Employee benefits are one of the most valuable tools to stand out in a difficult labor market. Having competitive health insurance, dental insurance, vision insurance, life insurance, accident coverage, and more has become a must if you want to attract and retain the best talent. They’re also great for showing your employees that you care. All in all, implementing practical employee benefits has to be a part of your plan as a growing business.
However, for something so critical to the long-term success of your business, identifying the best employee benefits for your company sure can leave your head spinning. The plans are complicated, and brokers may not always have cost-effectiveness top of mind. Still, you value your employees and want to bring in the best and brightest as you grow. So, where does this leave you?
It leaves you in the market for a helping hand! With the help of our benefits partners, ADDA Infusion knows how to identify, implement and maintain the right set of benefits for your company. Here’s how we do it.
Market & Benefit Analysis
Finding great benefits first requires you to zoom out a bit and gauge the overall market of employee benefits providers. This step will inform the rest of your benefits journey because it will establish a baseline for what a quality benefits package looks like for a company of your size. Once you’ve gotten your bearings in the greater benefits marketplace, you can lock in on the specific options available to you. Sourcing vendors or insurance carriers can be overwhelming, and smaller numbers near that dollar sign naturally draw people in. Despite that, you don’t want to get carried away with bargain hunting; you still want plans that provide value to your employees.
Now, if you come into the benefit analysis process with an understanding of the general market rates, you’ll be well equipped to evaluate the must-have features for your plans. You can always tack on the nice-to-haves as your organization grows.
Eventually, you’ll find the glass slipper employee benefits package that covers your bases, and it may even come at a price you can stomach. Of course, you’re excited, and your employees will be too. However, if you work with benefits experts like ADDA Infusion and our partners, you’ll find a little magic left in the process during negotiations.
We’re experts in this industry with an understanding of what your business is worth to insurance and benefits providers. We also want you landing on a price point that gives you some room to grow. With that knowledge in hand, we can negotiate towards a price that leaves everyone feeling good.
Implementing your company’s benefits package is the last heavy lift. However, once completed, you’ll be relieved, and your employees will feel more comfortable. So what exactly does the benefits implementation process entail?
Implementing your employee benefits is the process of sending out your benefits package to employees and enrolling them. Naturally, this involves more than sending an email and slapping a celebratory five with your team.
We do the work to ensure that your employees understand the benefits packages available to them. Let’s face it; sometimes, you need a patient, seasoned professional to break down those PPOs, HMOs, HSAs, deductibles, out-of-pocket costs, and get all of that done during open enrollment.
Then your employees can make the elections that make the most sense for their situations. Finally, once you implement the benefits throughout your staff, the work moves to ongoing administration.
Congratulations! You’ve implemented your benefits, and your employees feel more secure today than they did yesterday. Though the most significant lifts are out of the way, more work remains. Now, the benefits work transitions into paperwork and back-end services for your Administrative HR team.
Luckily, our consultants run through benefits administration like clockwork. Once your benefits are in place, you’ll probably want to turn your attention elsewhere. With ADDA Infusion, you can do exactly that while we maintain your ongoing back-office benefits workload.
Eventually, as your company grows, you may be ready to consider further improving your benefits. When that time comes, ADDA Infusion and our benefits partners will make that process as seamless as possible.
Let us give you a Benefits Boost!
Whether you are implementing employee benefits for the first time or looking to revamp the plans you have in place, ADDA Infusion has your back. Fill out the form here to learn more about how we can help get your employees the coverage they deserve!