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National Benefit Solutions provides outsourced employee benefits administration in the retirement and consumer driven healthcare markets for both public and private entities. They aim to flawlessly deliver services to their clients.
Employee Benefits Administration
The employee benefits administration industry encompasses all of the services and tools that HR teams use to manage their benefit programs. This can range from providing employees with information on their available benefits, to ensuring that the company is in compliance with federal and state regulations.
The most important part of employee benefits administration is understanding the needs and priorities of your workforce. Baby boomers typically want financial and retirement benefits like life and supplemental insurance, while Gen Xers prefer professional development programs and flexible work options.
It’s also important to communicate regularly with your workforce. This can be done through email, social media, Q&A sessions, and other methods. Regular communications can help bridge the gap between what’s available and how much employees understand about their benefits. These communications can include spotlights on optional benefits programs like pet insurance, tips from benefit providers, and success stories. You can also encourage employee feedback with surveys. This will help you identify the most effective ways to deliver employee benefits information.
Employee Benefits Consulting
Employee benefits consulting is the practice of providing insights, advice and guidance to companies looking to optimize their benefit packages. Using a combination of knowledge, strategic relationships and data and analytics, consultants help businesses construct sustainable, cost-effective employee benefit programs that keep employees happy and productive.
Consultants provide insight into a wide array of perks and benefits, such as health insurance, life insurance, retirement options and more. They can also assist with implementing and managing programs that provide employee education and communication. This may include developing communication materials or conducting seminars to help employees understand their benefit packages and how they can use them.
They can also help with compliance support, which includes assisting with audits and filings to ensure that all regulations are met. This may also include providing compliance deadline reminders and step-by-step guidance to help employers avoid costly compliance mistakes.
Employee Benefits Technology
Benefits technology can help streamline employee benefits administration, making it easier for employees to access and understand their coverage options. Many digital platforms also offer wraparound services like spending accounts, COBRA administration, and call center support. While it’s important to consider the level of service your team can manage, choosing a platform that provides these types of additional support can be cost-efficient and ease the administrative burden.
Advancements in technology make it easier for employers to provide a variety of employee benefits packages that are tailored to each workforce. The latest tools enable employees to access information and resources anytime, improve communication and education, and empower them to make informed choices. For example, a virtual assistant like Emma can help employees navigate their options by asking a few simple questions, providing health scenarios and costs comparisons, and connecting them to the right providers. The result is increased engagement and more effective healthcare management. Streamlined paperwork and automated data synchronization with insurance providers can also reduce costs, errors, and compliance risks.
Employee Benefits Marketing
Benefits marketing can help companies provide value-added benefits that will encourage employee participation and loyalty. Whether it is for health care or retirement plans, there are a variety of ways to communicate the value of these perks.
In a world that is rich in multimedia, employees need clear and concise messaging to encourage them to engage with their benefits. In addition, it is essential to make the communication platform right for them – email works well for those who want information early in the day and tablets and mobile phones are ideal for individuals who prefer to read later on in the day.
In a tight labor market, it is important to promote the value of employee benefits. While it is easy to keep these discussions separate from other forms of compensation, savvy organizations will talk about their benefits offerings at various times throughout the year to give employees a more holistic view of their total rewards package.