How Employee Benefits Consulting Services Affect Hiring
April 5, 2021
In today's increasingly competitive business environment, your company needs to have a team of highly trained and motivated employees to truly succeed. That means you need to find a way to not only attract the highest levels of talent, but also keep them happy enough to want to stay on now and well into the future.
This isn't always the easiest thing to accomplish, though. If you're struggling with turnover issues, then one possible solution to your problem could be employee benefits consulting services.
What are employee benefits consulting services?
These types of services are offered by HR experts who are well-versed in everything from corporate insurance plans to retirement strategies and paid time off programs. Typically, the employee benefits consulting services are administered in two stages.
The first is working with your organization to get a deeper familiarity with your current benefits package through the use of a full benefits program analysis. The goal here is to understand what exactly you are currently offering and how much money is left in the budget for a possible expansion or shifting of your offerings.
With that information in hand, the professional will work side-by-side with your in-house team to browse through the extensive range of options available in each category. Together, the team will choose which benefits are best suited for your particular organization and available budget.
Once everyone has agreed on which solutions you'll offer, the consultant will move to the next portion of the process – the implementation of these benefits. They'll find you the best provider for each benefit, assist with employee education and communications regarding the changes, and help with the reporting and forecasting to demonstrate the packages' long-term sustainability.
Correlation between employee benefits consulting services and retention.
It's not possible to eliminate the turnover of your employees entirely. Certain changes in your staff's lives are out of your hands and can cost you to lose valuable employees. However, providing a robust benefits package is a viable option for reducing the number of employees who leave voluntarily.
Depending on your industry, it's likely that your staff and potential new hires expect basic benefits that are offered nearly universally. These include things such as health insurance, a retirement plan, and some type of paid time off. However, if you want to get the best talent and keep them with your organization, you need to supplement these basics with more advanced offerings.
A benefits consultant can help you find the ideal solutions to fit your unique needs. They can educate you about short-term employment benefits such as performance bonuses, sponsored corporate trips, employer-provided meals, and wellness programs.
You can then combine these smaller incentives with broader long-term employment benefits. This includes options like cross-training in other departments for better advancement opportunities, pension plans, and stock options of the company. These types of strategies are designed to keep your employees vested and motivated to stick with your company.
Does your business struggle with turnover issues?
Then reach out to our team of experts here at villaNOVA Insurance Partners and schedule our employee benefits consulting services. As one of the premier full-service brokerage and consulting firms in King of Prussia, our team has years of experience dealing with corporate benefits programs. We'll work with you to gain a better understanding of your daily operations and company's goals and then devise a solution that's perfectly tailored to your unique needs.
Once the perfect benefits package has been chosen, we help roll it out and educate your team on all the changes and why they were made. Ultimately, we're confident that this will help you draw the most talented applicants and keep your current staff happier and more motivated. You can learn more about the services we offer, or contact us online to schedule your initial consultation.