Over the past decade, it has not been easy for businesses to exist – much less to thrive. Due to constraints related to health care costs from the Affordable Care Act, and many skilled and experienced workers reaching retirement age, managing a company’s multiple responsibilities can become very difficult. When it comes to providing employees’ benefits, things can quickly get complex, which is why having someone who specializes in insurance and its related issues can be a huge savior for your company. Hiring an insurance broker is an excellent way to make sure that your company isn’t left vulnerable out of any ignorance of insurance laws, rules and regulations.
According to MetLife’s 14th Annual US Employee Benefits Trends Study, as many as 85% of all public sector employers – including both local and state government agencies, primary and secondary public schools and publicly-owned colleges and universities – indicated that deciphering and controlling welfare and health costs remains one of the biggest priorities and utilizes more resources than any other employee component. Finding the right talent to hire and keeping them is not an easy thing to do.
An insurance broker can help you manage those things that might be becoming increasingly difficult, and allow you not only to rethink your benefits strategy to benefit the company, but also to build more management benefit programs that will be cost-effective for both employer and employee. To recruit the best of the best in any field, you have to make your company competitive by providing employees not just a high salary, but with the additional perks that are so hard to come by in today’s workplace atmosphere. That is where having an insurance broker can come in handy.
Wider range of benefits
When most employee are questioned, they say is that they want a wider range of benefits to cover not just themselves but their families. Paying for your own insurance can be a real hardship on a family, and even paying high deductibles or other components related to insurance can have a major impact. From private- to public-sector employees, limiting out-of-pocket expenses and providing excellent healthcare benefits might not impact a business’s overall budget, but it is highly attractive to an employee and might help to recruit them to come onboard.
Insurance brokers use out-of-the-box thinking
The traditional way that employers handle their financial issues is to find ways to cut their costs by limiting those things that mean the most to employees, like vision or even dental care. Sometimes by trying to save money, however, you lose the best employees that can help your company to thrive. Instead of limiting options for your employees, an insurance broker can think outside the box to create better packages, while not really increasing the bottom line of the organizational costs.
Insurance brokers consider trends and a changing workforce
Millennials are undoubtedly different than any other generation when it comes to what they find beneficial in their careers. They are also not the same when it comes to loyalty, which makes not just recruiting them – but keeping them – difficult. With so many highly-skilled employees finding themselves near retirement age, Manitoba public insurance brokers are constantly looking at trends and what Millennials find attractive to better accommodate their needs and to make a position more competitive. In the end, Millennials go for the biggest payoff and see benefits as much more valuable than their salary.
Millennials also want more freedom of choice. They walk to the beat of their own drum, and they aren’t limited to the same rules as previous generations. That means that they desire customization. An insurance broker is the perfect professional to devise ways to accommodate a changing workforce to retain the best workers in the field and give the employee the freedom that they crave.
Instead of managing insurance in-house, using an outside insurance broker is highly beneficial to any organization. Whether the work place is public or private, an insurance broker can accommodate a changing workforce, think outside the box instead of going the traditional route, and know what people value in today’s workforce. Instead of spinning your wheels or losing talent because your competition is offering better benefits, hire an insurance broker to recruit and retain the best employees to make your business profitable.