The benefit renewal process can often fall to the back burner especially when your team is concurring more pressing HR initiatives (hello, recruiting and retention efforts). But, when the time comes to renew your benefits, many companies and organizations can feel as though they’re sucked into the benefit renewal process with very little time to negotiate and make the changes necessary to have a mutually beneficial plan.
Your benefits broker should be evaluating your benefits plans continuously during the year. You should be discussing what’s working and what’s not working well and what changes need to be made to help you meet your business goals far in advance of renewal season. When you’re at the mercy of a benefits broker giving you a limited amount of time to make changes and trying to accept the rising rates, you can feel stuck in a benefit renewal process that is costing you time, money and your employees.
If you’ve felt trapped in the benefit renewal process before — it’s time to make a change. Totem manages the entire renewal process to make it an easy and productive exercise, ensuring your employees are receiving the best benefits possible at the lowest possible cost. Plus, decisions are made early enough to effectively educate employees about updates prior to Open Enrollment.
Here’s how Totem does it.
End-to-End Benefit Renewal Process Management
The weight of the benefit renewal process should not fall on your HR Team’s shoulders. Adding benefits renewal to their already full plate is not setting them – or your employees – up for success. An effective benefit renewal begins by evaluating your current benefits plan months in advance. You should be asking yourself these questions:
- Is our current plan adequately covering all employees?
- What feedback have we received from our staff on the plan offered?
- How can we optimize our employee benefits plan to boost retention efforts?
The list goes on…
Your benefits plan significantly impacts your employees and their families, as well as your day-to-day operations and cost containment. Therefore, when starting the benefit renewal process, it’s vital to identify what your employees view as valuable, and what benefits are underutilized. The best way to get a pulse on your employees? We thought you’d never ask…
Leverage Data to Influence Your Employee Benefits Plan
When you maintain consistent communication with your employees regarding benefits, you have a clear understanding of benefit utilization, education opportunities and any potential gaps. Through applications like a full-service benefits website, you can access website analytics and reporting information, which allows HR teams to track and review valuable activity insights.
Additionally, with resources like Totem’s Benefits Service Center, our team becomes an extension of yours, with real people conversing with your employees about their employee benefits plan. Our personalized approach encourages ongoing conversations with your team, which gives us valuable insight into what benefits your employees are utilizing, what they aren’t and most importantly, what they’re seeking. Without this information, you’re not able to make informed decisions that lead to a successful benefit renewal process and Annual Open Enrollment.
Renewing Benefits Doesn’t Have to Cost You
One bad renewal can lead to inflated costs year after year. And, as much as employee benefits are about how to better serve your employees, the reality is, cutting costs plays just as important of a role. Employee benefits plans are a significant cost to your company or organization. According to the Bureau of Labor Statistics, benefits cost around $13.17 per employee per hour worked. That adds up and impacts your bottom line, especially as leadership teams continue to find ways to contain costs.
While some cost increases are understood, when you work with an employee benefit partner that has your business goals in mind, you’re more likely to end the benefit renewal process with a plan that checks all your boxes and saves you money. How can Totem achieve this? Through creative plan design, we deliver results-driven solutions time and time again. We are independent, transparent and 100% focused on our clients. No hidden kickbacks or costs here.
When handled correctly, the benefit renewal process should be an opportunity to refine and tailor your plan to best meet your organization’s goals and the needs of your employees and their families. Employee benefits plans truly make the difference, and Totem is here with you every step of the way. Connect with us today to learn more.