Hiring a Benefits Advisor could be one of the best decisions for your Small Business. Here are 5 ways to determine if this is the right step for you.
This is a partner contribution from our friends at One Digital
Successfully growing a business of any size is a challenge, especially for small businesses. Finding insurance for your employees, choosing the best benefits, and managing HR tasks can consume a lot of time, and in many cases require outside help to truly perform them well.
Hiring an employee benefits advisor can go a long way to helping you with many day-to-day tasks that are required and needed to help keep employees happy, engaged, and most importantly, keep your business growing. Whether you have considered a benefits advisor before or are looking for the first time, there are a few questions that you may want to ask.
1. How do I know when it’s time to start offering a benefits package to employees?
As soon as there are 2 Full Time, permanent employees, it is a great time to start. Having a robust, well thought out benefits package is a proven way to help attract and retain quality employees. Whether you are looking to offer basic health insurance or an expanded benefits plan that includes dental, life, disability, or retirement, a benefits advisor can help you create a plan that makes sense for your business.
2. What should I look for when establishing my first benefits package? Are there any specific offerings that are “make it or break it”?
The answer is providing options. Options give employees the flexibility to choose benefits that best fit their needs, and options allow you as a business owner to have ways to help manage your costs. Most small businesses offer the basics first —health insurance, dental, life, and even retirement. parental leave and vacation days. As your business grows, a benefits consultant can help you identify additional offerings to improve your employees’ experience like mental health and wellness services, telemedicine, and other services designed to keep your employees engaged.
3. Can a Benefits Advisor help me save on costs?
Small business owners should be aware of the costs and fees associated with their chosen benefits plan. A benefits advisor can help identify ways to manage costs as well advise on the best way to divide the costs between small business employers and their employees.
4. How will I know what benefits to offer my employees?
Ask your employees which benefits they will likely use. Employees increasingly are expecting a Netflix-like experience in their benefits choices, choosing from options that have been curated based on their demographics. Small businesses should be strategic about the plans and options they offer, and your benefits advisor can help identify what is working and what is not. By asking your employees directly, you can avoid spending money on things that have no value to them.
5. Can a benefits advisor help me navigate and comply with regulations?
Changing regulations and compliance requirements can have a big impact on your business. Government entities such as the Department of Labor (DOL), Internal Revenue Service (IRS), Department of Health and Human Services (HHS), and Employee Benefits Security Administration (EBSA) aggressively target audit and penalize businesses that fail to comply with long-standing and recently enacted legislation. As the regulatory landscape continues to evolve and new local, state and federal rulings are implemented at an unprecedented rate, a benefits advisor can help understand these changes and provide information and resources to ensure your organization remains in compliance.
A benefits advisor can help you uncover what is right for your business. Whether it is helping you better understand your options, manage costs, or remain compliant, working with an advisor can help you grow your business by powering your people. If you are interested in learning more, our partner One Digital can help you navigate the complexities of hiring a Benefits Advisor.