Optimizing the Important Role Brokers Play in Employee Retention
Quick look: Renewed emphasis on employee retention over the past several years has activated brokers to elevate their client offerings. Fortunately, with the support of a professional employer organization (PEO), brokers can expand their benefit services, stay flexible in an evolving market, and give their clients the personalized attention they need in order to remain successful.
Employees have higher benefit expectations compared to years past. In many cases, what used to be the norm of competitive benefit packages has now become the minimum of what’s deemed desirable.
For instance, there has been an increasing demand to standardize mental health and financial wellness benefits, in addition to the traditional healthcare and 401(k) plans. And, since benefit satisfaction directly coincides with job satisfaction, brokers play a direct role in their clients’ employee retention efforts and overall growth.
When an employee leaves a company, the replacement cost ranges one-half to twice as much as the employee’s annual salary. Therefore, in addition to creating strategies to attract qualified talent, it’s best to invest in ways to motivate them to stay.
Here are ways brokers actively play a part in their clients’ business success, and how a PEO partner is effective in boosting their efforts.
Offer benefits beyond the basics
Employees still require the basic benefits of health insurance and retirement savings plans. However, they seek a wider range of perks from their companies to accommodate evolving needs.
Notably, there’s been a rise in the request for mental health and wellness benefits, as well as supplementary benefits like legal and financial services, tuition reimbursement, and pet insurance, among others. Taking into account what is relevant to employees, versus delivering the minimum, keeps companies more competitive.
It also illustrates a willingness to invest in employee health and well-being which, in turn, has proven to improve work productivity, employee engagement, and overall company morale. However, it’s not about simply adding more benefits but incorporating ones which will be the best fit.
How a PEO can help
PEOs can negotiate and provide access to comprehensive benefit packages which include mental health providers and services. They can also implement employee assistance programs (EAPs) which offer free, confidential assessments, short-term counseling, and referrals to address both personal and/or work-related problems. Diverse offerings are part of what makes a benefit plan successful, and brokers can immediately expand a client’s options by working with a PEO.
Educate employers and employees
Employers are turning to broker advice now more than ever in an effort to reduce healthcare costs and improve employee communication. Many companies are taking significant steps in reshaping their benefit plans but falling short when communicating changes to employees.
In this advisory role, brokers must stay current on changing regulations and emerging benefit trends to give clients the best possible options to retain their best talent. Plus, they must know how to demonstrate benefit value in a way employees can appreciate.
How a PEO can help
Having a PEO partner provides an instant extension to HR experts who constantly refer to industry trends, economic forecasts, and other external and internal data to guide successful benefit decisions. Additionally, a PEO assists clients with benefit enrollment education, in-person assistance, vendor recommendations, and more to give employers and employees an in-depth look at what their benefits entail.
Customize benefit packages
For many employees, benefits are as important, if not more so, than the compensation they receive. But a catch-all solution won’t suffice for what modern demands call for. With multiple generations making up the workplace, it’s critical to address how certain benefits may hold more relevance than others.
While some employees may be drawn to flexible work schedules, others may prioritize retirement planning. As people enter different phases of their lives, these priorities will shift. Brokers and their clients must be ready to customize plans accordingly, in a way favorable to employee retention, which is why many brokers have elicited the expertise of a PEO partner.
How a PEO can help
PEOs grant access to premium employee benefits from the best providers at competitive prices. Ordinarily, these are not available for small and medium-sized businesses (SMBs), putting them at a recruiting and retention disadvantage. Furthermore, each benefit plan is customized to the business with room for flexibility as benefit needs change over time.
Incorporate a full suite of HR services
To free up time and resources for SMB leaders to focus more fully on the employee experience, personalized benefit services are part of the bigger HR solution. As a broker-friendly PEO, ExtensisHR also offers:
HR services
All-inclusive HR guidance and management, including payroll and tax administration, plus talent recruitment and retention expertise streamline and simplify processes.
Risk and compliance management
Monitoring and maintenance of ever-changing compliance regulations minimize a company’s risk, costs, and time, allowing them to focus efforts on other areas of business growth.
Centralized HR platform
Implementation of the proprietary Work Anywhere® platform and mobile app aids SMB leaders in managing HR tasks, optimizing workflows, and synchronizing goals and performance to optimize operations.
PEO Premier®
Brokers can also extend the option of ExtensisHR’s PEO Premier® services to their clients. PEO Premier® is a fully managed concierge approach to HR which provides SMB leaders additional resources exclusively assigned to their business. Additionally, clients have access to enhanced benefit offerings to maximize recruiting and retention efforts.
By contributing to employee retention through developing and managing competitive benefit packages, brokers create greater value for their clients and nurture long-term partnerships. Partnering with a PEO allows brokers to go above and beyond for their clients and protect their book of business.
Benefit trends and compliance regulations are constantly changing. Being closely connected with a team of trusted HR experts is the advantage many are looking for.
We are here to support your business goals and client relationships. Learn how our exclusive PEO solution can benefit you. Contact ExtensisHR today.
