It’s no secret hiring and retaining employees during the “Great Resignation” is extremely hard. But guess what? Half of the working population make job decisions largely based on health benefit options, according to a recent study.
So, Benefits pros have a vital role to play helping their CFOs improve their offerings in 2022.
How?
By providing their expert benefits advice when looking for partnerships with brokers.
Before meeting with potential brokers, here are three key questions you and company executives should ask that’ll help guide financial benefits decisions from Charles Marentette, CFO for Gravie, a health benefits company:
What’s are you looking for in a broker?
Ask yourself will they:
- Care about your employees as much as you do
- Dedicate themselves to constantly meeting your employees needs, and
- Value your feedback.
A broker should be your partner. They should fervently want to join you in molding the perfect product/program that satisfies your company’s and employees’’ needs.
“At Gravie, we have a very high customer retention, and I truly believe this is because of our approach in listening to and delivering on what our brokers and employer clients express that they need,” said Marentette on Financial Executives International. “We’re constantly asking our clients for feedback. Is your health benefits partner doing the same? If not, ask yourself whether they are truly an asset to your organization.”
Are your benefit partners getting an A+?
If you don’t know, you need to find out. Don’t wait until open enrollment to grade them. Constantly assess how they’re doing. Are they working with you? Do they listen to your feedback and act to create a better product that’ll meet your employees’ needs? They need to be able to think on their feet and act quickly.
When you get a new plan, it often looks shiny and pretty, compared to your old one. But the key is to assess it once it’s in place to see if it works. Are your employees using the benefits? If not, which ones aren’t they using? How many aren’t they using? Assessing how well your plan is working gives you insight on whether your employees understand the resources the plan provides. Looking at claims data and employee complaints are ways to find out.
What’s the ROI?
Making sure your broker is listening to and adapting to your employees’ wants and needs is a given. But in today’s “tightening purse strings” world, you must consider the cost of the partnership.
Price, however, isn’t the be all end all.
“I would argue the true test of whether you made a good selection will be determined by the value you see in return, and health benefits are ultimately a long-term investment,” said Marentette.
Initially, look at are your benefits offerings helping attract and keep employees. If they are, great. If not, time to reevaluate.
As for the long term, look at is your plan walking the talk? Is it meeting your employees’ healthcare needs, improving their well-being and keeping costs down? If not, then no matter how much is saved initially will be wiped out long term with increased healthcare usage and costs.
“Once you’re in the right ballpark with the investment, the nuances of cost pale in comparison to finding a high-quality, innovative partner who is as committed to your employees’ long-term health as you are,” explained Marentette.
