In recent years, rising health care costs have left much to be desired for both employers and employees. For example, some employers may want to increase compensation for their employees but could be struggling due to costs impacting their bottom line, while employees want better benefits packages to help protect their lifestyles. As you work with clients to help tackle these tough situations, here are some tips to offer clients on how to keep rising costs at bay while still offering a competitive benefits packages for employees:
Increase the diversity of benefits offerings — include voluntary insurance. Today's workforce wants choice. According to the 2017 Aflac WorkForces Report, 81 percent of employees see a growing need for voluntary insurance benefits, and 90 percent consider voluntary insurance at least somewhat part of a comprehensive benefits program. There are voluntary insurance options to supplement any strategy. Products such as accident, critical illness/cancer, hospital indemnity, life and disability can give employees more control in selecting benefits that will best protect their lifestyles.
Think differently about the power of benefits. Many employers have seen a rise in workers' compensation claims filed in recent years. By offering accident insurance, employers can help minimize the risk of worker's compensation claims and decrease their overall costs. In fact, after offering voluntary accident insurance to employees, 51 percent of respondents said there was a decline in worker's compensation claims, according to the 2017 Aflac WorkForces report.
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Use technology to enhance the benefits experience. Technology has a place in virtually every workplace, and it's crucial to a seamless enrollment and administration of employee benefits. Companies that use technology are more likely to say employees are satisfied with their benefits than companies that do not (82 percent versus 69 percent), leading to lower employee turnover rates and higher productivity at work. By educating clients about online benefits administration platforms, advisors can help clients ease some of the tedious burdens they face day to day. Employees can get access to benefits resources around the clock, receive enrollment deadline reminders and get detailed benefits statements, while clients can have access to ACA Compliance reporting and be less likely to miss reporting milestones.
Clients rely on benefits advisors for their guidance and expertise in a number of ways. As new challenges arise for clients, advisors can explore new opportunities to continuously enhance their value as a partner by sharing resourceful advice on how clients can keep their employees happy and stay successful in their business.
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