MMA Blog

Key Factors in Designing Modern Benefit Plans

The bottom line is always important, but when it comes to benefits planning, decision-makers at the C-Suite level need more than just cost-effective options. The problem is, many benefits providers don't fully understand the unique concerns of executives. It's important to assess the needs of everyone involved in benefits planning, from the employees a company hopes to support and retain, to the HR managers weighing many variables and the captains of the corporate ship trying to make all the pieces fit together.

When working with organizational leaders, discuss a few key points of interest:

 

Understand Key Business Threats

Organizational leaders have different concerns than HR managers. Many of their top pain points include profits and profitability. When faced with the rising prices of health care, leaders can see the overall costs to provide comprehensive benefits plans have eroded profits across the board.

"As costs have gone up over the years, the strategy for most employers has been to devalue their benefit plan, by way of higher out-of-pocket costs," notes MMA Sales Executive, Select Benefits Group, Matt Henderson. "The employer pays for less and less of the total costs of a benefits plan. But that path of passing the costs to the employee isn't sustainable."

Instead, look at multiple tools that address business threats and cost increases.

"Why keep doing the same thing year after year expecting different results?" notes Henderson. "Our unique tools and strategies can stop this profit erosion in its tracks."

 

Use Custom Plans to Promote Employee Retention

Another key concern of the C-Suite is increasing their market share and retaining those employees that the organization has worked hard to recruit and train.

"Times of adversity also mean times of opportunity for those with the right frame of mind," says Henderson. "Those employers who pay attention to more than just wages have more productive and more loyal, long-term employees."

Instead of working to provide benefits plans that meet the bare minimum of requirements, tailor clients' full compensation packages to best fit their distinct markets and corporate concerns. Potential new hires and existing employees who are comparing employers' benefits packages can see the real value of, for example, a medical benefit paid at 100% by their employer. They may be willing to work for a lower salary when they account for all the money saved by a benefits package that speaks to their needs.

Newer types of benefits plans also provide more options for the disparate multi-generational workforce, who have very different benefits needs. Younger workers are concerned with student loan repayments, while employees closer to retirement want their employer to take care of their 401K with a generous match.

 

Consider Concerns Over Business Valuation

Knowing their company's worth is a constant concern for the C-Suite, and at the end of the day, they're working to increase shareholder value. The ultimate valuation of shares in the company is determined by the business' profitability.

"It's a multiplier effect, both positively and negatively, if you're taking a big hit in your benefits plan," notes Henderson. "If we can successfully implement our cost containment strategies, businesses can impact their profitability in a way that makes shareholders and the C-Suite happy."

It's about investing today in the tools that impact your bottom line right now, so you can have a multiplying impact on the worth of your business into the future.

 

Contact Matt

Keep Up To Date

Subscribe to our blog for all the latest news, updates, and events from MMA and our partners

Subscribe

Tell us what you need. We’ll take it from there.

Get a Quote


    YesNo












        First, tell us about you:






        EmailPhone



        Next, tell us about your business:






        Now tell us about the coverage or coverages you need:


        Commercial InsuranceEmployee BenefitsHealth InsuranceSuretyOther



        NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


        You are ready to submit the form:


          First, tell us about you:






          EmailPhone






          Next, tell us about the coverage or coverages you need:


          AutoHomeIndividual HealthUmbrellaRecreationalWatercraftRenter’s InsuranceLife InsuranceWedding Insurance



          NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


          Now you are ready to submit the form:


            First, tell us about you:






            EmailPhone






            Next, tell us about the coverage or coverages you need:


            AutoHomeIndividual HealthUmbrellaRecreationalWatercraftRenter’s InsuranceLife InsuranceWedding Insurance



            NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


            Now you are ready to submit the form:


              First, tell us about you:






              EmailPhone



              Next, tell us about your business:






              Now tell us about the coverage or coverages you need:


              Commercial InsuranceEmployee BenefitsHealth InsuranceSuretyOther



              NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


              You are ready to submit the form:


                First, tell us about you:

                Contact Form

                -->





                    First, tell us about you:






                    EmailPhone





                    Step 1 of 2Next

                    Next, tell us about the coverage or coverages you need:


                    AutoHomeIndividual HealthUmbrellaRecreational

                     

                    WatercraftRenter’s InsuranceLife InsuranceWedding Insurance



                    NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                    Now you are ready to submit the form:


                      First, tell us about you:






                      EmailPhone


                      Step 1 of 3Next

                      Next, tell us about your business:





                      Step 2 of 3Next

                      Now tell us about the coverage or coverages you need:


                      Commercial InsuranceEmployee BenefitsHealth InsuranceSuretyOther



                      NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                      You are ready to submit the form:


                        First, tell us about you:






                        EmailPhone





                        Step 1 of 2Next



                        NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                        Now you are ready to submit the form:

                          Review Form


                            First, tell us about you:






                            EmailPhone








                            NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                            Now you are ready to submit the form:


                              First, tell us about you:






                              EmailPhone






                              Next, tell us about your claim:






                              NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                              Now you are ready to submit the form:


                                First, tell us about you and your business:







                                EmailPhone



                                Next, tell us about the surety bond you need:







                                NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                                Now you are ready to submit the form:


                                  Contact us for a quote:


                                    First, tell us about you:






                                    EmailPhone






                                    Next, tell us about the coverage or coverages you need:


                                    AutoHomeIndividual HealthUmbrellaRecreationalWatercraftRenter’s InsuranceLife InsuranceWedding Insurance



                                    NOTE: Before becoming effective, all changes, bind orders, or claim notifications must be confirmed by a Marsh McLennan Agency representative advising that your request has been processed.


                                    Now you are ready to submit the form:


                                      First, tell us about you:

                                      Contact Form

                                      -->

                                      cross linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram