As a benefits broker, if you’re only talking to employers about medical, dental and vision — you’re about to lose them as clients. Employers also want to know about lifestyle benefits that will effectively attract and retain talents. That’s the takeaway from a panel of benefits brokers at the recent Benefits Forum & Expo — a conference hosted by Employee Benefit News and Employee Benefit Adviser — according to Kayla Webster’s
Excerpts from the panel, according to the article, included:
- Keeping clients is hard; you have to work at it by being innovative and bringing something unique to the table. Employers are looking to you to bring innovative ideas to help them stand out in the competition for talent.
- Finances are the number one cause of employee stress, and the number one cause of many health conditions. Helping employees deal with their finances ultimately improves their well-being, and likelihood of staying at a company.
- Student loans aren’t always the problem; sometimes employees just need a little extra help to make ends meet...
- Financial wellness isn’t going anywhere because the cost of living is constantly increasing. Offering benefits that help employees deal with this issue is a good way to retain talent.
- While financial wellness is a valuable benefit, employers need to think even further outside the box if they want to attract the most promising talent. Incorporate a rewards program that allows employees to travel and participate in activities they otherwise couldn’t afford.
Jack Kwicien, managing partner at Daymark Advisors and the panel’s moderator, encouraged other advisers to look at voluntary benefits as an opportunity to build rapport with existing clients and expand their business. “Lifestyle benefits are an emerging trend, and they have a lot of value for advisers,” Kwicien said. “Most products are commissionable; you can be making more money while making employees’ lives better.”
The four panelists defined “lifestyle benefits” as voluntary benefits that improve employees’ quality of life. A multitude of voluntary programs fall under this category. Highly sought-after offerings include financial wellness and experience benefits.