tbr associates - the benefits resource but what do we really do and... why is it different from any...
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TBR Associates - The Benefits Resource
TBR Associates - The Benefits Resource
But what do we really do and... why is it different from any broker –
It’s just medical insurance right?
If you think that you are paying way too much and getting way too little.
It’s about strategy, communication and service.
TBR Associates - The Benefits Resource
The Benefits Audit- The blueprint for our relationship with our clients
It is a strategic planning and review process undertaken within the context of the company’s corporate goals and initiatives.
Employee benefits represent a significant portion of the company’s total budget and an employee’s total compensation.
Cost control is critical; so is offering the right benefit package, at the right price.
The right plan can actually help the company’s bottom line. It helps with employee recruitment and retention and the
company’s overall corporate goals.
TBR Associates - The Benefits Resource
So what does the audit do?
It assesses the current offerings.
It benchmarks the plans.
It provides recommendations for an improved, usually less expensive, benefit plan.
It provides a multi-year strategy.
TBR Associates - The Benefits Resource
Still not convinced there’s a TBR Difference?
Let’s review a recent case study:
A manufacturing company of about 90 employees.
They where having major recruitment and retention problems.
They had a corporate goal of growing the business and thus employees by 25% in the next 2 years.
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TBR Associates - The Benefits Resource
The Benefit Audit
The benefit audit identified a number of areas that were negatively impacting their recruitment and retention efforts– thus costing the company money – lot’s of money. Hiring and training is expensive and time consuming.
We also identified ancillary - non-benefit related areas that could also be addressed . Some things we talked about – silly as it may seem was the employee cafeteria and locker room – it’s amazing what a fresh coat of paint and new microwave can do.
We have over 25 years of experience. We have worked with a lot of companies and experienced a lot of different corporate environments and cultures. With us it’s not just about benefits –it’s about the company and it’s about the employees.
TBR Associates - The Benefits Resource
What did the audit find?
o The company only provided Medical and Dental coverage - no life or disability; yet the average employee age was 44 and the majority of employees had families.
o They offered a basic EAP.
o The had just introduced a Section 125 Flex plan – pre-tax medical and dependent care plans – only 6 employees enrolled.
o These plans are really great as they save employees 25-40% for services they are using and buying today.
o The 401k had a great match but only 50% of employees were participating.
o All plans renewed at different times.
TBR Associates - The Benefits Resource
What does this all mean?
o The plan was not balanced - life and disability plans – especially for this employee demographic is critical.
o Employees did not know what they had or how to use it.
o Employees did not appreciate the value of the plans offered
TBR Associates - The Benefits Resource
What did we recommend?
o A complete review and marketing of all plans.
o A consolidated plan renewal date.
o A focused employee communication plan.
o Introducing additional core offerings - Life/DI.
o Consider re-structuring the plans.
TBR Associates - The Benefits Resource
What did we do?
o Restructured the medical to include a deductible which the company partially funded. This decrease costs to everyone and really helps to educate employees on the true cost of medical services and the real value of their company sponsored medical plan.
o Added life & disability.
o Upgraded the dental plan to be more market competitive.
o Updated the EAP.
o Changed Section 125 vendors and added a point of purchase debit card.
o Introduced a focused employee education/communication plan – Announcements; employee specific benefit letters; client specific literature; education meetings and a mid-year health fair.
TBR Associates - The Benefits Resource
The Result
o The company saved $210,000 annually – a 25% savings!
o Employees costs decreased.
o Participation in the medical/dependent pre-tax accounts increased 300% - saving employees and the company additional money.
o Successful recruitment increased.
o Retention increased.