you can take advantage of the services of a dedicated employee benefits advisor to help you manage employee benefits schemes for your company. Why is it better to have an employee benefits advisor as opposed to not having one? Here are a few reasons to consider:

#1: You Receive Specialised Help

One of the key advantages that a benefits advisor has is the fact that such a person is specialised in researching, acquiring, maintaining, and consulting employees on the different types of employee benefits programmes that are available in your region. The advice of a dedicated expert can be invaluable because such experts dedicated all of their time to knowing everything they possibly can about benefits schemes.

An employee benefits advisor studies each of the different benefits schemes available to your company, assessing each in detail for potential problems or unintended benefits that might be missed during a more cursory examination. This can prevent unexpected complications further down the road.

#2: You’ll Save Time and Resources

Getting a little help from a specialist frees you up to handle tasks, allowing you to get more done with the time you have.Researching the many different pension, healthcare, and other benefits schemes available on the market takes a considerable amount of time and effort. In many cases, by the time that a busy HR manager is able to complete in-depth assessments of multiple benefits providers, the offerings of one or more of those providers has changed. On top of that, the time you spend on research is time taken away from your many other responsibilities.

A benefits advisor can do the research for you, finding the best options to meet your goals within your company’s budget so that instead of having to dig through hundreds of different plans, many of which would be wholly incompatible with your business, you can simply look at a short list of your best options. This saves you time on research, freeing you up to handle other responsibilities.

Beyond simply providing you options, a benefits advisor can also research what benefits your competitors are providing to their own employees so that you know whether or not your own programmes are competitive enough.

#3: Assistance in Implementing and Managing new Schemes

Changing over from one set of benefits schemes to a new set of schemes is trying even in the best of times. Employees have to be moved off of the old programmes and onto the new ones, and there cannot be any problems with the paperwork during the transition, or else an employee might find themselves unable to use the new benefits that they think they have when they should be able to.

Gaps in coverage for individual employees can quickly cause intense frustration, leading to an increased likelihood of turnover. Having an employee benefits advisor can prove to be an enormous boon in making sure that no employee is left without cover for healthcare or is accidentally left without access to a pension scheme to which they may be entitled.

Beyond simply making sure that every “i” has a dot and every “t” is crossed, an employee benefits advisor can help by going through briefing sessions with employees to make sure that understand the changes to their benefits schemes, what is different, what is unchanged, and what their own responsibilities will be.

#4: Continuous Evaluations

Feedback is important to the process of providing best in class benefits. Employee benefits advisors help you collect and use feedback to improve your benefits schemes.Even after you’ve implemented your new benefits schemes, an employee benefits advisor can perform periodic evaluations of how your benefits schemes are being implemented, both from the perspective of the employer and the employees. This allows for you to have information on how well the new benefits packages are addressing the needs of your company and its employees, and where there is opportunity for improvement.

When the time comes to renew your benefits schemes, an employee benefits advisor will once again do research on the employee benefits market to ensure that the costs for your benefits schemes are in line with the industry’s competitive market rates. If they aren’t, or if the benefits schemes themselves have become outmoded, an employee benefits advisor can work with you to modify your benefits schemes to be more effective within the current market.

Learn More from Simon Shirley Advisors

Employee benefits advisors from Simon Shirley Advisors work hard to make sure that your employee benefits programmes are the best that they can be for the right cost for your company. Beyond the advantages listed above, a Simon Shirley Advisors benefits advisor can provide personal financial planning information, advice, and services to your employees on a one-on-one basis, helping to prepare said employees for their financial future.

To discover more ways in which an employee benefits advisor can help your company attract and retain talent, contact Simon Shirley Advisors today.

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