The importance of selecting an employee benefits management company
The expansion of benefits has become essential to attract and retain the right people, and build a thriving, healthy, resilient workforce. Employee benefits now encompass a variety of services, including health and retirement plans, wellness, healthcare navigation and absence management, just to name a few. With so many options, you need to prioritize choosing a partner that truly understands your needs and can handle the constantly changing benefits environment.
The need for specialized employee benefits management
These benefits are not merely perks but make up your employee's total rewards package, significantly impacting their satisfaction and productivity. The unfortunate reality for most companies is that benefits complexity and costs are eating them from the inside out. By working with an employee benefits management company, you can streamline the process, optimize costs and enhance the overall employee experience.
Learn about Alight Benefits Administration
Ben admin that actually enables your strategy. There’s an easier way for your employees to navigate open enrollment and engage with their health benefits.
Challenges in managing employee benefits
Managing employee benefits in-house can present numerous challenges:
- Complexity: Navigating through various benefits programs, each with its own set of features and requirements.
- Compliance: Maintaining alignment with federal and state laws demands careful attention and specialized knowledge.
- Cost management: Balancing the cost of providing comprehensive benefits while ensuring affordability.
- Employee participation: Encouraging employees to learn about their benefits and use them.
Why having a good partner for managing employee benefits matters
While it might be tempting to choose the lowest price, a skilled employee benefits manager has the expertise to truly simplify processes and provide ongoing innovation. They know the ins and outs of different benefits plans, while also improving employee engagement and wellbeing.
Expertise and knowledge
- Employee benefits management companies have specialized knowledge and expertise in handling a wide range of benefits programs — such as health, retirement, leaves of absence, wellbeing and healthcare navigation. This expertise then feeds into an ongoing commitment to invest in their product and services — meeting the unique needs of your workforce.
Cost optimization
- Managing the costs associated with benefits can be a significant challenge for employers. By leveraging data-driven tools, analytics and insights, they enhance productivity in managing employee benefits. The prime directive in today’s business environment is cost containment and expense reduction.
Employee engagement and education
- A continuing challenge for employers is to both inform their employees about benefits and encourage them to use these benefits to enhance their wellbeing. Benefits management partners can provide personalized information in moments that matter to help employees understand and utilize their benefits effectively.
Today's modern workforce is motivated differently from those of even the recent past. Employee benefits have become the heartbeat of competition and employer choice in the intense competition for talent.
Alight, with over forty years of expertise in outsourcing benefits administration, is well-equipped to help organizations navigate these challenges and deliver effective employee benefits.
Alight Benefits Advantage
The Alight Benefits Advantage turns benefits from a necessary expense into a game-changing differentiator.