One of the most difficult tasks for employers trying to fairly compensate their personnel is the selection of benefits. Even a company that has experience dealing with insurance carriers and knows how to cut costs effectively may have trouble determining what staff are looking for in compensation services. As a result, it's essential to consult an employee benefit specialist so the array of offerings fits staff members' requirements.
The reason employee benefit advisors are so helpful is they can survey personnel and discover which packages are most appropriate for them. For example, many employers who are unfamiliar with trends in compensation and benefit services might assume younger workers don't need to be offered high-quality retirement accounts or funds.
However, the opposite is largely true. For instance, the MetLife annual study of worker trends indicates that the number of members of Generation Y (roughly those adults who were born in the 1980s) who are concerned they won't have enough money to eventually retire has increased significantly, In 2003, only 33 percent had serious doubts about their own retirements. In 2012, over half (52 percent) were starting to fear for their financial situations.
Most employee benefit specialists are familiar with the carrier and retirement landscape and can foresee what sorts of services are most appealing for different employee demographics. Even if they aren't already familiar with a particular subset of the American workforce, such professionals will be able to accurately and efficiently survey employees to find out which kinds of coverage they're most interested in. From there, it's no difficult task to create a package of insurance, savings accounts and retirement funds that will make personnel feel appreciated and at home with a particular company.
