Does Your Business Need a Benefits Administrator?
Implementing and managing your employee benefits plan is known as benefits administration. Even your small business can have a benefits administrator to help with oversight and day-to-day management of your employee benefits plan.
Almost any size of business can have a benefits administrator. Your Western Financial Group employee benefits expert will help you determine what employee benefits plan is best for your business. They will explain how Western can become your benefits administrator for your business.
What does a benefits administrator do?
Today’s business environment is competitive, and employees expect value in their employee benefits package. A benefits administrator can help with pricing, design, and compliance of your employee benefits package. They can also help implement and manage it and communicate with employees about their group benefits plan. Your company’s benefits administration should be strategic in that it reflects the values and culture of your business, helps you stand out from other employers, and enables you to deliver sustainable benefits.
Talk to your Western employee benefits expert about how a benefits administrator can help your business.
What are the perks of having an employee benefits administrator?
An employee benefits administrator can assist with many aspects of your employee benefits plan that may seem confusing if you do not deal with them on a daily basis.
Providing the correct benefits for your workers
Employee benefits administration must be affordable, efficient, and reflective of the multi-generational nature of the workforce. Employers are offering employee benefits that set them apart from the competition; a benefits administrator can help with this.
Your Western employee benefits administrator can help you determine which benefits are necessary for your workers and which ones you can do without.
Financing options
Figuring out how to pay for your employee benefits is the next step. Your employee benefits administrator will help forecast costs, budget, reduce the cost of your plan, and find ways to add free benefits, for example, flexible work schedules or telecommuting.
Ask your Western employee benefits expert how a benefits administrator can help make financing your group benefits plan easier.
Compliance
Your Western employee benefits expert can explain how a benefits administrator can help your business with compliance and can review your employee benefits plan to ensure it remains compliant.
Assessment and fine-tuning
Your benefits administrator will track the results of your employee benefits plan and help you adjust it accordingly.
Ask a Western employee benefits expert about getting a benefits administrator so you can adjust your employee benefits plan to meet the needs of your staff while keeping costs down.
How do you know you need help?
As a business owner, some signs you need help with employee benefits are:
- You do not have a group benefits plan.
- You struggle to keep up with paperwork related to running your business and adding an employee benefits plan seems overwhelming.
- You have problems managing your existing employee benefits plan.
- You are frustrated with the benefits administration software your company uses.
- You are not sure your employee benefits plan is the best one for your workplace demographics and it might need to be updated.
- You think you may be paying too much for your group benefits plan.
- You do not understand the legal obligations related to employee benefits plans.
