As a business owner, offering quality benefits to your employees is a given. They expect and deserve it. But did you know that mistakes you make could be costing your employees, and your business, extra money? There are ways to avoid those mistakes, and we have the tips to help you along the way.
Not providing the benefits employees actually want.
Studies show that employees want more options and personalization when it comes to their benefits choices. That means offering voluntary benefits, but not at your expense. Many voluntary benefits won’t cost you but could save your employees hundreds of dollars. These voluntary options go beyond dental and vision, like short and long-term insurance, life insurance or even pet insurance.
Waiting until the last minute to make benefits decisions.
This goes two ways: both for employee and employer. If the employer waits until the last minute to make decisions about the benefits they will offer, they won’t have time to pull together a comprehensive and cost-effective plan. If employees wait until the last minute to make their benefits selections, they won’t have time to fully educate (or be educated) on their options. Both of these scenarios end up costing extra money in the long run.
Ignoring compliance regulations.
Just like any other part of owning a business, there are rules and regulations that must be followed in the benefits world. But for those who don’t specialize in this area, understanding compliance regulations can be difficult and time-consuming. On the other hand, not adhering to these regulations could cost your company, and possibly your employees, a large chunk of money. Partner with a benefits advisor to ensure you are fully meeting and exceeding your compliance regulations.
Not using a smart benefits platform.
One of the most common and most prominent mistakes is misinforming employees about their options. A lack of benefits education can lead to a lower utilization rate, costing you and your employees money. A great benefits platform can be the perfect decision-making tool, and it helps keep everything organized for you, too! Plus, with the help of a benefits advisor, your employees will be happy and educated about all of their options.
Not partnering with a knowledgeable employee benefits firm.
Having a good benefits advisor to help your employees through the enrollment process and beyond is essential. Misinformed employees end up overspending on their plans, leading to unhappiness and discontent. But a great benefits advisor can help explain the options to your employees as well as help them choose the best, and most cost-effective, plan for them.
Have more questions about building a great benefits plan for your employees? We’re here to help. We take the complexity out of benefits, so you can focus on what matters: your business. Contact us to learn more.
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