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5 Reasons Broker RFPs Fail April 10th, 2018

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5 Reasons Broker RFPs Fail

April 10th, 2018 By admin

The top benefits brokers in the country are busy, in-demand professionals. Replying to an RFP can be viewed as a time-wasting endeavor if they don’t feel like they have a genuine chance to compete and win. SHRM Broker Finder team has received input from top employers and benefits brokers across the country to learn why RFPs often fail to attract their attention and participation.

The failure to attract top candidates in an RFP process is pervasive. In an informal survey we found that half of top brokers do not reply to RFPs. However, by building a smart RFP questionnaire, and running an efficient online process, you can attract a great panel of top candidates to compete for your business.

Here are the top 5 reasons why RFPs fail, and how to make sure you avoid these problems:

RFPs are too long and repetitive. Often RFPs are too long and too repetitive, with the same question being asked different ways. Use our recommended questions to get to the heart of the issues you need answered or have our concierge expert review your RFP to make sure it follows best practices.

Lack of visibility into the process. Many times brokers lack of connection to employers using RFPs cause them to question if an RFP is worth their time. Use our cover letter template to make it easy for candidates to contact you with questions, understand the process and the key attributes you seek.

An idea that will really help supercharge your candidates’ willingness to compete: Guarantee every candidate that returns the questionnaire a 30 minute interview. If you keep your RFP candidate list to our recommended 5 candidate maximum, this will be a few hours very well spent.

They see the RFP as the majority of the hiring process, not a component of it. RFPs reduce their ability to tell their story and build relationships with the hiring employer. SHRM Broker Finder recommends employers always spend as much time as needed to get to know top candidates. The RFP should only be a tool to support getting to know candidates, and never be used as the entire process.

They believe the RFP is set up for the incumbent to win. This is understandable given the incumbent has the relationship and can guide development of the questions. In the RFP allow the competing brokers to recommend questions and also allow a place for free-form response to why they should be considered. The answers might spur you to new ways of thinking about what is available in the marketplace.