Some benefits on plans should be eliminated or enhanced to give more value to employees and stakeholders. By having them on your plan, they are subject to abuse. It is not necessarily your employees’ fault, and the practitioners are all too willing to take your benefit dollar as far as it can go. Since benefit renewals are all based on … Read More
Why is it Good to be Disruptive in the Employee Benefits Industry?
By definition, Disruptive means “causing or tending to cause disruption”, but in business, it generally refers to “innovative or groundbreaking”. My 15-year son being disruptive in his classroom is not encouraged, but it takes guts to be a trailblazer in the business world. Also, if you’re successful, then the masses will follow. Who Said a Tiger Can’t Change Its Stripes? … Read More
10 Employee Benefit Plan Tips That Keep Employees and Employers Happy
10 Employee Benefit Plan Tips Usually, there is a disconnect between employers and employees as it relates to employee benefit plans. Employees want a comprehensive plan and employers need to be watchful of the bottom line. Pleasing both parties is not always easy to achieve. Here are 10 Employee Benefit Plan Tips that if incorporated into your plan, will satisfy … Read More
Want to Learn About the 9 Biggest Mistakes Made on Benefit Plans?
If you think the benefits industry is child’s play, you’re mistaken. I’ve listened to a number of benefits brokers “pitches” and if I find their approach confusing then chances are you will too! It’s not difficult to see that the biggest mistakes made on benefit plans are due to misinformation and the self-serving needs of the benefits consultant. Get … Read More
How will Educating Employees on Benefit Plans Create a More Sustainable Plan?
Educating employees on benefit plans means more than just explaining what their plan includes and how to make a claim. So how will educating employees on benefit plans create a more sustainable plan? Many of my clients know how much I emphasize this point with their plan sponsors. It probably is the single most important detail in ensuring that a plan … Read More
What are the 9 Obvious Signs You Should Be Firing Your Benefits Advisor?
It ceases to amaze me that in this day and age that some benefit advisors still have clients or are holding onto their clients using the same approach that they’ve used for the past decade or longer. So when is it that you should look at changing benefit advisors? A case in point. I had a meeting with a new … Read More
How Much Should I Budget for my First Employee Benefits Plan?
So you’re challenged to get the best employees because you don’t offer a benefit plan. You run the risk of losing a valuable employee because you don’t have a benefit plan. You want to offer security to employees, but you don’t want to jeopardize your company’s bottom line in the process. What will a benefit plan cost my business? Whatever is … Read More
Why You Deserve to Know How Much You’re Paying Your Benefits Consultant
Let’s be clear about this; transparency and disclosure of compensation is a sign of the times. Some industries work on this premise. It helps to earn trust with clients and ensure that you’re making recommendations because it is in your clients’ best interests and not your own. So how much do benefit consultants get paid? I’m not going to … Read More
Is Your Benefits Advisor Performing these 11 Key Roles for You?
I experienced something in the last few days that embarrassed me as a Benefits Advisor. As much as there are many credible professionals within the benefits business, there are more than our fair share of brokers/advisors that are greedy, lazy and bring no value to their clients. Like in any industry, there will always be a few bad eggs. So … Read More