Do You Have an Upcoming Meeting with Your Employer’s Group Benefits Specialist?

January 2016 may have been a major transition for many Americans. With the final implementation of the nation’s new healthcare system, employees and employers across America anxiously monitored their insurance options to see how the new plans would play out. A year later, as President-Elect Trump threatens to dismantle the healthcare system that took many years to implement, group benefit specialists add their names to the lists of workers and business owners who will see what, if any, changes will be made with the new administration.
The work days of group benefit specialists revolve around explaining the group health insurance parameters to new hires, as well as to those who are planning for retirement. And while explaining the health care coverage options has always been complicated, the unknown changes that could occur with the new executive branch of the country may make these explanations even more complicated. As employees and employers finally adjusted to Obamacare, the task of working through changes or the threat of completely dismantling this program means that group benefit specialists may have another busy year.
Group Benefit Specialists Explain Salaries and Benefits to New Employees and Prospective Employees
Did you know that companies in America lose $11 billon annually to employee turnover? No wonder the role of an employee benefits specialist is so important to companies. As much as managers and fellow employers, the benefits specialists, along with the rest of the human resources staff, can assist companies in the successful transition of new employees, hopefully increasing the chance that new hires will be both productive and happy. The processes of explaining group insurance plans, vacation schedules, and salary and commission compensation packages are, in fact, a major bargaining tool for companies who hope to attract, vet, and retain the best employees.
In spite of these efforts, however, the role of a human resources department can often seem like an uphill battle. for instance, a recent survey indicates that as many as 44% of Millennials say, if given the choice, they expect to leave their current employers within the next two years. This statistic alone indicates that the days of employees staying with a company until retirement are a thing of the past. The challenge comes, of course, in not only explaining basic benefits and and coverages, but in also helping with the transition. Human resource departments attempt to determine if someone will be a good fit during the vetting and interviewing process, but for many new workers the transition can still be difficult.
Employer sponsored transition programs can help the onboard process. And while a single day packed full of meetings may not be that effective, companies that make use of an extended period of time where human resources staff members monitor the success of new employees’ transitions may see more success. Unfortunately, creating many of these transition pieces take time, and often skills that current human resource staff members do not have. For this reason, many large employers contract with companies that provide these services.
An added benefit to outsourcing the tasks needed to transition new employees is that these companies may also request services for current employees. According to a Gallup Poll survey, companies that increase their number of talented managers and double the rate of engaged employees can achieve an average of 147% higher earnings a share when compared to companies that do not implement these services.
We live in a tumultuous world. From job changes to major shake ups in the government it can seem like it is difficult to predict what the next year will bring. Whether you are a small business owner attempting to anticipate and prepare for possible changes in national healthcare plans or you are a large company attempting to fill many open positions, hiring a company to help you make these transitions is a step in the right direction.
what is your company doing to make sure that you avoid a future filled with dissatisfied employees and federally mandated changes or eliminated programs? While all transitions can be difficult, working with a team of human resource experts may help you anticipate future needs and react to changes when they happen.