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The Benefits “Off-Season” Are You Prepared for Next Year’s Renewal?

Thursday, July 18, 2019

In today’s low unemployment market, organizations have to promote themselves and their roles to attract and retain the best talent.  Now is the time to begin building your organization’s benefits strategy for 2020.

While January 1st may seem distant, open enrollment will be here before we know it. To ensure your organization is on track before your renewal in the fall, take the following steps to obtain both an internal and external perspective of your benefit plan:

  • Benchmark your plan – Compare your data against the industry, region, and other companies of your size. Consider these questions:
    • How do(es) your plan type(s) and design(s) compete?
    • Will your plan attract the talent you need to grow sales for business growth and success?
  • Perform an employee survey –  Determine what is working and what is not with your employee workforce.
    • Is your offering “inline” with the culture you are trying to create?
    • Is your communication strategy effective?
    • Are you giving employees what they want?

Because the market is evolving at an ever-rapid rate, consider whether you can afford to keep your benefits plan as is. Or, is it time to evaluate your current position and consider if what got you here is going to get you where you want to be?

To explore this strategy further, reach out to  one of our Employee Benefit Sales Executives.

Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your legal or medical needs.

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