For many companies, the cost of employee benefits is the second largest expense after payroll. What's your strategy for maximizing and maintaining that investment?
Many corporate executives who pay for benefits plans have little understanding of what they are buying, how their money is being spent and where their money is going. Plans are complex and typically not considered in strategic planning, plus renewing last year's plan seems easier than navigating the nuances of new options. Executives are thirsting for innovative ideas and methods to help with what is often the second largest company expense.
Having a benefits consultant that can break that cycle can help organizations realize significant savings.
Our Benefits Consulting Group exists to give employers confidence in what they're spending and where they can save. We put the interest of our customers first by helping them take control of every dollar of their plans, providing justification for their expenses, and creating transparency through data analytics. Through personal and thoughtful consultations, research and discovery, our team will help to determine whether there's a proper return on investment for benefits plans.
Together we'll develop a strategy to control this large expense, changing the dynamic of companies and building confidence in the financial wellbeing of each organization
Corporate executives can expect to understand their benefits plans holistically as they work with our consultants to manage their human capital.
- Companies spend a significant amount on their benefits plans, so employees should understand them. We work together to host one-on-one enrollment meetings, provide compensation statements, and distribute educational materials to maximize employee engagement and understanding, allowing you to attract and retain valued talent.
- Companies who are not embracing benefits technology are at a disadvantage. We want to equip you with the right tools including online enrollment options, payroll solutions, Affordable Care Act reporting, and human resources solutions including an employer intranet site, vacation tracking, employee onboarding/off-boarding and more.
- You can't manage what you can't measure and not all plans are created equal. Data analytics is critical in managing plan expenses and we make it possible through technological solutions. We'll help you determine the best funding solution, provide a cash flow and budget rate analysis, assist in projecting claims, and develop budget projections through our claims analysis.
- With consistently experiencing changes in the healthcare industry, our team will keep you educated on regulatory requirements, healthcare reform deadlines, COBRA qualifications, legislative updates and more.
- HR departments are being tasked with increased workloads yet most companies are doing more with less staff. We can help build efficiencies with common billing platforms and HR solutions, freeing up your staff to focus on responsibilities that are more strategically advantageous to your company.
- We'll evaluate and compare your insurance programs with traditional and non-traditional models to ensure the best fit for your organization. Our evaluation will include carrier/network analysis, plan design review, evaluation of contribution strategies, consideration of alternative funding methods and a review of supplemental products.
Getting to Know Us
For us to best do our job, we need to get to know you and we want to understand your strategic plan better than your benefits plan. Our consulting group is comprised of individuals who value getting to know businesses and translate that knowledge into opportunities for strategic growth. Our teams are located across Western Pennsylvania and Central Ohio, including a corporate office in Indiana, Pennsylvania. Contact Bob today to get started with our team.
Vice President, Corporate Benefits Director
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Insurance products offered through First Commonwealth Insurance Agency, a licensed insurance affiliate of First Commonwealth Bank.