Find out how a professional employer organization (PEO) partnership can help broker clients keep up with employee benefits trends.
Health insurance and benefits brokers play a critical role in guiding business clients through the ever-evolving landscape of employee benefits. Just as the economy and labor market continually shift, so do trends in benefits that are vital for clients to attract and retain talent. Brokers need to understand these nuances and how they impact business success.
Emerging trends point to the precise areas where health insurance brokers can deliver additional value to their clients. Employee benefits developments such as more personalized offerings, wellness initiatives and workplace flexibility are gaining significant traction.
How Brokers Can Prepare for the Future: Emerging Trends in Employee Benefits
To attract and retain small and medium-sized business clients, health insurance and benefits brokers must pay close attention to the ever-changing employee benefits landscape.
Emerging trends in employee benefits include flexibility, personalization and an increased focus on wellness – mental, physical and financial.
PEO partnerships help brokers keep tabs on these types of developments in employee benefits.
Emerging Trends in Employee Benefits
So, what do the current trends look like in benefits? Understanding what’s going on helps you better support clients and strengthen your PEO relationships, too. Here are the emerging trends to watch:
Personalized
Benefits
Packages
Flexible
Work
Arrangements
Financial
Wellness
Programs
Enhanced
Technology
Integration
Personalized Employee Benefits Packages
More and more, employees want benefits tailored to their individual needs, and a company’s ability to deliver them directly impacts employee satisfaction and retention. Health insurance is particularly important to employees, and competitive businesses consider options like life, disability and supplemental coverage outside of standard health insurance.
Brokers can leverage their PEO partnerships to offer more customized benefits packages. This helps brokers stand out and satisfy their clients.
Flexible Work Arrangements
Employees value flexible work arrangements more than ever. Businesses are giving themselves an edge by offering remote work options and flexible scheduling as key benefits.
A McKinsey and Company study found that 87% of workers would take a flexible work arrangement if offered it.
If remote work is something a broker’s clients are pursuing, PEOs can help ensure compliance with labor laws and human resources policies for work-from-home, flexible or remote work models.
Financial Wellness Programs
Retirement plans have long been staples of a benefits package, but today’s employees want more. They want their employer to offer financial planning assistance and more robust retirement savings options.
Brokers should consider PEO partnerships so their clients can access financial wellness resources and competitive retirement plans – namely, 401(k) plans offered through a PEO. A PEO 401(k) plan provides businesses much higher-quality options when compared to traditional, private 401(k)s they may seek on their own.
87% of workers would take a a flexible work arrangement if offered
Source: McKinsey and Company
Enhanced Technology Integration
Technology continues to change how businesses operate. In the human resources world, technology can streamline tasks and benefits processes, alleviating administrative headaches and allowing employees to better understand, access and use their employee benefits.
Team members who understand their benefits and how to use them are more likely to take advantage of them. And greater utilization can lead to higher employee retention.
Mobile apps and other digital tools now give employees easier access than ever to manage their benefits. Advanced platforms like PrestigeGO from PrestigePEO:
Allow leaders to process position changes, pay rate adjustments or terminations even while they’re on the go.
Give finance and accounting teams the ability to review and approve payroll from their mobile devices.
Let employees quickly access important details about their employee benefits – including medical, dental, vision, life, disability, and supplemental insurance, as well as retirement plans – all in one place.
Make it simple for managers and staff members to request and approve time off.
Provides easy access to human resources specialists who can answer questions and help workers better understand their employee benefits.
Insurance brokers can help clients access advanced HR software and tech platforms like this to level up their benefits management.
How PEOs Help Benefits Brokers Keep Up with Emerging Employee Benefits Trends
Brokers are wise to turn to PEOs for assistance navigating the latest benefits trends. PEOs provide bundled HR services to businesses of all sizes, so they can access more affordable yet competitive benefits that are typically only available to large companies.
Providing such a wide array of employee benefits gives PEOs a unique perspective on the latest offerings and trends. Furthermore, the top PEOs feature knowledgeable experts who eat, sleep, drink and breathe employee benefits – and are ready to share this knowledge with partnered brokers.
This insider knowledge combined with your expertise can be a game changer in the fluid employee benefits market.
Additionally, when payroll, benefits administration and other HR functions are more efficient, businesses save time and money. Brokers can thus show businesses how more streamlined HR solutions help them reach their business goals and reduce time spent on time-consuming tasks.
Brokers should emphasize all these benefits when working with clients. PEO partnerships allow both brokers and their clients to become more efficient and grow with better overall services and tools.
Stay Ahead of Trends with a PEO Partnership
Employee benefits trends change with the times. As a broker, you should know exactly what employees and employers prioritize.
PEOs play an important role in your ability to stay competitive and give your clients what they’re looking for. PEOs help you stay ahead of benefits trends and support your clients in navigating changes.
Reach out to PrestigePEO today for a consultation or more information.
