You know the drill, renewal time rolls around and for many it’s a scramble to re-evaluate the benefit options you’re providing employees. Often times, you don’t even know what new options or emerging strategies are available for your organization. So, with the clock ticking, you start the process of reviewing how to potentially cut costs and make critical decisions that will impact your business and employees.
Starting this process at renewal time is often too late. Instead, your organization needs to develop both short- and long-term strategies to accommodate the ever-changing environment. Without a plan, you may be forced to stay with the status-quo which could negatively affect your expenses and ability to retain the top talent.
Businesses shouldn’t consider receiving a renewal notice as the reminder to begin the process of exploring your options. Instead, it should be a priority over the course of the year to prepare for what is one of the biggest expenses. Prioritizing your employee benefits program will help you to drive down costs without compromising the benefits, improve employee engagement and shape workforce culture.
To help make this priority a reality, it can be helpful to work with an expert who can navigate the myriad of options available. After a consultant is educated on your organization he or she can create a plan that outlines annual deliverables that should be tackled in the months leading up to the renewal. Thinking about your benefits package in advance will allow time to vet any changes and ensure they are manageable administratively and acceptable for your workforce. Putting in this groundwork early will make renewal time easier because you already have a well-researched plan in place.
“We Plan. Your Employees Benefit,” is not just our mantra, it is our promise. We believe it’s worth putting in this extra time and effort for your employees who help drive the success of your business. Working with an experienced employee benefits consultant, like those at Univest Insurance, can identify which strategies are best for your unique needs and make the process much easier. Please feel free to give us a call at 215-362-7000. Having a conversation today will allow you to determine the best approach for tomorrow.
Insurance products offered through Univest Insurance, Inc. are obligations of the issuing insurance companies, not obligations or deposits of or guaranteed by any bank and are not insured by the FDIC or any other agency of the United States.