WHAT TYPE OF WORK DO EMPLOYEE BENEFITS CONSULTANTS DO?

An employee benefits consultant is a professional who provides expertise and guidance to organizations regarding their employee benefits programs. Also known as benefits advisors or benefits brokers, these consultants are typically contracted by companies to analyze, design, and administer benefits packages tailored to meet their workforce’s needs.

The chief thrust of an employee benefits consultant is to serve as an objective third-party advisor supporting the interests of both employer and employees. They review an organization’s existing benefits plans to identify opportunities for improvement, cost efficiencies and staying compliant with laws and regulations. The consultant then recommends an optimal mix of customizable benefit offerings based on benchmarking against peers, industry standards and budgets.

Common benefits that a consultant helps evaluate and structure include major medical insurance, dental, vision, life insurance, disability insurance, 401(k) plans, paid time off, maternity/paternity leave and other perks. They leverage their technical knowledge and vendor relationships to secure suitable coverage options from multiple carriers at the best rates. Consultants outline the features and costs comparisons across plans to determine the most appropriate fit.

A big part of a consultant’s role is communicating benefit changes and helping employees understand their choices during open enrollment. They educate about plan specifics like deductibles, copays, out-of-pocket maximums, coinsurance, employer contributions and more so workers can select intelligently. Consultants also promote benefits engagement and provide ongoing administration for claims resolutions, compliance reporting and related issues.

Additionally, benefits consultants can conduct periodic compensation and benefits benchmarking analyses for their clients to realign offerings as needed for retention and attraction. They advise on integrating benefits programs within compensation philosophy and HR strategy. Leading consultants take a holistic approach – viewing pay, bonuses, equity, perks, rewards, wellbeing programs and workplace culture as an integrated employee value proposition.

The most effective consultants act as trusted partners in supporting an organization’s HR objectives while compassionately serving its people. With constantly evolving regulations and worker expectations around benefits, their specialized expertise helps craft competitive packages that provide security and peace of mind.