Outsource Your Group Benefits Administration
Managing employee benefits is a difficult task with the ever changing landscape of group benefits. Delivering competitive and cost effective benefits to your employees is a key requirement to any business that wants to attract and retain top talent. However, administrating a group benefits plan is time consuming and confusing, especially when trying to remain compliant with new legislation changes. In this article we will be discussing some compelling arguments for why you need to outsource your group benefits administration.
Here are some important factors to consider when diving into the world of group benefits plans:
Any business, big or small, does not have an unlimited amount of human capital to throw at any problem. Administrating your plan is labour intensive and takes people away from contributing to the overall strategic growth of the company. Your HR/Payroll department may not have the time or the expertise required to effectively manage your employee benefits plan. For small businesses, often this task is placed on the shoulders of the owner. The owner’s time is better spent working on growing the business instead of working in the business on day-to-day menial tasks.
When many business owners considering outsourcing an important business function, cost is always a main concern. However with advances in technology and efficiency, it is not cost-prohibitive to outsource your group benefits administration. The cost can be significantly less than using untrained employees. Especially when you consider the productivity of employees unburdened by these administrative tasks, and the costs involved if something is done wrong.
For most business owners, insurance and benefits is not your field of expertise and nor should it be. Even if you have an HR department, it is unlikely they will have decades of experience dealing with insurance companies on a daily basis. Having an experienced third party administrator in your corner will enable you to make informed and cost-effective decisions. In addition, remaining compliant with the laws of your province/region/city is a major concern that should not be left to the untrained.
Whether you have less than 10 employees or manage a business population of more than 100, third party employee benefits administration is an effective method of remaining competitive in today’s ever-changing business environment. As a business owner, you and your employees’ time is too valuable to try and learn the insurance game. When you outsource your group benefits administration to the experts at DENT Benefits, you will be saving valuable time and money.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.