Solving HR's Biggest Challenges with Employee Benefits Consulting

Solving HR's Biggest Challenges with Employee Benefits Consulting

Looking for ways to optimize your employee benefits strategy, control costs, and increase employee engagement? Our employee benefits consulting services offer tailored solutions to solve both Finance’s and HR's biggest challenges.

Human Resources (HR) departments and senior leaders face numerous challenges when it comes to employee benefits management, including budget concerns, employee recruitment and retention, and compliance with changing regulations. To overcome these challenges, HR and senior leadership need the support of an employee benefits consultant who can help them create a benefits strategy that aligns with their organization's culture and philosophy AND their business goals and objectives. In this blog post, I'll explore how our employee benefits consulting services can address these unique pain points and help your organization create a successful benefits strategy.

Employee Benefits Consulting - An Overview

At Brown & Brown, our employee benefits consulting services offer tailored solutions to help HR optimize its benefits strategy. We specialize in providing comprehensive guidance on various employee benefits issues, such as open enrollment, health insurance, retirement planning, compensation, employee wellness, compliance and regulations, HR consulting, benefits administration, cost containment, voluntary benefits, disability insurance, workforce planning, executive benefits, and employee engagement.

How We Solve HR's Biggest Challenges

One of the most significant challenges facing companies is controlling employee benefits costs. Our employee benefits consulting services help control costs by implementing innovative benefits strategies that reduce overall costs while maintaining employee satisfaction. By assisting organizations to understand the total cost of benefits, we identify cost-saving opportunities.

Another major challenge is attracting and retaining top talent. We help our clients build a comprehensive benefits package that is aligned with their business goals, attracts and retains top talent, and helps foster a culture of employee engagement. Our customized benefits plans include options for retirement, disability, and other voluntary benefits, providing employees with the coverage they need to feel secure.

Finally, we help our clients stay up to date with changing regulations and compliance requirements, ensuring that they are in full compliance with all applicable laws and regulations.

The Impact of Our Services - Examples

At Brown & Brown, we are proud of the positive impact our employee benefits consulting services have had on our clients. Here are some examples:

Innovation & Creativity: We helped a manufacturer reduce their stop-loss premiums by 25% using our High Case Analysis (HCAT) tool to demonstrate that based on the relatively low chronic disease prevalence within the employee population, the stop-loss premiums being assessed were unreasonable.

Data Analytics: We conducted a very comprehensive review of their plan designs (across multiple unions in addition to non-union), their contribution/working rate/plan relativities, and historical utilization at an ICD10/CPT4 code level.

In direct response to what was driving company spending from our analytical review (ICD10/CPT4 code level), we designed a new Health & Welfare program.

The results of this new Health & Welfare strategy resulted in an 8.5% decrease ($1.6M) below current Medical/Rx spend (Over $3M below the original increase).

These are two examples of many solutions that Brown & Brown has provided. Our clients' success stories speak to the value we offer, and we take pride in our ability to deliver results.

The Power of Storytelling - A Case Study

One of our clients struggled with increasing healthcare costs and low employee engagement. We worked closely with their HR department to understand their unique pain points and goals. We designed a benefits package that included a wellness program, a high-deductible health plan, and an HSA. The new plan reduced costs by 13% and increased employee engagement by 22%.

Our case study illustrates how our employee benefits consulting services can help organizations overcome their challenges and achieve their business goals.

Call to Action

At Brown & Brown, we understand the importance of employee benefits in attracting and retaining top talent, controlling costs, and fostering a culture of engagement. Our employee benefits consulting services offer tailored solutions to help HR and senior leadership overcome their unique pain points and achieve their business goals.

Through comprehensive guidance on various employee benefits issues, we help our clients stay ahead of the curve and achieve success. Our success stories and case studies demonstrate our ability to deliver results, and our team of experts is ready to help you create a successful benefits strategy.

Don't let the challenges of employee benefits and the status quo hold you back. Please reach out to learn more about our employee benefits consulting/advisory services and take the first step toward success.

Best,

Mike Cully

Vice President

[email protected]

781.956.9803