Today’s business climate presents employers with major challenges. Recruiting and retaining top talent are very difficult in a world where employees have options.
According to isolved’s 2023 HR Leaders Report, 51 percent of HR leaders say retaining talent was more difficult over the last year. What are they doing to address it? Ninety-one percent say that employee experience (EX) is a top priority. EX is critical in keeping employees happy and retaining talent.
Brokers play a crucial role in helping clients boost their EX. Brokers are not only a source of information, but also a support system that clients can look to for help with technology, benefits and peace of mind. From leveraging their industry expertise, advising on software and tools, finding cost effective options, brokers serve an important purpose.
Advising on Top Technology
Human capital management (HCM) technology is pivotal to boosting EX. From initial onboarding, throughout the entire employee life cycle, technology can assist every step of the way. Intelligently connected platforms not only streamline processes for employers, but also impact the EX as it provides employees what they need and want.
Working with a broker provides clients opportunity to work with more robust HCM technology and the capability to automate and maximize several benefits administration functions. Clients have access to critical employee benefits data and reporting tools to better inform business decisions. All of which lead to a more efficient and engaging employee experience.
By partnering with a broker, clients will have the ability to streamline processes, save time and money. It will also help clients more efficiently assist with benefits enrollment and provide a better benefits package.
Guidance on Better Benefits
According to isolved’s 2022 Benefits’ Big Impact on Employee Experience report, 82 percent of employees consider benefits a part of their total compensation when deciding to accept a job offer or stay with their existing employer.
Working with a broker gives clients the opportunity to enhance their benefit offerings, which not only helps them recruit, but also retain top talent. By integrating and managing a comprehensive portfolio of benefit options like FSA, HRA, HSA, transit and parking, isolved brokers help benefit administrators offer enticing plans, streamline open enrollment and stretch their money and resources further. Clients can offer their employees the flexibility and freedom to choose how they save and spend their money, which can be a complete game changer in the employee experience.
Leveraging Their Expertise
Remaining compliant is a top priority for clients, and brokers can be a great source to help. Without the worry of staying on top of managing compliance details or stressing over missing important deadlines, clients can focus on their employees and what matters most to their business. Brokers help clients with the ability to hone in on the most strategic, value-added activities for boosting EX.
Partnering with isolved can solve the complexities of inefficient plan setup and administrations, changing regulations, employee/staff turnover and other daily challenges with a dedicated team of benefit and compliance professionals. A partnership will give clients access to a full suite of HCM solutions which will help clients to boost employee engagement by streamlining processes, saving time and money and lead to a better experience overall.
Learn more about our Preferred Partnership.