Employee benefits programs, although essential in the modern workplace, can be costly. If you choose to feature an internal benefits administration team, you’ll need to hire a dedicated team of specialists, some of whom may require expensive training or certification. An employer may elect to train their benefits administration staff only to find them take that training to the free market and abandon the operation with little more than a “thank you” for the professional development.
That’s great for the employee, but will hurt the business unless they create a solution to offset the creep these costs have on the bottom line.
That solution is Employee Retention Benefits.
Outsourcing Employee Benefits Programs
Some employers balk at the cost of outsourced benefits providers. The price tag seems hefty. Why foot the bill for outside specialists when you could hire your own full-time employee benefits administrators and keep everything internal?
For one, benefits administration is multifaceted. Companies and organizations that don’t already have a department in place with qualified professionals will need to allocate funds to hire specialists or train new ones.
Short-sighted employers consider this costly, but they’re not factoring in the ongoing payroll expenses for highly skilled workers, turnover rate, insurance and benefits for an entire new department of workers, and other factors that add to the overall expense.
In the long run, you wind up saving by outsourcing the labor to professionals that already work in the field. And since they’re hired help, there’s no real risk of losing your best administrators to other companies or regular run-of-the-mill turnover.
ERB keeps the operation well-staffed with help available for your every benefits-related need.
A Solution to Everything
That’s not all. ERB provides benefits administration at a relatively low cost, but the buck doesn’t stop there.
ERB also provides payroll processing, expense management, human resources services, and an extensive selection of insurance programs including low-cost insurance, medical, dental, vision, disability, life, and pet insurance.
You read that right. Pet insurance through an outsourced employee benefits administration. What a purrfect program to promote your business in the marketplace and attract great employees while maximizing retention rates.
Is it really low-cost?
ERB’s rates are relatively low compared to their competitors, but what helps mitigate the cost further is that each plan is tailor-made for the client, whether they’re a corporation, union, city, municipality, or broker firm.
Clients have full freedom and flexibility to include all the essentials and keep off the extraneous add-ons that don’t suit their needs or fit their budget. Vision and dental are great, but do you need it to stay competitive in the marketplace? Do you need an outsourced HR department but already have benefits administration through a dedicated internal payroll staff?
The ability to pick and choose what services keeps the costs low while maximizing the overall benefit to you and your operation.
What are you waiting for? Call now to discuss the great rates you could be getting with ERB and a comprehensive benefits program for your employees!