Why Your Business Should Conduct a Group Benefits Review: 5 Benefits
When was the last time you evaluated your employee benefits packages? Approaching your benefits packages strategically can make a big difference in employee retention and even company liability, and a group benefits review can help.
Many Canadian businesses have opted to hire a benefits specialist to review their current group benefit plans and recommend improvements. Here are a few reasons your company may opt for a group benefits review.
What Is a Group Benefits Review?
A group benefits review is a systematic review of the benefits you offer employees. Benefits specialists or advisors are professionals who conduct group benefits reviews for Canadian businesses.
Benefits specialists have in-depth knowledge and training in employee benefits, including in areas like:
- Insurance coverage, including family coverage
- Federal and provincial laws
- Filing insurance claims
- Starting and terminating employee benefits
Having a knowledgeable third party review your group benefits can ensure that they make the most sense for your company and comply with all legal guidelines.
5 Reasons to Hire a Group Benefits Specialist to Conduct a Review
If your group benefits have been performing well for your company for many years, you may not see the need to conduct a benefits review. However, underlying issues with your group benefits can cause fissures in your business that expand over time. Here are a few ways a group benefits review can support your business:
1. Ensure Your Plan Aligns With Your Employees’ Needs
Group benefits packages come in many types, with optional benefits to add on. Your employees’ needs may have changed since you created your package, and you may need to adjust your benefits accordingly.
A benefits specialist can conduct an employee survey to determine which benefits employees value, what changes they would prefer in their benefits package, and other first-hand information. They can use this data to craft a group benefits plan that aligns with your employees’ needs.
For example, if you don’t offer enough mental health benefits, your employees might look for an employer who does.
When employees are dissatisfied with their group packages, they often don’t hesitate to look for another company. Adding an employee and family assistance program to your group benefits can improve employee retention.
2. Save Your Business Money
Employee benefits are a significant investment for your company, but you may not know whether the amount you pay is in line with nationwide averages. Your benefits specialist can analyze your costs to ensure that they are fair and competitive.
Benefits specialists also know the best ways to structure benefits packages to meet a business’s goals. If your company is trying to reduce overhead, you can consider restructuring your benefits to use an ASO benefits plan to minimize costs while keeping coverage comparable.
If you decide to switch insurance providers, your benefits specialist can help you transition seamlessly.
3. Remove Liability in Employee Terminations
Failing to follow Canadian guidelines for termination can leave your company at risk of a lawsuit. One aspect of terminations you should approach strategically is paying out benefits.
For instance, if an employee has a pending insurance claim under their employer-sponsored health insurance, you must understand what will happen to that claim when their benefits cease.
During your group benefits review, your specialist can examine your termination procedures and enact a strategic method of letting employees go that aligns with benefits-related guidelines and Canadian law.
4. Evaluate Your Plan Administrator
If you work with an in-house benefits plan administrator, your group benefits specialist can also evaluate their performance during your review. Your administrator should create a stress-free experience for employees as they begin, transition, and end benefits in your company. Your specialist can provide guidance and tips to improve this process.
5. Show Employees You Care About Their Satisfaction
While conducting a group benefits review can help your benefits align with employees’ needs, you also show employees you care about their satisfaction. When employees learn you have hired a specialist to review their group benefits plan, they can see tangible evidence that you value job culture and their wellness overall. With this in mind, they may feel a stronger sense of loyalty to your company.
Get Group Benefits Quotes from Our Advantage Pacific
At Advantage Pacific, our group benefits specialists have extensive experience helping Canadian businesses administer excellent benefit plans and comply with local guidelines. We’d be happy to conduct a group benefits plan review to ensure that your benefits align with your goals and your employees’ needs. Alternatively, we can provide ongoing third-party administration services to manage and oversee your group benefits for you.