“Employees are the backbone of an organization.” You’ve probably heard that phrase repeated a time or twenty. The reason you’ve heard it time and again is because it’s true! A company’s workforce is crucial to the success of that company.
Consequently, employee benefits are crucial for attracting and retaining good employees.
If employees are vital to an organization, and good benefits are what attract the best employees, selecting a qualified advisor to help manage the success of that plan is obviously important. As such, here are certain things employers should consider when selecting their next advisor:
Knowledge.
The most important thing an advisor needs to be is knowledgeable. The benefits industry is full of laws, compliance regulations, and minute details your consultant has to be aware of. Understanding all the particulars is crucial because mistakes may result in hefty penalties and fees.
Communication.
Benefits plan concepts are not always easy to understand. A well-informed advisor needs to be able to easily translate complex issues into something more relatable, and deliver messages in the simplest terms.
Insightful.
A quality advisor will have long-standing experience to give employers the tools they need to make insightful decisions. An exceptional benefits consultant should:
- Have the ability to connect goals to your benefits plan
- Manage the plan’s performance to stated goals
- Manage project tasks within your employee benefits program
Commitment.
Quality advisors should have the resources of a full, dedicated team of professionals with a keen eye for detail at their disposal. Employers need to be able to focus on running their business with the confidence that their benefit plans are running smoothly and continuing to attract and retain quality employees.
Finding a benefits expert is an important process, and one that no business should take lightly. Knowing what to consider before deciding can help improve outcomes.
Looking for a true benefits expert? Contact Boris Benic and Associates, a leader in employee benefit plan audit and compliance services. Currently auditing plans with total net assets in excess of $1.5 billion, we have the specialized expertise to excel at employee benefit plan audits.