At Beckworth Beneficial, we’re not takers. We’re contributors and partners with Human Resources professionals as they engage with their C-suite executives, encourage their employees and comply with the changing legislative landscape. Beckworth Beneficial is a financial supporter and contributor of SHRM’s vision through both national and local chapter memberships, along with sponsorships.
Sam is also a featured speaker for the 2022 SHRM Northern California annual conference. He will be sharing in the Legal and Compliance content track.
Beckworth Beneficial is also a Featured Broker on SHRM’s Broker Finder website. SHRM Broker Finder is everything you need to make an exceptional broker hire. Build a candidate shortlist in minutes, not months, by using SHRM’s curated marketplace of employee benefits brokers, consultants and advisors. Contact brokers of interest on your time, on your terms. Use SHRM’s recommended questions to assess the fit. Build relationships with top candidates who can deliver exceptional benefits programs for your company. We trust that you and your organization would find Beckworth Beneficial would be your candidate of choice. Allow us to submit a Request for Proposal today.
The SHRM Employee Benefits Survey is one of the longest-running annual research reports covering trends in employee benefits among organizations in the United States. Each year, SHRM launches the survey to HR professionals across the country to assess trends in the prevalence of specific employer-offered benefits across multiple categories.
Click below to read or download the executive summary.
When it comes to hiring an employee benefits broker, companies traditionally have hired people they’re already familiar with. There’s logic to this—because of the complexity of the benefits marketplace and the need to trust your broker, it makes sense to hire someone you already have a relationship with. But just because you’re related to or friendly with someone doesn’t mean they’re the right broker for your business. This is a very significant expense for every business—only salary is a bigger line item—and smart business leaders will look for someone that can provide the most value to their business.
It’s been said in business that “where there’s mystery, there’s margin.” In other words, you can make a pretty good profit if your customer really doesn’t understand what he’s buying. Now, there’s nothing wrong with a benefits broker making a healthy margin, as long as there is demonstrable value and return on investment. Given the cost of benefits brokerage services – less than five percent of total benefits cost – it makes far more sense for employers to focus on value rather than cost.
The trouble is that most employers have little idea what value they are getting for their money. According to the Elevate Benefits Survey, 92 percent of employers have little idea how to objectively compare options and select the best broker for their firm. However, the right broker can make all the difference to your organization, so it is important that you choose wisely.
A good broker will offer more than just bidding out your group’s business at renewal time. Your broker relationship should be about more than just enrolling members and quoting rates. The best brokers are trusted advisors that bring value year-round. They act as your trusted advisor, helping you to provide for your employees in a way that helps to grow the business.
There are three terms to describe the professionals that help your company with its benefits programs that have come to be used interchangeably in the market: Employee Benefits Broker, Employee Benefits Consultant, and Employee Benefits Advisor. Here is some insight into the similarities, and differences between these titles.
The top benefits brokers in the country are busy, in-demand professionals. Replying to an RFP can be viewed as a time-wasting endeavor if they don’t feel like they have a genuine chance to compete and win. SHRM Broker Finder team has received input from top employers and benefits brokers across the country to learn why RFPs often fail to attract their attention and participation.