The benefits you offer are important to your employees, but administering those benefits can be a challenge. Some companies try to handle their own benefits administration, while others outsource administration to a separate service provider. If you need help with your company’s benefits, does your current HR service provider help you with benefits administration – or is it time to change benefits administration providers?
What is Benefits Administration?
According to HRZone, benefits administration involves the development and management of the group benefits program you offer your employees. It includes everything from creating the program to updating it on a regular basis, enrolling employees, and dealing with employee claims. All this can be labor intensive, which is why many companies outsource benefits administration to a third party.
Should You Switch Benefits Administration Service Providers?
When benefits administration becomes too burdensome, many companies outsource it to an HR services provider. Not all benefits administration services are suitable for your particular needs, however.
To determine if your current provider is offering adequate service, or if you need to switch providers, ask the following questions:
- Does your current provider offer an easy-to-use benefits enrollment portal?
- Are your employees satisfied with the customer service from your current provider?
- What benefits are currently offered?
- How happy are your employees with their current benefits?
- How costly is your current benefits package?
- What is your relationship with the current provider?
Depending on the answers to these questions, you might find that it’s time to start looking for a new benefits administration provider.
What Should You Look For In Benefits Administration Assistance?
Not all benefits administration providers offer the same services. Not all offer the same quality of service. How do you choose the right benefits administration provider for your company’s needs? Here are some important questions to ask.
What Benefits Do They Offer?
It’s important that your company stays competitive in terms of benefits offered. According to SunTrust’s Business Pulse Survey, 43% of employers have increased benefits to attract and retain employees. There’s a reason for that – according to a recent Harris Poll survey, half of all employees say that they’d leave their current job for a new one offering better benefits.
Your benefits administration provider needs to offer a wide selection of desirable benefits, including medical, dental, vision, life, disability, 401(k), and more. These benefits need to align with your employees’ evolving wants and needs – and be regularly updated to meet changing conditions in the job market.
What Do the Benefits Cost?
Equally important to the benefits you offer is how much those benefits cost you. You want to get the best bang for your benefits buck, and that can only come from a provider that offers economies of scale. Ultimately, you need to balance cost and coverage to benefit both your employees and your bottom line.
How Are Benefits Administered?
The best benefits in the world don’t matter if your benefits administrator is difficult for you and your employees to deal with. You want a provider that offers an easy-to-use process, that is always available when you need them, and that works hard to assist both you and your employees. Talk to other clients of a provider to learn about their experiences – and avoid providers with negative reviews.
Let CBR Administer Your Employee Benefits
When you need benefits administration assistance, turn to the experts at CBR. We can help you provide the right benefits to your employees and administer them on an ongoing basis. Thanks to CBR’s expert purchasing power, we can provide quality benefits at a cost savings you probably can’t obtain on your own. Let our skilled benefits professionals handle your benefits administration – and craft the best benefits package for your business.
Contact CBR today to learn more about our benefits administration services.