Engaging clients in benefit strategy delivers more value

After catching up on continuing education, attending conferences or enjoying well-deserved time off — all of which are important — many benefit advisers are switching gears this time of year. The focus is now on finding ways to strategize with clients on valuable programs, determine what's working and decide on next steps. 

If pharmacy has been carved out and shown to generate revenue, for example, will those dollars be saved or used toward enhancing the current benefit program? This could mean initiating a 401(k) or investing in a new program such as on-site child care for employees or paid gym memberships. The answer will look different for every client.

Employers want benefits that attract and retain top talent, stand out in the labor market and work within their budget. Continuing to provide generic solutions for common issues won't help your clients gain a competitive advantage in recruiting. There is no such thing as a simple renewal. We need to engage clients in benefit program design and strategy to reach these goals quicker and easier. Getting on the phone, meeting and connecting with employers is critical to help you better understand what they need and expect from their benefits offering.

Read more: Getting employees to appreciate the millions spent on healthcare

Some employers may not be aware of the flexibility and choice they have within their benefit programs. They may be preoccupied with other business matters that are capturing their time and attention because they are trying to manage their revenue, people and culture. The only way to know what company leaders are struggling with is to ask. Learn if your client's benefit program is heading in the right direction by considering these points:

Ask purposeful questions.
Understand their thoughts about the current plan. What is working for the business? Is it meeting employee expectations? What areas need improvement? 

Discover their overall concern.
What keeps them up at night? Knowing what clients are concerned about can help the strategic process. Concerns about high turnover, employee burnout or attracting top talent can be addressed with the right benefits program.

Know their goals.
Most employers have business goals, but they also should have goals for their benefit programs. Is the company looking to increase cost savings or improve the quality or quantity of offered programs – or both? 

Understand the environment around change management. 
Some employers are comfortable with big and quick changes, while others prefer making incremental changes. Knowing the difference is essential. 

Understand their culture and industry.
Getting to know how the company operates is an important part of benefit design. Any developments or changes such as growth, restructuring or a merger can affect the company's benefits strategy.

Read more: Bringing value to healthcare benefits with simplicity

Then, take the time to listen and openly discuss options with employers early in the year. This allows more time to navigate the challenges they face by completing your due diligence for the solutions to those specific problems. It not only shows them real value in improvements, but gives the employer the proper information so that you can make an informed decision together. That may mean adding programs to promote company culture or taking steps toward becoming fully self-funded in the group health plan.

In-depth conversations should be focused on what the employee population needs and how the benefits program reflects those needs. For example, offering free lunch options and an office lounge with the intention of enhancing work-life balance may not be beneficial to employees who are actually in need of paid time off or a flexible work schedule.

Benefit programs that are centered on clear goals, contribute to total compensation and remain financially realistic surpass others in quality — becoming more than just an insurance plan that spills into the culture. For many employers, the connection between company culture and employee benefits is lost. The thought of benefits often revolves around yearly renewals, contracts, and cost increases instead of a valuable asset. This mindset can be changed with support, trusted advice, and an understanding of the company's industry and culture.

Read more: 4 steps to become a strategic leader in benefits in 2023

Help alleviate the stress and stigma of renewal time and show clients that benefits are more than a cost to the company. Employers need help to make their goals a reality and advisers have a unique opportunity to assist. Taking time following the renewal season is important for all of us, but consistent communication with clients is essential. Don't wait too long before launching your 2024 strategy campaign.

As advisers, we are built to troubleshoot, but we need to solve the right problems at the right time. By connecting with clients and developing a strategic plan based on in-depth conversations, you can provide the most comprehensive benefits program and provide tremendous value to your clients and their employees.