Voluntary Benefits for the Multi-generational Workforce

T H E M U L T I - G E N E R A T I O N A L WO R K F O R C E

S O C I E T A L T R E N D S & V O L U N T A R Y B E N E F I T S

H OW T O L A U N C H A V O L U N T A R Y B E N E F I T S P R O G R A M

T H E R O L E O F T H E V O L U N T A R Y B E N E F I T S C O N S U L T A N T

managing core and voluntary benefits through administration outsourcing

THE ROLE OF THE VOLUNTARY BENEFITS CONSULTANT

THE ROLE OF BENEFITS ADMINISTRATION TECHNOLOGY IN VOLUNTARY BENEFITS ENROLLMENT AND MANAGEMENT MANAGING CORE AND VOLUNTARY BENEFITS THROUGH ADMINISTRATION OUTSOURCING

The complexity and rate of change within the benefits industry is difficult for busy HR departments to navigate, understand and act upon. Manual benefit processing is also time- consuming and error-prone. Benefit program costs can rise when an employer lacks the resources to adequately administer the plan, and compliance errors or failures to file documents on time can expose an organization and its officials to fines and penalties. If this describes your organization, you may want to consider outsourcing the administration of your entire benefits program. Look for a comprehensive service that’s facilitated by experienced support representatives familiar with the intricacies of your program. An outsourcer should drive cost control through administrative efficiencies and reduced disruptions to your HR staff. This third party should also possess internal expertise and systems to support Voluntary product enrollment and ongoing administration. Best practices for benefit program outsourcing include broker-provided employee advocacy representatives and administrative support service professionals who are dedicated to helping employers manage the burdens of annual and ongoing benefits management. An outsourcing option should also reduce manual processes and paperwork associated with:

A FINAL WORD ABOUT VOLUNTARY BENEFITS

QQ Annual enrollment QQ New hire enrollment QQ Eligibility additions QQ Terminations QQ Life event changes QQ Premium billing reports QQ Annual enrollment reporting

Brokers who take a consultative approach that focuses on finding solutions to client challenges , rather than on selling products, provide employers with the knowledge and tools to manage their benefits plans, costs, communication strategies and compliance obligations more effectively.

- SHRM, “Finding the Right Benefits Broker”

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