Never Select A Benefits Broker That Can’t Answer This Question
Figuring out how to select the best benefits broker for your organization can be a daunting task. There are seemingly a million questions to ask, and the work you’ll be partnering with them on has a million different nuances.
Finding the right broker can be complicated and time-consuming. You know going into this that not all brokers are created equal in terms of skills, capabilities or resources.
So, where do you start?
At Elevate Benefits, we believe there is one vital question that begins to separate the wheat from the chaff, and this is it:
What is their why?
What is their mission? Why do they exist?
When it seems like every broker is a carbon copy of the others, doing and saying the same things, this is the question that begins to separate them. It tells you why they’re in business, what drives them and what their motivations are. Most businesses understand the goal of making money, but do they have a purpose that goes beyond that? Because if generating revenue is their only motive, how good a partner will they be for you?
Too often, conversations about benefits get down in the weeds: Wellness metrics, HSAs, HRAs, deductibles, self-insurance, the ACA, the replacement for the ACA—there’s a ton of confusing jargon, and keeping up can be difficult.
When you ask brokers what is your why, you’re changing that conversation, slowing it down, taking it to a higher plane. You change the discussion from a tactical to one to one of strategic alignment.
It’s been shown time and time again that the most successful companies understand their mission. In Good to Great, author Jim Collins wrote that great companies generally have one thing in common – a higher purpose that goes beyond financial goals, a purpose that is well understood both internally and externally, and guides the company through virtually every decision it makes. By having a consistent theme that is reflected in everything they do, the company is elevated to a higher plane and finds greater success. And, they’re generally better partners for companies they work with.
You want your benefits broker to be “other-centered,” meaning that they won’t always put their needs and concerns ahead of yours and your employees’. As a business owner or HR decision-maker, you see every day that benefits matter to your workforce. When an employee needs to go to the hospital, or a family member is battling addiction, or a group of employees is struggling with saving money, employers—and their brokers—need to be there to make a difference.
It isn’t just the right thing to do. It’s been proven to be good for business. And as you align yourself with a benefits broker, you’re seeking to find someone that will help your business grow.
For more on the importance of an organization understanding its purpose, check out this famous TED Talk from author Simon Sinek on “starting with why” – even if you’ve seen it before it’s worth refreshing your memory!