Employers can no longer afford to relegate employee benefits to a simple review. A deeper dive is required.
Employers are constantly being stretched for time and resources when it comes to juggling core business priorities. When the balancing act becomes too much, the status quo often prevails. Employee benefit plans may fall victim to a “set it and forget it” mentality, whereby only high-level reviews of the plan are entertained. Renewals come and go, and the most important assets of the company (the employees) bear the result of a stalemated plan. Employers have to consider that a simplified review of their benefits plan is just not good enough anymore. But a group benefits audit just might be.
Renewal time may be the worst moment to consider making changes to a benefits plan. Typically the agenda is heavily focused on re-pricing, claims experience reviews and insurer updates, with little time for other meaningful discussions. Performing a successful audit of the group benefits plan requires a thoughtful approach, and the restricted time frame inherent in the renewal process can undermine its impact.