Many companies are content to leave benefits management to a human resources department that ends up struggling to provide the best plan at a low cost.
Job seekers recently told Monster.com that when given the choice between strong benefits and a caring company or a greater salary, benefits were more important.
One of the most compelling arguments in favor of contracting a consulting firm to manage employee benefits is that various departments have different perspectives on the matter.
Purchasing insurance for a company’s employees can be a difficult process, and it doesn’t usually help to deal directly with representatives of an insurance carrier. It is often a much better option to work with an experienced benefits consultant instead.
Many businesses are now being forced to choose between maintaining employee benefit levels and increasing disposable income, as rising costs put many organizations in a tight spot, according to the Financial Executive Research Foundation.
When an employer contracts a third-party administrator (TPA) to help choose the right company insurance plan, the TPA will often strongly recommend that the employer select a self-funding option.
When trying to organize a health insurance plan and manage employee benefits, human resources professionals are often confronted with an array of agents, consultants and brokers from which to choose.
While many employees may be hesitant when it comes to health risk assessments (HRAs) it is important for human resource departments to encourage participation in an effort to lower employee benefit costs and improve health across the company.
