21 Jul 2023
In today’s competitive job market, attracting and retaining top talent has become a strategic imperative for businesses. One of the key factors that prospective employees consider when evaluating job opportunities is the benefits package offered by the company. Providing a comprehensive and attractive benefits package not only helps attract skilled professionals but also encourages employee loyalty and engagement. The difficulty for an employer however is to design and manage an effective benefits program due to its complex nature and large investment of time. This is where the role of an Employee Benefits Adviser becomes invaluable.
Recent research from Group Risk Development (GRiD), the industry body for the group risk sector, confirms that only 26% of employees claimed they knew about all of the employee benefits available on the market, increasing slightly to 43% claiming to know about some of them*. In this blog post, we will explore the importance of using an Employee Benefits Adviser and how they can help businesses unlock the full potential of an employer’s benefit offering.
Expertise and Market Knowledge:
Employee Benefits Advisers are specialists in their field. They possess extensive knowledge of the ever-evolving benefits landscape, including the latest trends, regulations, and best practices. By partnering with an adviser, businesses gain access to a wealth of expertise and insights that can help them navigate the complexities of employee benefits. Advisers can provide guidance on designing customized benefit plans tailored to the needs of the workforce and industry-specific requirements.
Designing a benefits package that meets employees’ needs whilst also remaining within budgetary constraints is a delicate balancing act. Employee Benefits Advisers are skilled at analysing data, conducting cost-benefit analyses, and identifying cost-saving opportunities. Just as important, they can help businesses by negotiating with insurers to obtain the most competitive annual premiums as well as identifying areas where costs can be reduced without compromising the quality of benefits.
Compliance and Risk Management:
The regulatory landscape surrounding employee benefits is complex and subject to frequent changes. Staying compliant with laws and legislation can be challenging for businesses. Employee Benefits Advisers stay up to date with the latest legal requirements and ensure that benefit plans are compliant. They help navigate the legal complexities, minimising the risk of penalties and potential employee claims due to non-compliance.
Enhanced Employee Experience:
Employee Benefits Advisers play a crucial role in enhancing the overall employee experience. They can help design benefits packages that align with employees’ needs, preferences, and life stages. By offering a well-rounded benefits program, businesses can improve employee satisfaction, engagement, and productivity. Advisers also assist with communicating benefits effectively to employees, ensuring that they understand and appreciate the value of the offerings. This, in turn, leads to higher employee retention rates and a more positive workplace culture.
Managing employee benefits involves numerous administrative tasks, from enrolment and eligibility tracking to claims management and reporting. Employee Benefits Advisers can help streamline these processes. By removing routine tasks burdens from employers, advisers enable HR teams to focus on strategic initiatives and employee engagement, rather than getting bogged down in administration.
In an era where employee benefits are a critical factor in attracting and retaining top talent, businesses cannot afford to overlook the importance of using an Employee Benefits Adviser. These professionals bring expertise, market knowledge, and a deep understanding of the ever-changing benefits landscape. By partnering with an adviser, businesses can design comprehensive benefits programs, optimise costs, ensure compliance, and enhance the overall employee experience.
If you would like to understand the value an adviser can bring, please feel free to contact one of the team at Wingate Benefits Solutions by sending an email to email@example.com.
Alternatively, if you currently have an existing adviser, please contact us for a fee free review of your benefits package to see how Wingate Benefit Solutions can help enhance your offering, via firstname.lastname@example.org .
*Source: The research was undertaken by Opinium from 9-22 January 2023 among 503 HR decision-makers and from 10-13 January 2023 amongst 1,212 employees at UK businesses.