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September 24, 2020
Small business owners would never rebrand or expand their business unless they were aware of their new marketplace and current business environment. On a similar note, Employers need to have an understanding of what their employees and organizations are looking for before making any big plans about their employee benefits’ plans. General market research has several simple steps that employers can consider that are best for themselves and their employees.
Conduct an exercise to compare your company to similar companies. General information is typically available through the Chamber of Commerce or the Conference Board of Canada. You can also consider conducting a survey amongst your employees to determine their health needs and preferences/expectations of their workplace. Lastly, you can review the demographic profile of your employees and previous claim experiences to figure out what would best suit your employees needs. These are all things that an advisor could help you do for your employee benefits.
After discovering a general idea for their employees’ insurance needs, employers then have to understand the role and cost of providing and changing their employee benefit coverage. Why are they offering/planning a benefits plan? What is the program’s primary goal? Does the coverage meet their employee’s needs? Will the coverage meet the needs of future employees? What is your expected annual budget?
Once you have asked yourself the right questions and understand the role of the group benefit and how it affects your business. Small and medium-sized business managers can develop their group health insurance strategy. During this time, employers will figure out that the type of benefit program matters more than the size. The type will dictate what they can do with their strategy and what type of group benefits are available for them.
An integral part of creating and maintaining the right employee benefits program is having a good relationship with an advisor. An advisors’ role for you is to find the right insurance carrier that can create the right coverage that will work for all aspects of your employees. They can also help you become aware of legislative changes and how they may make an impact on the employee benefit plan. They are also aware of new technology, new products, and services that can benefit you as an employer and your employees as well. Employers should regularly consult their advisors to regularly review their employee benefits plans and keep up to date on their employee needs. Advisors are integral parts of any type of business plan, including group benefit plans.
Contact Us Today, for any help creating and designing your employee benefits plan.